The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments
利用印度尼西亚制造业企业的大面板数据，分析金融自由化对投资和信贷分配的影响，发现转向市场化信贷分配提高了小企业的借贷成本，但扩大了企业的融资渠道。
This article analyzes the consequences of financial liberalization, using a large panel of Indonesian manufacturing establishments. It discusses whether financial reforms have had an impact on investment and on the allocation of credit and whether the effects differ depending on the type of firms. The overall conclusion is that shifting from administrative toward market-based allocation of credit has increased borrowing costs, particularly for smaller firms, but, at the same time, had benefited firms by giving them widened access to finance. Copyright 1994 by Oxford University Press.