- Abstract:
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This paper attempts to address a puzzle in China’s investment pattern: despite high aggregate investment and remarkable economic growth, negative net investment is commonly found at the microeconomic level. Using a large firm-level dataset, we test three hypotheses to explain the existence and extent of negative investment in each ownership group: what we term the efficiency (or restructuring) hypothesis, the (lack of) financing hypothesis, and the (slow) growth hypothesis. Our panel data p...
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- Volume:
- 519
- Series:
- Discussion paper series
- Publication date:
- 2010-12-05
- URN:
-
uuid:78d2015e-f04a-4b09-a2df-a0e7501d2345
- Local pid:
- oai:economics.ouls.ox.ac.uk:15013
- Language:
- English
- Copyright date:
- 2010
Working paper
Negative investment in China: financing constraints and restructuring versus growth.
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