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Ownership discrimination and private firms financing in China
Affiliation:1. School of Accounting, Finance and Economics, Waikato Management Division, University of Waikato, New Zealand;2. School of Accountancy, Jiangxi University of Finance and Economics, China;3. School of Economics and Finance, Massey University, Auckland, New Zealand
Abstract:This study examines the financing/funding of private firms in China. Our results show that private firms are significantly less funded through formal financing channels such as bank loans than state-owned firms, and hence have to resort to alternative financing such as trade credit. Consistent with the theoretical expectation and literature, there is a substitution effect between trade credit and bank loans for private firms, but this effect is much weaker compared to that of state-owned firms. Moreover, while the univariate comparisons indicate that private firms obtain more notes payable than state-owned firms, the multivariate regression analyses show that the relation between bank loan and notes payable is positive and indifferent between private and state-owned firms.
Keywords:Ownership discrimination  Trade credit  Bank loan  Private Sector  Operating performance
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