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Business fixed investment of Chinese manufacturing firms in the post-financial crisis era

机译：金融危机后中国制造业企业的商业固定投资

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摘要

I document the investment decline of Chinese manufacturing firms after 2011, following the end of the 4 trillion fiscal stimulus program and expansionary monetary policies for combating the 2008-2009 financial crisis. I employ a difference-in-difference strategy to show that state-owned enterprises (SOEs) acted as investment stabilizers. In the post-crisis era, SOEs' investment rates fell less compared to their private counterparts. Moreover, they had a smaller chance of exiting the market than private firms. In the face of monetary tightening, SOEs enjoyed a much smaller increase in the interest rates of their long-term debts. Although these may fuel the growth of the SOE sector relative to the private sector, and thus raised concerns for capital misallocation, the adverse effect on reallocation was dampened by shadow banking.
机译：我记录了在应对4万亿美元的财政刺激计划和针对2008-2009年金融危机的扩张性货币政策结束之后，中国制造企业在2011年之后的投资下降。我采用了差异化策略来表明国有企业（SOE）起到了投资稳定器的作用。在后危机时代，与私营企业相比，国有企业的投资率下降幅度较小。而且，与私人公司相比，他们退出市场的机会更小。面对货币紧缩，国有企业的长期债务利率涨幅要小得多。尽管这些可能会推动国有企业部门相对于私营部门的增长，从而引起对资本配置不当的担忧，但影子银行对配置再分配的不利影响得到了缓解。

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