Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/330293 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
CITP Working Paper No. 024
Verlag: 
Centre for Inclusive Trade Policy (CITP), University of Sussex Business School, Brighton
Zusammenfassung: 
This paper studies the firm-level impact of the world's largest targeted capital import subsidy program implemented in China. Drawing on rich manufacturing firm survey data, product-level trade transactions, and a comprehensive list of capital goods eligible for subsidies, we exploit variation in firms' exposure to the subsidy program to assess its impact on credit access, investment, sales, and trade. We find that a one-standard-deviation increase in a firm's exposure to the subsidy leads to a 0.03% increase in total borrowing and a 0.05% reduction in financing costs. These financial benefits translate into substantial real effects, including a 0.15% rise in investment and a 1.39% improvement in the marginal revenue product of capital. The program's benefits persist over time and are especially pronounced for financially constrained firms and non-state enterprises, indicating that targeted import subsidies can effectively alleviate market frictions and foster industrial development.
Schlagwörter: 
Government subsidy
credit allocation
investment
financial constraint
JEL: 
F13
F14
D22
Dokumentart: 
Working Paper

Datei(en):
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