Government expansion and corporate transformation

M.Phil.The urbanization process has promoted the expansion of government debt, especially after the four trillion economic stimulus plan in 2008. The expansion of government debt further affects the redistribution of capital markets, which has an effect on the capital–labor ratio of enterprises. In this work, we analyze the impact of government expansion on enterprise transformation and find that government expansion will increase the capital–labor ratio of all industrial enterprises. However, the impact of government expansion on the capital–labor ratio of state-owned enterprises is different from that on the capital–labor ratio of non-state-owned enterprises. Government expansion has a greater impact on state-owned enterprises than that on non-state-owned enterprises. We further analyze the differences in the impact of government expansion on enterprise transformation in horizontal and vertical structures. Results show that the government expansion will decrease the capital–labor ratio of non-state-owned enterprises in regulated industries. The upstream industry will weaken the impact of government expansion on the capital–labor ratio of non-state-owned enterprises. The downstream industry will weaken the impact of government expansion on the capital–labor ratio of state-owned enterprises. Finally, we explore the reasons for the abovementioned differences from the perspective of capital inflows and outflows. Financial and tax constraints can make the difference above.城鎮化的進程推動了政府債務的擴張，尤其在2018年政府實施了四萬億的財政刺激計畫後。政府債務擴張進一步影響了資本市場的重新分配。從而影響了企業對資本要素和勞動要素的再分配，即資本勞動比的改變。本文我們通過研究政府擴張對企業轉型的影響效果發現政府擴張會提高工業企業的資本勞動比。但是該影響在國有企業和非國有企業之間產生明顯的差異，政府擴張會更多的提升國有企業的資本勞動比。我們進一步從水準結構和縱向結構研究了政府擴張的差異化影響效果。結果顯示，在受監管行業中，政府擴張會降低非國有企業的資本勞動比。在上游行業，政府擴張對非國有企業資本勞動比的提高小於其在下游的影響，而政府擴張對國有企業資本勞動比的影響效果在上游行業中更大。最後我們從資本流入和資本流出兩個角度探索了上述差異化的原因。我們發現融資約束和稅收限制會產生上述差異現象。Zhang, Ziyu.Thesis M.Phil. Chinese University of Hong Kong 2019.Includes bibliographical references (leaves 45-46).Abstracts also in Chinese.Title from PDF title page (viewed on 12, January, 2021)