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    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
    何宣瑩
    Ho, Hsuan-Ying
    Keywords: 融資限制
    企業成長率分配
    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。

    有別以往,本文不是使用傳統迴歸方法,以平均數的概念去闡述融資限制對於企業成長率的影響,而是採用非對稱指數分配去探討企業成長率分配之議題。實證結果發現,企業成長率分配確實會隨著融資限制程度的提高,導致分配越容易存在極端值和不對稱的分布情況。且國有企業成長率分配的左尾較其他所有權之企業肥厚,反映中國國有企業普遍低成長率之事實。此外,由於中國和西方的背景差異,故本文結果與西方資料結果有些許出入,以下分成三點說明。第一,中國企業成長率分配的右側型態(右側離散程度和右尾肥厚程度)在多數情境下皆相似,其結果與西方企業成長率右側型態不同,這很有可能是因為中國在研究期間處於效率驅動經濟階段所致。第二,中國多數年老企業為國有企業,所以較不會受到融資限制所影響,企業成長率分配也就不會如西方年老企業一般呈現明顯差異。第三、高融資限制的年輕企業較容易受到「剪翼效果」和「損失加劇效果」所影響,但西方的年輕企業較無法看出「損失加劇效果」的影響。
    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.
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    Description: 碩士
    國立政治大學
    財政學系
    106255024
    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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