Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?
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We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in terms of firm dynamics and debt financing. State-owned firms have higher leverage and pay much lower
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美国国家经济研究局创建时间：
2018-03-01
