Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises
Joint Authors
Wang, Xiuzhen
Deng, Ying
Xia, Xiaohua
Hu, Yi
Source
Discrete Dynamics in Nature and Society
Issue
Vol. 2014, Issue 2014 (31 Dec. 2014), pp.1-6, 6 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2014-07-16
Country of Publication
Egypt
No. of Pages
6
Main Subjects
Abstract EN
Small- and medium-sized enterprises (SMEs) are the important driving forces for the growth of China’s economy.
However, financing difficulty has always been the important problem besetting the development of SMEs for a long time.
In particular, in recent years, US subprime crisis in 2008 caused a heavy blow to the development of some externally oriented SMEs.
Thus, how to effectively overcome financing predicament for the SMEs is crucial for Chinese government.
In this paper, based on microdata from China Industrial Enterprise Database, propensity score matching (PSM) method is adopted to conduct empirical analysis about the treatment effects of indirect financing level of SMEs under different systems.
Empirical results reveal that state-owned enterprises enjoy indirect financing advantages compared with other enterprises and there is certain ownership discrimination against foreign-funded enterprises and private enterprises.
In particular, the indirect financing rate of state-owned enterprises is 1.4% higher than that of other enterprises, and the indirect financing rate of foreign-funded enterprises is 6% lower than that of other enterprises; private enterprises are advantageous in indirect financing compared with other enterprises; however, indirect financing rate of private enterprises is 1.8% lower than that of state-owned enterprises, which also reveals ownership discrimination to certain extent.
American Psychological Association (APA)
Wang, Xiuzhen& Hu, Yi& Xia, Xiaohua& Deng, Ying. 2014. Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises. Discrete Dynamics in Nature and Society،Vol. 2014, no. 2014, pp.1-6.
https://search.emarefa.net/detail/BIM-472793
Modern Language Association (MLA)
Wang, Xiuzhen…[et al.]. Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises. Discrete Dynamics in Nature and Society No. 2014 (2014), pp.1-6.
https://search.emarefa.net/detail/BIM-472793
American Medical Association (AMA)
Wang, Xiuzhen& Hu, Yi& Xia, Xiaohua& Deng, Ying. Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises. Discrete Dynamics in Nature and Society. 2014. Vol. 2014, no. 2014, pp.1-6.
https://search.emarefa.net/detail/BIM-472793
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-472793