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Negative investment in China: financing constraints and restructuring versus growth.

Abstract:

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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Publisher:
Department of Economics (University of Oxford)
Series:
Discussion paper series
Publication date:
2010-12-01
Language:
English
UUID:
uuid:78d2015e-f04a-4b09-a2df-a0e7501d2345
Local pid:
oai:economics.ouls.ox.ac.uk:15013
Deposit date:
2011-08-16

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