Yan, Isabel K. and Chan, Kenneth S. and Dang, Vinh Q.T. (2011): Chinese Firms’ Political Connection, Ownership, and Financing Constraints. Forthcoming in: Economics Letters
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Abstract
We empirically examine some listed Chinese firms’ political connection, ownership, and financing constraints. Politically-connected firms display no financing constraints whereas firms without connection experience significant constraints. Non-connected family-controlled firms bear greater constraints than non-connected state-owned firms.
Item Type: | MPRA Paper |
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Original Title: | Chinese Firms’ Political Connection, Ownership, and Financing Constraints |
Language: | English |
Keywords: | Political connection; investments; financing constraints; Chinese firms |
Subjects: | G - Financial Economics > G3 - Corporate Finance and Governance > G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E22 - Investment ; Capital ; Intangible Capital ; Capacity O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance |
Item ID: | 35221 |
Depositing User: | Isabel Yan |
Date Deposited: | 06 Dec 2011 11:54 |
Last Modified: | 26 Sep 2019 11:56 |
References: | Faccio, M., Masulis, R. W., McConnell, J. J., 2006. Political connections and corporate bailouts. Journal of Finance 61, 2597-2635 King, R. G., Levin, R., 1993. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 108, 717-737. Konings, J., Rizov, M., Vandenbussche, H., 2003. Investment and financial constraints in transition economies: Micro evidence from Poland, the Czech Republic, Bulgaria, and Romania. Economics Letters 78, 253-258. Modigliani, F., Miller, M., 1958. The Cost of capital, corporation finance, and the theory of investment. American Economic Review 48, 261-297. Poncet, S., Steingress, W., Vandenbussche, H., 2010. Financial constraints in China: Firm-level evidence. China Economic Review 21, 411-422. Schiantarelli, F., 1996. Financial constraints and investment: Methodological issues and international evidence. Oxford Review of Economic Policy 12, 70-89. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/35221 |