Investment Crowding Out: Firm-Level Evidence from Northern Germany
Investment Crowding Out: Firm-Level Evidence from Northern Germany
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DOI：
10.1080/00343404.2015.1044957
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发表时间：
2016-09
期刊：
影响因子：
4.6
通讯作者：
J. Michalek;P. Ciaian;d'Artis Kancs
中科院分区：
文献类型：
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作者：
J. Michalek;P. Ciaian;d'Artis Kancs
Michalek J.、Ciaian P. 和 Kancs d’A。投资挤出：来自德国北部的公司层面证据，区域研究。本文的主要目的是估计企业投资在多大程度上被欧盟农村发展计划（RDP）下授予的投资支持政策所取代（挤出）。实证分析采用了双重差异倾向评分匹配方法，该方法可以解决一些重要的偏差来源，例如选择偏差、同时性偏差和功能形式错误指定，这些都是先前许多研究所遭受的困扰。利用德国石勒苏益格-荷尔斯泰因地区1333家企业的面板数据发现，RDP的挤出效应接近100%，这意味着企业利用公共支持来替代私人投资。此外，没有发现任何证据表明，由于 RDP 计划的支持，企业会将原本计划在稍后时期进行的投资提前，从而拒绝投资的跨期替代。
Michalek J., Ciaian P. and Kancs d’A. Investment crowding out: firm-level evidence from Northern Germany, Regional Studies. The main objective of this paper is to estimate the extent to which firm investment is substituted (crowded out) by investment support policies granted under the European Union Rural Development Programme (RDP). The empirical analyses employed the difference-in-difference propensity score-matching approach, which allows several important sources of bias to be addressed, such as selection bias, simultaneity bias and functional form misspecification, from which many previous studies suffer. Using panel data of 1333 firms from the Schleswig-Holstein region in Germany, it is found that the crowding-out effect of the RDP is close to 100%, implying that firms use public support to substitute for private investments. Furthermore, no evidence was found that, due to the RDP programme support, firms would have brought forward their investments planned originally for a later period, rejecting the inter-temporal substitution of investments.