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Fiancial Crisis、 the Nature of Property Right and the Ability for Financing

Author: ChenWeiJun
Tutor: MaYongQiang
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Financial crisis Financing capacity Property rights differences
CLC: F279.2
Type: Master's thesis
Year: 2011
Downloads: 59
Quote: 0
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Abstract


The financial crisis hit in 2008, attracted a lot of scholars to study the context of the financial crisis, the corporate economy and management related fields. However, the financing constraint problem of state-owned enterprises has been one of the hot topics of the financial research, combined with the impact of the financial crisis, the financing capacity of the state-owned enterprises is how to change the currently pending discussion. Based on 2005-2009 annual economic data on China's manufacturing industry financing capacity because of differences in property rights is different in the context of the financial crisis, the financing capacity of the enterprise changed and how to change. After the study, the authors found that in manufacturing enterprises, state-owned property rights with respect to private property rights of enterprises have greater financing capacity, that is, smaller financing constraints. In normal circumstances, the state-owned enterprises have more advantages of financing and over-financing. Financial crisis, these financing advantage to have a negative impact on the state of reduced Overall financing advantage has not been completely eliminated. In addition, the financing capacity of private enterprises in the financial crisis, decline, and to some extent the external cash flow shortage. In addition, the ability of the company's operations and profitability growth, equity structure, firm characteristics (such as assets and number of employees) will be different effects on the background of enterprise property rights, previous studies did not consider it fully. And as the external shocks of the financial crisis, the differences in property rights as a buffer or zoom mechanism, different degree of correction of the financing capacity of the enterprise. Financing capacity of the financial crisis, the state-owned enterprises to further improve the financing capacity of the state-owned enterprises in the financial crisis and has not declined, but increased, which obviously does not meet the characteristics of the country as a market economy as the main government excessive intervention. In addition, the financial crisis, the financing capacity of the enterprises in the overall decline, but the decline is not obvious, indicating that the Chinese government in implementing macroeconomic stimulus plan, the financing capacity of China's enterprises did not with the emergence of the financial crisis caused a significant decline. Based on existing research, the recommendations in this article is to reduce the large state-owned enterprises in financing intervention funds for high-growth companies, to help avoid bankruptcy due to inadequate financing of growth decline in growth of non-efficiency issues. Factor analysis results show that private enterprises have higher operating capacity and profitability, government policies tend to private enterprise is an efficient option. And provide a helping hand to the state-owned enterprises, the government should consider enterprise motivated to increase the surplus management, in order to obtain the support of the Government, the empirical results also show that the context of the financial crisis, the state-owned enterprises than the general case of multi-finance 46.09 million, state-owned enterprises motivation for the use of the external shocks of the financial crisis as \

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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