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Chinese Firms’ Political Connection, Ownership, and Financing Constraints

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  • Yan, Isabel K.
  • Chan, Kenneth S.
  • Dang, Vinh Q.T.
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    Abstract

    We empirically examine some listed Chinese firms’ political connection, ownership, and financing constraints. Politically-connected firms display no financing constraints whereas firms without connection experience significant constraints. Non-connected family-controlled firms bear greater constraints than non-connected state-owned firms.

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    File URL: http://mpra.ub.uni-muenchen.de/35221/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35221.

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    Date of creation: Nov 2011
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    Handle: RePEc:pra:mprapa:35221

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    Keywords: Political connection; investments; financing constraints; Chinese firms;

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    1. Sandra PONCET & Walter STEINGRESS & Hylke VANDENBUSSCHE, 2009. "Financial constraints in China: firm-level evidence," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2009035, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    2. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
    3. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 70-89, Summer.
    4. repec:fth:wobaco:1083 is not listed on IDEAS
    5. Konings, Jozef & Rizov, Marian & Vandenbussche, Hylke, 2003. "Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania," Economics Letters, Elsevier, vol. 78(2), pages 253-258, February.
    6. MARA FACCIO & RONALD W. MASULIS & JOHN J. McCONNELL, 2006. "Political Connections and Corporate Bailouts," Journal of Finance, American Finance Association, vol. 61(6), pages 2597-2635, December.
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