Abstract This paper discusses the effect of debt financing of government subsidy based on the listed companies of 2008-2011.The results show:(1)Government subsidy as a kind of positive signal can significantly increase the size of bank loan,and this effect even more strong in private enterprise than in state-owned enterprise.(2)Government subsidy can significantly lower the cost of bank loan, and this effect can be strengthened by the characteristic of state-owned property right,which leads to a remarkable effect of reducing cost in state-owned enterprise.
2015, Vol. 32 
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