企业级增长的决定因素:捷克共和国、匈牙利和波兰的经验教训

Mihye Lee
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引用次数: 0

摘要

摘要本文以捷克共和国、匈牙利和波兰这三个东欧国家为研究对象,考察了企业水平增长的决定因素。我们调查了是否存在共同的企业层面特征,这些特征在决定这三个国家的企业层面绩效方面发挥着重要作用,以及金融市场的发展是否可以促进单个企业的发展,特别是对于需要外部融资(借款)的企业。我们的实证分析表明,在波兰的情况下,企业层面的特征,如企业年龄和企业规模,是显著的,这些因素对企业销售增长的作用与现有文献中的发现非常一致。在捷克和匈牙利的情况下,相同的企业层面特征似乎并不显著,这表明这些因素在这些国家的企业层面增长中发挥着不同的作用。然而,企业获得外部融资的途径对于决定企业的成长和金融市场的发展至关重要,这使企业能够更容易地获得外部融资来源,从而特别有助于可能需要外部资金的单个企业的成长。我们的研究结果为现有文献提供了额外的实证证据,这些文献强调了基于跨国分析的金融发展对单个企业增长的积极影响。
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Determinants of Firm-Level Growth: Lessons from the Czech Republic, Hungary, and Poland
Abstract This paper examines the determinants of firm-level growth based on three eastern European countries – the Czech Republic, Hungary, and Poland. We investigate whether there exist common firm-level characteristics that play a significant role in determining firm-level performance across the three countries, and whether development in financial markets can facilitate the growth of individual firms, particularly for firms that require external financing (borrowing). Our empirical analysis shows that in the case of Poland, firm-level characteristics, such as firm age and firm size, turn out to be significant, and that the role of these factors on the sales growth of firms is quite consistent with the findings in the existing literature. The same firm-level characteristics do not appear to be significant in the cases of Czechia and Hungary, which suggests that these factors play a different role in the firm-level growth of these countries. However, a firm’s access to external financing matters for the determining the firm’s growth and its development of financial markets, which enables the firm to have easier access to external sources of financing, thereby especially facilitating the growth of the individual firm that might need external funds. Our findings provide additional empirical evidence on the existing literature that emphasizes the positive impact of financial development on the individual firms’ growth based on a cross-country analysis.
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来源期刊
CiteScore
2.30
自引率
10.00%
发文量
0
审稿时长
13 weeks
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