후강퉁(?港通)제도와 중국 상장기업의 재무제약 = Hugangtong System and Financial Constraints of Chinese Listed Companies

다국어 초록 (Multilingual Abstract)

This study was conducted to empirically analyze the effect of the Hugangtong system as a part of opening Chinese capital market on the financial constraints of Chinese companies. The findings showed that Hugangtong companies listed on the Shanghai Stock Exchange had generally financial constraints and the financial constraints of private companies were severer than those of state-owned enterprises. It was also found that the implementation of the Hugangtong system reduced the financial constraints of private companies, while it did not have a significant effect on state-owned enterprises. These results suggest as policy implications that the Chinese capital market needs to continually open its door, the intervention of the government in the management of state-owned enterprises should be reduced, the path of raising capital finance in favor of the investment and growth of private companies needs to be explored and investors in Korea should gradually increase the percentage of investment in private firms in China.

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