融资约束与资源错配:基于中国工业企业数据的实证研究

发布时间：2018-03-04 21:28

本文选题：融资约束　切入点：资源错配　出处：《商业研究》2017年07期 　论文类型：期刊论文

【摘要】：在对融资约束影响资源错配理论分析的基础上,本文使用1998-2007中国工业企业数据,对企业内和行业内资源错配进行测度,并进行相应实证分析,结论显示:融资约束与企业内资源错配、行业内资源错配呈现U型的非线性关系,随着融资约束的上升,企业内和行业内的资源错配程度将会先下降后增加;在不同所有制属性、区域以及行业内的企业之间,融资约束对资源错配的影响稳健,但影响效应存在差异,具体而言,非国有企业对融资约束的反应更敏感,东部和中西部样本中融资约束对企业内错配和行业内错配的影响存在不同,融资约束对劳动密集型行业存在显著的企业内错配效应,而对行业内错配的影响主要表现在资本密集型行业;最后结合行业面板数据,进一步验证了融资约束对行业内错配影响的稳健性。
[Abstract]:Based on the analysis of the theory of resource mismatch influenced by financing constraints, this paper uses the data of Chinese industrial enterprises from 1998 to 2007 to measure the mismatch of resources within enterprises and industries, and to carry out the corresponding empirical analysis. The conclusion shows that the financing constraint is nonlinear with the mismatch of resources in the enterprise, and the mismatch of resources in the industry will decrease first and then increase with the increase of the financial constraint. Among enterprises with different ownership attributes, regions and industries, the influence of financing constraints on resource mismatch is robust, but the effects are different. In particular, non-state-owned enterprises are more sensitive to financial constraints. The influence of financing constraints on intra-firm mismatch and intra-industry mismatch is different from that in the eastern and western regions, and there is a significant intra-firm mismatch effect in labor-intensive industries. The impact on intra-industry mismatch is mainly reflected in capital-intensive industries. Finally, the robustness of financing constraints on intra-industry mismatch is further verified by industry panel data.
【作者单位】：湖南大学经济与贸易学院;
【基金】：国家自然科学基金项目“我国融资约束、资源错配影响出口行为及绩效的机制、模型与实证研究”,项目编号:71573076
【分类号】：F406.7;F424

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