Local government debt and corporate digital transformation: Evidence from China

FINANCE RESEARCH LETTERS（2023）

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摘要

•The expansion of local government debt hinders corporate digital transformation.•Inhibitory effect via increasing financing constraints and investment distortion.•Non-SOEs and widely held firms suffer more from the inhibitory effect.•High fiscal self-sufficiency lessens the inhibition of CDT by LGD.•High bank competition abates the inhibition of CDT by LGD.

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关键词

Local government debt,Corporate digital transformation,Crowding out effect,Financing constraints,Investment preferences

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