文献类型：期刊文献

英文题名：Unlocking the key to capital deepening: how financial constraints impact labour and capital in China

作者：Jiang, Shengxuan[1];Deng, Nanxin[2];Hean, Oudom[3,4]

机构：[1]Renmin Univ China, Sch Agr Econ & Rural Dev, Beijing, Peoples R China;[2]East China Univ Sci & Technol, Business Sch, Dept Econ, Shanghai, Peoples R China;[3]North Dakota State Univ, Coll Business, Fargo, ND USA;[4]North Dakota State Univ, Sheila & Robert Challey Inst Global Innovat & Grow, Fargo, ND USA

年份：2025

外文期刊名：APPLIED ECONOMICS LETTERS

收录：;WOS:【SSCI(收录号:WOS:001452279200001)】；

基金：This work was supported by the National Natural Science Foundation of China [72274062]; The Ministry of Education of Humanities and Social Science Project [24YJC790027].

语种：英文

外文关键词：Financial constraints; capital deepening; financial development level; human capital

摘要：Our study examines the impact of financial constraints on labour and capital in China's listed companies from 2008 to 2019. We find that financially constrained firms struggle with capital deepening, which negatively affects the capital-labour ratio. However, advanced regional digital finance development, higher banking competition, and higher human capital can help alleviate these constraints. Using the 2014 accelerated depreciation policy, we show that the policy has eased financial constraints for affected firms and led to an increase in capital-labour ratios. We also find that enterprises reduce more capital investment than labour.