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| Financial Constraints or Demand Shocks?An Examination on Corporate Investment in China’s Listed Firms During the Financial Crisis |
| LIU Xing, ZHANG Chao, XIN Qingquan
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School of Economics and Business Administration, Chongqing University;
State Grid Energy Research Institute |
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Abstract On the perspective of demand shocks and financial constraints, this study investigates the capital investment fluctuation of China’s Listed Companies during the Financial Crisis. Based on the quarterly data, the results show there is a decline of 19.4% on capital expenditure in post-crisis period compared with those in the pre-crisis period. In addition, the companies with more overseas market businesses reduced more capital investments than the others. At the meantime, the cash holding of these companies is rising and the debt financing is declining. Additionally, there is little evidence indicating a relationship between financial constrain of pre-crisis and the capital investment of current crisis. This study argues that comparing to the financing constraints hypothesis which stems from credit supply shock, demand shocks hypothesis stems from the decline and uncertainty of international market demand is a more appropriate explanation to the listed companies’ investment and financing behavior during the financial crisis.
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Received: 06 May 2015
Published: 01 January 1900
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