Small businesses and liquidity constraints in financing business investment: Evidence from shanghai's manufacturing sector

Journal of Business Venturing

Volumn 15, Issue 4, 2000, Pages 363-383

  Chow, Clement Kong Wing ^a   Fung, Michael Ka Yiu ^b  

^a LINGNAN UNIVERSITY   (Hong Kong)

^b CHINESE UNIVERSITY OF HONG KONG   (Hong Kong)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 12944305955     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0883-9026(98)00014-7     Document Type: Article

References (51)

1. Athey M.J., Laumas P.S. Internal funds and corporate investment in India. Journal of Development Economics. 45(2):1994;287-303.
2. Berger A.N., Udell G.F. Relationship lending and lines of credit in small firm finance. Journal of Business. 68(3):1995;351-381.
3. Bilsborrow R.E. The determinants of fixed investment by manufacturing firms in a developing country. International Economic Review. 18(3):1977;697-717.
4. Binks, M., and Ennew, C. 1993. Banks and small business. Report for Forum for Private Business, Forum for Private Business, Knutsford.
5. Birch D.L. Job creation in America. How our smallest companies put the most people to work:1987;The Free Press, New York.
6. Blanchflower D.G., Burgess S.M. Job creation and job destruction in Britain in the 1980s. Industrial and Labor Relations Review. 50(1):1996;17-38.
7. Blanchard, R.J. 1997. The heart of economic reform. The China Business Review (January-February):16-24.
8. Carpenter R.E., Fazzari S.M., Petersen B.C. Inventory, (dis)investment, internal finance fluctuations, and the business cycle. Brookings Papers on Economic Activity. 2):1994;75-138.
9. Case K.E., Fair R.C. Principles of Economics. 4th edition:1996;Prentice-Hall International, London.
10. The Chinese Academy of Social Sciences. 1996. Survey report on private enterprises and entrepreneurs in 1995. Mimeo, Beijing.
11. Chow C.K.W., Fung M.K.Y. Firm dynamics and industrialization in the Chinese economy in transition. Implications for small business policy Journal of Business Venturing. 11(6):1996;489-505.
12. Chow C.K.W., Fung M.K.Y. Firm Size and Performance of manufacturing Enterprises in P.R. China. The Case of Shanghai's Manufacturing Industries Small Business Economics. 9(3):1997;287-298.
13. Chow G. Chinese statistics. The American Statistician. 40(3):1986;191-196.
14. Chow G. Capital formation and economic growth in China. Quarterly Journal of Economics. 108(3):1993;809-842.
15. Cowling, M., Cembalist, J., and Sugden, R. 1991. Small Firms and Clearing Banks. Report for the Association of British Chambers of Commerce. London: Association of British Chambers of Commerce.
16. Cowling M., Sugden R. Small firm lending contracts. do banks differentiate between firms Journal of Small Business Finance. 5(1):1995;87-98.
17. Davis S., Haltiwanger J. Gross job creation, gross job destruction and job reallocation. Quarterly Journal of Economics. 107(3):1992;819-863.
18. The Economist. 1998. China steps up its financial reform. May 2, 1998, pp. 69-70.
19. Ennew C.T., Binks M.R. The provision of finance to small businesses. Does the banking relationship constrain performance Journal of Small Business Finance. 4(1):1995;57-73.
20. Far Eastern Economic Review. 1997. The great job hunt. Oct. 30, 1997, pp. 53-56.
21. Fazzari, S.M., Hubbard, R.G., and Petersen, B.C. 1988. Financing constraints and corporate investment. Brookings Paper on Economic Activity (1):141-95.
22. Fazzari S.M., Petersen B.C. Working capital and fixed investment. New evidence on financing constraint Rand Journal of Economics. 24(3):1993;328-342.
23. Gertler M. Financial Structure and aggregate economic activity. An overview Journal of Money, Credit, and Banking. 20(3):1988;559-588.
24. Goodstadt, L. 1987. China: Bankers learning to trust money. Euromoney (October):145-148.
25. Himmelberg C.P., Petersen B.C. R&D and internal finance. A panel study of small firms in high-tech industries Review of Economics and Statistics. 76(1):1994;38-51.
26. Hoshi T., Kashyap A., Scharfstein D. Corporate structure, liquidity, and investment. evidence from Japanese industrial groups Quarterly Journal of Economics. 106(1):1991;33-60.
27. Hsiao C. Analysis of Panel Data. 1986;Cambridge University Press, Cambridge, MA.
28. Jensen M.C., Meckling W.H. Theory of the firm. Managerial behavior, agency costs and ownership structure Journal of Financial Economics. 3(4):1976;305-360.
29. Keasey, K., and Watson, R. 1993. Banks and small firms: Is conflicts inevitable? NatWest Bank Quarterly Review (Spring):30-40.
30. Luk Y.F. Banking. Cheng J.Y., Brosseau M. China. Review 1993:1993;The Chinese University Press, Hong Kong.
31. McGuckin R.H., Nguyen S.V. Post-reform industrial productivity performance of China. New evidence from 1985 industrial census data Economic Inquiry. 31(3):1993;323-341.
32. McKinnon R.I. Money and Capital in Economic Development. 1973;The Brookings Institution, Washington, D.C.
33. McKinnon R.I. Financial growth and macroeconomic stability in China, 1978-1992. Implications for Russia and other transitional economies Journal of Comparative Economics. 18(3):1994;438-469.
34. Miurin P., Sommariva A. The financial reforms in Central and Eastern European countries and in China. Journal of Banking and Finance. 17(5):1993;883-911.
35. Modigliani F., Miller M. The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review. 48(3):1958;261-297.
36. Myers S.C. The capital structure puzzle. Journal of Finance. 34(3):1984;572-592.
37. Myers S.C., Majluf N.S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics. 13(2):1984;187-221.
38. Nabi I. Investment in segmented capital markets. Quarterly Journal of Economics. 104(3):1989;453-462.
39. Oliner S.D., Rudebusch G.D. Sources of the financing hierarchy for business investment. Review of Economics and Statistics. 74(4):1992;643-654.
40. Perotti E.C. Bank lending in transition economies. Journal of Banking and Finance. 17(5):1993;1021-1032.
41. Petersen M.A., Rajan R.G. The benefits of lending relationships. evidence from small business data Journal of Finance. 49(1):1994;3-37.
42. Samuelson P.A., Nordhaus W.D. Economics. 1995;McGraw-Hill, New York. International edition.
43. Shaw E.S. Financial Deepening in Economic Development. 1973;Oxford University Press, New York.
44. Smith C., Warner J. On financial contracting. An analysis of bond covenants Journal of Financial Economics. 7(2):1979;117-161.
45. Smith C., Watts R. Incentive and tax effects of executive compensation plans. Australian Journal of Management. 7(2):1982;139-157.
46. Stiglitz J., Weiss A. Credit rationing in markets with imperfect information. American Economic Review. 71(3):1981;393-410.
47. Tam O. Reform of China's Banking System. World Economy. 9(4):1986;427-440.
48. Tam O. Capital market development in China. World Development. 19(5):1991;511-532.
49. Tybout J.R. Credit rationing and investment behavior in a developing country. Review of Economics and Statistics. 65(4):1983;598-607.
50. The World Bank 1988. China: Finance and Investment, The World Bank Country Study, Washington, D.C.: The World Bank.
51. Yi G. Money, Banking and Financial Markets in China. 1994;Westview Press, Boulder.