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

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  • Chow, Clement Kong-Wing
  • Fung, Michael Ka Yiu
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 15 (2000)
    Issue (Month): 4 (July)
    Pages: 363-383

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    Handle: RePEc:eee:jbvent:v:15:y:2000:i:4:p:363-383

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    Web page: http://www.elsevier.com/locate/jbusvent

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    2. Steve J. Davis & John Haltiwanger, 1991. "Gross job creation, gross job destruction and employment reallocation," Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago 91-5, Federal Reserve Bank of Chicago.
    3. Perotti, Enrico C., 1993. "Bank lending in transition economies," Journal of Banking & Finance, Elsevier, Elsevier, vol. 17(5), pages 1021-1032, September.
    4. David Blanchflower & Simon Burgess, 1996. "Job Creation and Job Destruction in Great Britain in the 1980s," CEP Discussion Papers, Centre for Economic Performance, LSE dp0287, Centre for Economic Performance, LSE.
    5. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 82, Board of Governors of the Federal Reserve System (U.S.).
    6. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    7. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    8. Athey, Michael J. & Laumas, Prem S., 1994. "Internal funds and corporate investment in India," Journal of Development Economics, Elsevier, Elsevier, vol. 45(2), pages 287-303, December.
    9. Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
    10. Bilsborrow, Richard E, 1977. "The Determinants of Fixed Investment by Manufacturing Firms in a Developing Country," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(3), pages 697-717, October.
    11. Clifford W. Smith Jr. & Ross L. Watts, 1982. "Incentive and Tax Effects of Executive Compensation Plans," Australian Journal of Management, Australian School of Business, Australian School of Business, vol. 7(2), pages 139-157, December.
    12. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, Elsevier, vol. 13(2), pages 187-221, June.
    13. Nabi, Ijaz, 1989. "Investment in Segmented Capital Markets," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 104(3), pages 453-62, August.
    14. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle," Macroeconomics, EconWPA 9401001, EconWPA.
    15. Chow, G.C., 1990. "Capital Formation And Economic Growth In China," Papers, Princeton, Woodrow Wilson School - Discussion Paper 67, Princeton, Woodrow Wilson School - Discussion Paper.
    16. Oliner, Stephen D & Rudebusch, Glenn D, 1992. "Sources of the Financing Hierarchy for Business Investment," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 74(4), pages 643-54, November.
    17. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    18. Tybout, James R, 1983. "Credit Rationing and Investment Behavior in a Developing Country," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 65(4), pages 598-607, November.
    19. Tam, On Kit, 1991. "Capital market development in China," World Development, Elsevier, Elsevier, vol. 19(5), pages 511-532, May.
    20. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, American Finance Association, vol. 39(3), pages 575-92, July.
    21. McGuckin, Robert H & Nguyen, Sang V, 1993. "Post-reform Industrial Productivity Performance of China: New Evidence from the 1985 Industrial Census Data," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 31(3), pages 323-41, July.
    22. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 71(3), pages 393-410, June.
    23. Miurin, Paolo & Sommariva, Andrea, 1993. "The financial reforms in central and Eastern European countries and in China," Journal of Banking & Finance, Elsevier, Elsevier, vol. 17(5), pages 883-911, September.
    24. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
    25. Chow Kong Wing, Clement & Fung Ka Yiu, Michael, 1996. "Firm dynamics and industrialization in the chinese economy in transition: Implications for small business policy," Journal of Business Venturing, Elsevier, Elsevier, vol. 11(6), pages 489-505, November.
    26. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    27. Berger, Allen N & Udell, Gregory F, 1995. "Relationship Lending and Lines of Credit in Small Firm Finance," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 68(3), pages 351-81, July.
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    Cited by:
    1. Sai Ding & Alessandra Guariglia & John Knight, 2010. "Investment and financing constraints in China: does working capital management make a difference?," Working Papers, Durham University Business School 2010_03, Durham University Business School.
    2. Guariglia, Alessandra & Liu, Xiaoxuan & Song, Lina, 2008. "Internal Finance and Growth: Microeconometric Evidence on Chinese Firms," IZA Discussion Papers 3808, Institute for the Study of Labor (IZA).
    3. Chen, Alex A. & Cao, Hong & Zhang, Dayong & Dickinson, David G., 2013. "The impact of shareholding structure on firm investment: Evidence from Chinese listed companies," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 25(C), pages 85-100.
    4. Sai Ding & Alessandra Guariglia & John Knight, 2010. "Negative investment in China: financing constraints and restructuring versus growth," Working Papers, Business School - Economics, University of Glasgow 2010_31, Business School - Economics, University of Glasgow.
    5. Yiridoe, Emmanuel K. & Marett, Geb E., 2004. "Mitigating the High Cost of ISO 14001 EMS Standard Certification: Lessons from Agribusiness Case Research," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), International Food and Agribusiness Management Association (IAMA), vol. 7(02).
    6. Alessandra Guariglia & Paul Mizen, 2012. "Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis," Working Papers, Hong Kong Institute for Monetary Research 322012, Hong Kong Institute for Monetary Research.
    7. Hartarska, Valentina M., 2001. "Investments And Property Rights In Russia: Evidence From Small Firms In Samara," 2001 Annual meeting, August 5-8, Chicago, IL, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20739, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Firth, Michael & Malatesta, Paul H. & Xin, Qingquan & Xu, Liping, 2012. "Corporate investment, government control, and financing channels: Evidence from China's Listed Companies," Journal of Corporate Finance, Elsevier, Elsevier, vol. 18(3), pages 433-450.
    9. Cull, Robert & Li, Wei & Sun, Bo & Xu, Lixin Colin, 2013. "Government connections and financial constraints : evidence from a large representative sample of Chinese firms," Policy Research Working Paper Series, The World Bank 6352, The World Bank.

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