第二节回顾了有关金融约束下企业投资的主要文献。我们还总结了几项调查金融自由化对投资影响的国别研究。在第 III 部分,我们概述了韩国的主要金融自由化进程,并确定了自由化日期。我们将在第 IV 部分具体说明一个投资模型并讨论估算方法。除了对数据的描述和变量的定义外, 部分介绍了实证结果及其解释。最后一节是简短的结论。
为了检验金融自由化是否会对不同企业特征的投资产生不同影响,我们定义了两个虚拟变量:Group- 和 Group 。如果企业属于 A 组,则 等于 1;如果企业属于 B 组,则 等于 0。相反,如果企业属于 B 组,则 等于 1;如果企业属于 A 组,则 等于 0。我们将组别与金融自由化虚拟变量之间的交互项纳入投资函数模型。
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