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FDI,Domestic Imperfect Financial Market and Private Firms′ Financing Constraints:An Empirical Study based on Firm-level Data

Xian Guoming Cui Xijun  
Using the firm-level data,we estimate a modified Euler equation to test the private firms′ financing constraints and the effects of FDI and domestic imperfect financial market on them.The results show that private firms are financing constrained,while state-owned firms are not constrained.FDI significantly alleviates the constraints of small and medium-sized private firms as well as capital-intensity private firms via product market,exacerbating them of small and medium-sized firms,labor-intensity firms via financial market.Moreover,domestic imperfect financial market obviously exacerbates the financing constraints of small-sized private firms as well as labor-intensity private firms.
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