Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/35627 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 3808
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
Does the availability of internal finance constrain firm growth? Or does it foster it? To answer these questions, we use a panel of 407,096 Chinese firms over the period 2000-2005. We estimate dynamic assets growth equations augmented with cash flow, and find that the growth of state owned enterprises is not affected by cash flow, while that of privately owned firms is most affected. Considering that they represent 62% of the observations in our sample and that, in spite of being typically discriminated against by financial institutions, private firms have experienced sensational growth rates, our results suggest that internal finance has fostered rather than constrained their growth.
Schlagwörter: 
Assets growth
cash flow
financial constraints
JEL: 
D92
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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