Investment, credit rationing, and the soft budget constraint:: Evidence from Czech panel data

• 成果类型: Article
• 署名作者: Lízal, L; Svejnar, J
• 署名单位: University of Michigan System; University of Michigan; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Czech Academy of Sciences
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465302317411596
• 发表日期: 2002-05
• 页码: 353-370
• 关键词: cash flow sensitivities; financing constraints; technical change; polish industry; MARKET; models; GROWTH; demand; LABOR; FIRMS

摘要

Strategic restructuring of firms through investment is key to a transition from plan to market. Using data on industrial firms in the Czech Republic during 1992-1998, we find that foreign-owned companies invest the most and cooperatives the least, that private firms do not invest more than state-owned ones, and that cooperatives and small firms are credit rationed. Given the large volume of nonperforming bank loans to firms and the high rate of investment of large state-owned and private firms, our findings also suggest that these firms operate under a soft budget constraint. Estimates of a dynamic model, together with the support for the neoclassical model, suggest that firms started to behave consistently with profit maximization.