English, Article, Journal or magazine article edition: Financial constraints in China : firm-level evidence Sandra, PONCET; Walter, STEINGRESS; Hylke, VANDENBUSSCHE

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Bookmark: http://trove.nla.gov.au/version/177972
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial constraints in China : firm-level evidence
Author
  • Sandra, PONCET
  • Walter, STEINGRESS
  • Hylke, VANDENBUSSCHE
Physical Description
  • preprint
Notes
  • This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints faced by private Chinese firms. Thirdly, geographical and sectoral presence of state firms aggravates financial constraints for private Chinese firms (“crowding out”). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firms.
  • RePEc:lic:licosd:22608
  • This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a Òpolitical-pecking orderÓ in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not; Secondly, the geographical and sectoral presence of foreign capital alleviates credit constraints face by private Chinese firms (Òcrowding outÓ). Therefore it seems that ongoing restructuring of the state-owned sector and further liberalization of foreign capital inflows in China can help to circumvent financial constraints and can boost the investment of private firms
  • Investment cashflow sensitivity; China; firm level data; foreign direct investment
  • RePEc:ctl:louvec:2008048
Language
  • English
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