Financial constraints and firm productivity: Evidence from Chinese manufacturing
European Journal of Operational Research（2019）
摘要
•90% of Chinese firms face external financial constraints.•State firms are much less constrained than non-state firms.•Relationship between financial constraints and productivity is inverted U-shaped.•This study provides a unique explanation of China’s growth puzzle.
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关键词
Finance,Credit constraints,Production function,Productivity,R&D investment
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