论文作者：1.Gongyan Yang(The Research Center for Russia, Eastern European and Central Asian Countries, School of International Economics and International Relations, Liaoning University, No. 58, Daoyi South Street, Shenbei New District, 110136, Shenyang, China )

2.Yingqun Yang(The Research Center for Russia, Eastern European and Central Asian Countries, School of International Economics and International Relations, Liaoning University, No. 58, Daoyi South Street, Shenbei New District, 110136, Shenyang, China )

3.Tingfeng Tang (School of Finance, Southwestern University of Finance and Economics, 555, Liutai Avenue, Wenjiang District, 611130, Chengdu, Sichuan, China )

4.Liyan Dai(The Research Center for Russia, Eastern European and Central Asian Countries, School of International Economics and International Relations, Liaoning University, No. 58, Daoyi South Street, Shenbei New District, 110136, Shenyang, China )

期刊名：《Finance Research Letters》

发表时间：2023年7月

文章摘要：The effectiveness of China’s aid has been highly debated. Our study uses firm-level data from the WBES and Global Chinese Official Finance Dataset toexplore the impact of China’s aid on firm performance using an instrumental variable analysis. The results show that China’s aid has a positive impact on enterprise performance. We complemented our empirical tests by investigating the potential channels. China’s aid may promote firm performance through the alleviation of infrastructure constraints. And it also relaxes financing constraints for firms. Thisstudy contributes to the literature by confirming the effectiveness of China’s aid and highlights its implications for policymaking.

关键词：China’s aid；Firm performance；Infrastructure；Financing constraints；Instrumental variable analysis