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Does the Capital Market Opening Ease Financial Constrains? An Empirical Research about China Listed Companies

Chen Xuesheng,Zhang Jianbo,Dong Wenlong  
This paper aims to analyze the effect of capital market opening on micro economic entities,in order to provide microscopic evidence for the enhancement of economic growth due to capital market opening.By using the data of Chinese listed manufacturing companies between 1999 and 2010 as the research samples,constructing the analysis framework of financial constraints and the capital access index,along with the positive research,we find that,the investment of Chinese listed companies is highly sensitive to cash flow,so there is obvious financing constrains phenomenon.Capital market opening has eased the enterprises’ financing constraints,but to a various beneficial extend among the enterprises.The financing constraints are more significant in state-owned,state holding firms and the large firms than the non-state owned,non-state holding firms and the small firms.Firms listed in more than one places face more significant financing constraints than the firms listed only in China stock market,but capital market opening has benefited them more than others too.
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