LIU Bin，etc：Financing Constraints, Discrimination and the Firm Size Distribution——Based on the Analysis of China Industrial Enterprises Data

Abstract：This paper investigates the effects of financing constraints on firm size distribution based on the data of industrial enterprises from 1998 to 2009.The results are as follows.First, although the Pareto index of the firm size distribution shows a rising trend which means that the firm size distribution beccmes more uniform, the distribution deviates from the Zipf's distribution seriously.Secondly, financing constraints have unbalanced effect on firms in different scales, and the relief of financing constraints make the distribution more uniform.After controlling the endogeneity of core variables, the measurement results are still robust.Furthermore, the enterprises' own endowment characteristics have a significant impact on enterprise financing constraint condition, but the difference of financing constraints among enterprises of different sizes is mainly originated from the scale discrimination of financing.

Key words： Financing Constraints    Enterprise Scale Discrimination    Firm Size Distribution

source:Finance & Trade Economics ,No.3,2015