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Financial constraints in China: firm-level evidence

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Poncet, Sandra [Université Paris 1] Steingress, Walter [Boston University] Vandenbussche, Hylke [UCL]

Using a unique micro-level data set over the period 1998-2005 on Chinese firms, this paper presents empirical findings on the presence of credit constraints. Our findings are threefold. Firstly, private Chinese firms are credit constrained white sate-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").

Document type Article de périodique (Journal article) – Article de recherche
Access type Accès interdit
Publication date 2010
Language Anglais
Journal information "China Economic Review" - Vol. 21, no. 3, p. 411-422 (2010)
Publisher Sinomedia Ltd ((Hong Kong) Shanghai)
issn 1350-6390
Publication status Publié
Affiliations UCL - SSH/LIDAM/IRES - Institut de recherches économiques et sociales
Université Paris 1 - Paris School of Economics
Boston University -
Keywords Investment-cash flow sensitivity ; China ; Firm-level data ; Foreign direct investment
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Bibliographic reference Poncet, Sandra ; Steingress, Walter ; Vandenbussche, Hylke. Financial constraints in China: firm-level evidence. In: China Economic Review, Vol. 21, no. 3, p. 411-422 (2010)
Permanent URL http://hdl.handle.net/2078.1/95090