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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/125820

    Title: 融資限制對於中國企業成長率分配之影響
    The Impacts of Financial Constraint on the Growth Rate Distribution of Chinese Firms
    Authors: 何宣瑩
    Ho, Hsuan-Ying
    Contributors: 彭喜樞
    Peng, Shi-Shu
    Ho, Hsuan-Ying
    Keywords: 融資限制
    Financial Constraint
    Chinese Firms Growth Rate Distribution
    Date: 2019
    Issue Date: 2019-09-05 17:11:37 (UTC+8)
    Abstract: 許多學者對於中國的經濟發展非常感興趣,因此紛紛投入相關研究,欲探討其發展的可能原因。而由於中國經濟發展必然與其企業成長有關,故本文將從廠商的角度出發,探討影響企業成長之因素。其中,每家企業會因為受到融資限制的程度不同,影響其自身的企業成長率,進而決定中國整體市場樣貌,所以本文將探討融資限制對於中國企業成長率分配的影響。最後希望能透過實證結果,為台灣企業的成長作出可能的建議。

    Many researchers are very interested in China's economic development and have dedicated in relevant studies to explore possible reasons. From this perspective, this paper wants to find the possible reasons as well. Since each firm will change its own growth rate due to the degree of financial constraint, and then determine the overall economies of China, this paper will explore the impacts of financial constraint on the growth of Chinese firms. Hope that through the empirical results, this study could make suggestions for the growth of Taiwanese firms.

    Different from focusing the location-shift effect of the firm growth, this study takes into account the entire distribution of growth rates by using asymmetric exponential power (AEP) density. The empirical results show that financial constraint does change the tent-shaped distribution of firm growth into asymmetric distribution. And the left tail of the firm growth of state-owned firms is fatter than other types of firms, which reflects the fact that growth rates of Chinese state-owned firms are generally low. Moreover, because of the differences between Chinese and Western backgrounds, the empirical results from this paper will differ from the Western literatures. There are three main aspects to the conclusion. First, the right sides of Chinese firm growth distribution are similar in most scenarios, and those results are different from the right sides of Western firms. Second, different from the significant effect of old Western firms, most of old Chinese firms are state-owned, so they are less affected by financial constraint. Finally, young firms in China with high financial constraint are more affected by "pinioning effect" and "loss reinforcing effect". However, "loss reinforcing effect" is rarely found in young firms in Western countries with high financial constraint.
    Reference: 孫靈燕和李榮林 (2011),“融資約束限制中國企業出口參與嗎?”,中國經濟學季刊,第11卷,第1期。
    張中元 (2015),“外部融資約束對企業出口行為的影響”,經濟理論與經濟管理,第3期。
    詹雷和何娟 (2017),”融資約束度量方法及其運用”,財會月刊-全國優秀經濟期刊。

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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106255024
    Data Type: thesis
    DOI: 10.6814/NCCU201901102
    Appears in Collections:[財政學系] 學位論文

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