Financial constraints and the productivity–survival link: evidence from China’s firm-level data
利用1998-2009年中国工业企业数据，研究发现金融约束不仅不利于企业生存，还削弱了市场对低效企业的淘汰机制，且对国有和大企业影响更明显。
We study how financial constraints influence the productivity–survival link, using data of Chinese industrial firms from 1998 through 2009. The analysis shows that financial constraints do not only play a negative role in firm survival, but also weaken the market selection against inefficient firms on average. We also find that the selection mechanism is ineffective for state-owned firms and large firms, and that financial constraints hinder the growth of firm productivity and market share.