契约环境、融资约束与“信号弱化”效应——基于中国制造业企业的实证研究

发布时间：2018-02-01 19:01

本文关键词： 契约环境融资约束信号弱化　出处：《管理世界》2017年04期 　论文类型：期刊论文

【摘要】：本文以不完全契约理论为基础,从微观层面深入剖析契约环境对企业债务融资影响的多重机制,并提出契约环境改善下企业融资约束缓解的"信号弱化"效应,探索实现我国制造业转型与结构升级的有效途径。在此基础上,利用我国制造业企业大样本数据进行多角度实证分析。研究表明:在控制了其他特征因素后,契约环境的改善可以有效缓解企业债务融资约束,并且这种作用随着企业所处行业契约密集度的提高变得更加明显。研究还证实了"信号弱化"效应的存在,进一步的机理分析和稳健性检验表明该结论是可靠的。因此,完善地区契约制度,弘扬契约精神对缓解融资难问题、优化实体经济结构具有重要的政策含义。本文也为当下鼓励创新创业的科技金融政策提供了新的思路。
[Abstract]:Based on the incomplete contract theory, this paper deeply analyzes the multiple mechanisms of the influence of contractual environment on corporate debt financing from the micro level, and puts forward the "signal weakening" effect of enterprise financing constraint mitigation under the improvement of contractual environment. This paper explores the effective ways to realize the transformation and structural upgrading of our manufacturing industry. On this basis, we use the large sample data of Chinese manufacturing enterprises to carry out multi-angle empirical analysis. The research shows that: after controlling other characteristic factors. The improvement of contract environment can effectively alleviate the debt financing constraints of enterprises, and this effect becomes more obvious with the increase of contract intensity in the industries in which enterprises are located. The study also confirms the existence of "signal weakening" effect. Further mechanism analysis and robustness test show that the conclusion is reliable. Therefore, improve the regional contract system, carry forward the spirit of the contract to alleviate the financing difficulties. Optimizing the structure of the real economy has important policy implications. This paper also provides a new way of thinking for the current policy of science and technology finance to encourage innovation and entrepreneurship.
【作者单位】：天津师范大学经济学院;天津师范大学智库建设中心区域发展战略与改革研究所;南开大学经济与社会发展研究院、中国特色社会主义经济建设协同创新中心;
【基金】：天津市哲学社会科学研究规划项目(项目编号:TJYYWT15-018) 教育部人文社科规划项目(项目编号:15YJA790049)的资助
【分类号】：F406.7;F425
【正文快照】： 一、引言改革开放以来,制造业的快速发展带来我国综合实力的大幅提升,有力推动了经济社会的持续性发展。2015年5月国务院发布《中国制造2025》强调了制造业作为“立国之本、兴国之器、强国之基”的重要性,同时也明确指出我国制造业“大而不强”的现状。而融资难问题被认为是困

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