Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese ...Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese prefecturelevel cities and listed firms from 2014 to 2020,we find that PPP fiscal expenditure responsibilities negatively affect firms’current and future innovation investment by reducing government subsidies and increasing corporate taxes.This negative effect is more pronounced when PPP fiscal expenditure responsibilities exceed a certain threshold.It is also stronger when local governments have higher levels of debt and lower central transfer payments.The effect is also stronger if the PPP project’s return mechanism increases the government’s future fiscal expenditure responsibilities,but weaker if the project’s operating model revitalizes government assets.The effect on private firms,small firms,high-debt firms,and firms facing strong financing constraints is more pronounced.From the perspective of fiscal capacity,this paper explains the underlying reasons why the effectiveness of government support policies for corporate innovation varies.Additionally,it examines the negative impacts of the financing-oriented PPP model on corporate innovation investment,providing empirical evidence to support options for optimal PPP strategies.展开更多
In this paper draw on the innovative concept of investment in the system of agriculture industrialization, examines the status of the industrialization of agriculture in Anhui Province, the industrialization of agricu...In this paper draw on the innovative concept of investment in the system of agriculture industrialization, examines the status of the industrialization of agriculture in Anhui Province, the industrialization of agriculture investment regime status quo, elaborated on the meaning of investment regimes investment system innovation on innovation and industrialization of agriculture, Anhui should be investment in the industrialization of agriculture system innovation, and promote the development of Anhui Province, rural and agricultural industrialization, specification and guidance, as well as the establishment and improvement investment regime; focuses on the innovative design of the investment regime of the industrialization of agriculture in Anhui Province.展开更多
The article states that the purpose of the agricultural industry of Russia is the creation of a market for innovation and investment to improve productivity and competitiveness in the context of growing economic, poli...The article states that the purpose of the agricultural industry of Russia is the creation of a market for innovation and investment to improve productivity and competitiveness in the context of growing economic, political, and natural climatic instability and volatility, both in Russia and abroad （membership in the WTO, industry globalization, etc.）. Foreign economic and political sanctions have a growing negative impact. It is very important for the agriculture industry to be supported by the Russian state budget and to have administrative support, the institutional structure of the state, quantitative and qualitative indicators of national support： federal, regional, and municipal. Positive development of the regional and city aspect is also important.展开更多
基金supported by the National Social Science Fund of China(Grant No.24BJY206)the Accounting Society of China(Grant No.2023KJA3-06)Fundamental Research Funds for the Central Universities,Zhongnan University of Economics and Law(Grant No.202511428)。
文摘Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese prefecturelevel cities and listed firms from 2014 to 2020,we find that PPP fiscal expenditure responsibilities negatively affect firms’current and future innovation investment by reducing government subsidies and increasing corporate taxes.This negative effect is more pronounced when PPP fiscal expenditure responsibilities exceed a certain threshold.It is also stronger when local governments have higher levels of debt and lower central transfer payments.The effect is also stronger if the PPP project’s return mechanism increases the government’s future fiscal expenditure responsibilities,but weaker if the project’s operating model revitalizes government assets.The effect on private firms,small firms,high-debt firms,and firms facing strong financing constraints is more pronounced.From the perspective of fiscal capacity,this paper explains the underlying reasons why the effectiveness of government support policies for corporate innovation varies.Additionally,it examines the negative impacts of the financing-oriented PPP model on corporate innovation investment,providing empirical evidence to support options for optimal PPP strategies.
文摘In this paper draw on the innovative concept of investment in the system of agriculture industrialization, examines the status of the industrialization of agriculture in Anhui Province, the industrialization of agriculture investment regime status quo, elaborated on the meaning of investment regimes investment system innovation on innovation and industrialization of agriculture, Anhui should be investment in the industrialization of agriculture system innovation, and promote the development of Anhui Province, rural and agricultural industrialization, specification and guidance, as well as the establishment and improvement investment regime; focuses on the innovative design of the investment regime of the industrialization of agriculture in Anhui Province.
文摘The article states that the purpose of the agricultural industry of Russia is the creation of a market for innovation and investment to improve productivity and competitiveness in the context of growing economic, political, and natural climatic instability and volatility, both in Russia and abroad （membership in the WTO, industry globalization, etc.）. Foreign economic and political sanctions have a growing negative impact. It is very important for the agriculture industry to be supported by the Russian state budget and to have administrative support, the institutional structure of the state, quantitative and qualitative indicators of national support： federal, regional, and municipal. Positive development of the regional and city aspect is also important.
