| Financing constraints and corporate investment： an empirical analysis of china＇s manufacturing firms |
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| 作者姓名： | KONG Yu WEI Feng |
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| 作者单位： | [1]Faculty of Construction Management and Real Estate, Chongqing University, Chongqing 400030, P.R. China [2]College of Trade and Public Administration, Chongqing University, Chongqing,400030, P.R. China |
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| 基金项目： | Funded by the Natural Science Foundation of China （No. 70372041）. |
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| 摘 要： | With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China＇s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China＇s manufacturing firms, but the results are different with different variables to measure the financing constraints.
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| 关 键 词： | 融资约束 社团投资 中国 制造业 投资策略 |
| 文章编号： | 1671-8224（2005）03-0170-05 |
| 收稿时间： | 2005-03-09 |
| 修稿时间： | 2005-05-09 |
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