With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period f...With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.展开更多
基金Funded by the Natural Science Foundation of China (No. 70372041).
文摘With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.
