Abstract:
This paper studies the impact of financial constraint on technical efficiency with the data from Chinese A-share manufacture firms between 2004 and 2009. Using both traditional measures of financial constraint (firm size, leverage and firm age) and the measurement estimated from the investment-cash flow model, we find that the financial constraint significantly impedes the technical efficiency improvement. By a natural experiment to tackle the endogeneity problem, our main conclusions still hold. Moreover, compared to state owned enterprises, the relief of financial constraint plays a larger positive role in raising technical efficiency for private firms. Our results imply that, reducing information asymmetry existing in financial markets to alleviate financial constraints faced by small-middle firms could help the improvement of technique efficiency and the upgrading of Chinese industry production.
陈海强, 韩乾, 吴锴. 融资约束抑制技术效率提升吗？——基于制造业微观数据的实证研究[J]. 金融研究, 2015, 424(10): 148-162.
CHEN Haiqiang HAN Qian, WU Kai. Does Financial Constraints Impede Technical Efficiency Improvement? An Empirical Study Based on Micro Data of Manufacturing Firms. Journal of Financial Research, 2015, 424(10): 148-162.
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