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Discrete Dynamics in Nature and Society
Volume 2014, Article ID 453458, 6 pages
Research Article

Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises

1School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China
2School of Management, University of Chinese Academy of Sciences, Beijing 100190, China
3Institute of China’s Economic Reform and Development, Renmin University of China, Beijing 100872, China
4School of International Trade and Economics, University of International Business and Economics, Beijing 100029, China

Received 17 April 2014; Accepted 7 July 2014; Published 16 July 2014

Academic Editor: Chuangxia Huang

Copyright © 2014 Xiuzhen Wang et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


Small- and medium-sized enterprises (SMEs) are the important driving forces for the growth of China’s economy. However, financing difficulty has always been the important problem besetting the development of SMEs for a long time. In particular, in recent years, US subprime crisis in 2008 caused a heavy blow to the development of some externally oriented SMEs. Thus, how to effectively overcome financing predicament for the SMEs is crucial for Chinese government. In this paper, based on microdata from China Industrial Enterprise Database, propensity score matching (PSM) method is adopted to conduct empirical analysis about the treatment effects of indirect financing level of SMEs under different systems. Empirical results reveal that state-owned enterprises enjoy indirect financing advantages compared with other enterprises and there is certain ownership discrimination against foreign-funded enterprises and private enterprises. In particular, the indirect financing rate of state-owned enterprises is 1.4% higher than that of other enterprises, and the indirect financing rate of foreign-funded enterprises is 6% lower than that of other enterprises; private enterprises are advantageous in indirect financing compared with other enterprises; however, indirect financing rate of private enterprises is 1.8% lower than that of state-owned enterprises, which also reveals ownership discrimination to certain extent.