Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

本文以现金流敏感性分析法（cash flow sensitivity approach）为研究工具，针对2007至2010年间私营企业与上市公司的信贷约束问题展开分析。基于该分析方法得到的计量经济学结果显示，私营企业与上市公司所面临的信贷约束程度并无显著差异。鉴于当前巴西地区基于现金流敏感性法开展的私营企业信贷约束研究较为稀缺，本文旨在为相关学术研究文献补充新的研究成果。