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《Journal of Finance and Economics》 2006-07
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Debt Leverage and Corporate Investment:A Duplicate Soft Budget Constraint Perspective

XIN Qing-quan,LIN Bin(School of Business Management,Sun Yat-sen University,Guangzhou 510275,China)  
With the sample data of China's listed companies from 2000 to 2004,this paper investigates the relationship between corporate investment and debt leverage under the framework of duplicate soft budget constraint among the government,banks and the firms.The authors find that there is a negative relationship between investment and leverage,but not for the absolute state-controlling firms whose corporate investment is insensitive to debt leverage.Furthermore,the sensitivity of investment to leverage decreases as the proportion of state ownership increases.
【CateGory Index】: F275;F832.51
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