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Investment and financing constraints in China: does working capital management make a difference?

Abstract:

We use a panel of over 120,000 Chinese firms of different ownership types over the period 2000-2007 to analyze the linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find that, desp...

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Publisher copy:
10.1016/j.jbankfin.2012.03.025

Authors


Publisher:
Elsevier
Journal:
Journal of Banking & Finance
Publication date:
2012-01-01
DOI:
ISSN:
0378-4266
Language:
English
UUID:
uuid:418aec44-e446-4e0e-baff-18d5748991cd
Local pid:
oai:economics.ouls.ox.ac.uk:15379
Deposit date:
2013-04-20

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