Property Rights and Finance
基于后共产主义国家新企业调查，发现产权薄弱比融资约束更严重地抑制企业利润再投资，即使银行贷款可得。
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.