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Liquidity Shock, Credit Constraint and the Development of Private vs. State-Owned Enterprises

机译：流动性冲击，信贷约束与民营与国有企业的发展

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摘要

Based on firm level data for the period of 1998-2007, this paper attempts to explain the growth differences between private enterprises and state-owned enterprises (SOEs) in China, in the context of liquidity shocks, and institutional and financial environments. It is found that (1) when liquidity tightens, the private enterprises face stricter credit constraints than SOEs, which restricts the development of private enterprise; (2) when liquidity becomes abundant, private enterprises face fewer financial limitations and grow much faster than SOEs; (3) the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007. These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments, which weaken the effects of liquidity shocks on firm growth.
机译：本文基于1998年至2007年的企业数据，试图解释在流动性冲击，制度和金融环境下，中国私营企业与国有企业之间的增长差异。研究发现：（1）当流动性收紧时，民营企业比国有企业面临更严格的信贷约束，这限制了民营企业的发展； （2）当流动性充裕时，民营企业比国有企业面临的财务限制更少且增长速度更快； （3）在2002-2007年期间，流动性冲击对民营企业与国有企业之间的增长率差距的影响已经减弱。这些发现表明，可以通过改善机构和金融环境来减轻对私营企业的信贷歧视，这可以削弱流动性冲击对企业增长的影响。

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