Corporate Investments in Asian Markets: Financial Conditions, Financial Development, and Financial Constraints

被引：18

作者：

Gochoco-Bautista, Maria Socorro ^{[1
]}

Sotocinal, Noli R. ^{[1
]}

Wang, Jianxin ^{[2
]}

机构：

[1] Asian Dev Bank, Mandaluyong City, Philippines

[2] UTS Business Sch, Haymarket, NSW, Australia

来源：

WORLD DEVELOPMENT | 2014年 / 57卷

关键词：

corporate investments; Asia; financial conditions index; financial development; financial constraints; investment sensitivity to cash flow; CASH FLOW SENSITIVITIES; ECONOMIC-GROWTH; FIRM SIZE; DEPENDENCE; LAW;

D O I：

10.1016/j.worlddev.2013.11.017

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (i) financial conditions affect firms' growth opportunities and investment demand, while financial development primarily affects firms' external financing constraints; (ii) large firms benefit more from improved financial conditions, while small firms benefit more from financial development; and (iii) these effects are asymmetric-in general, stronger when the global financial crisis was unfolding and weaker during the subsequent rebound. (C) 2013 Elsevier Ltd. All rights reserved.

引用

页码：63 / 78

页数：16

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