国有企业与非国有企业信贷约束的差异研究——基于现金-现金流敏感度的分析

发布时间：2018-08-27 20:17

【摘要】：根据现有理论,国有企业和非国有企业信贷约束的差异是理解中国经济失衡的关键,本文利用近年来公司金融文献中提出的现金-现金流敏感度的分析方法,以中国A股上市企业1990-2010年的数据为样本,研究了中国国有企业与非国有企业存在着的信贷约束差异。其基本计量模型回归结果表明,非国有企业的信贷约束更强,而国有企业则不存在信贷约束。随后,采取的稳健性检验结果表明非国有企业受到了信贷约束,而国有企业则没有受到信贷约束这一结论具有稳健性。
[Abstract]:According to the existing theory, the difference of credit constraints between state-owned enterprises and non-state-owned enterprises is the key to understand the imbalance of Chinese economy. This paper uses the cash-cash flow sensitivity analysis method proposed in recent years in the corporate finance literature. Based on the data of Chinese A-share listed enterprises from 1990 to 2010, the differences of credit constraints between state-owned enterprises and non-state-owned enterprises are studied. The regression results of its basic econometric model show that the credit constraint of non-state-owned enterprises is stronger than that of state-owned enterprises. Subsequently, the results of robustness test show that non-state-owned enterprises are subject to credit constraints, while state-owned enterprises are not subject to credit constraints, and the conclusion that they are not subject to credit constraints is robust.
【作者单位】：北京大学国家发展研究院中国经济研究中心;
【分类号】：F276.1;F276.5;F832.4

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