金融环境、政治关系与融资约束——基于装备制造业上市公司的经验证据

发布时间：2018-02-15 12:55

本文关键词： 上市公司装备制造业融资约束所有权截面随机效应模型　出处：《科技进步与对策》2013年24期 　论文类型：期刊论文

【摘要】：针对我国装备制造业产业升级的资金短缺瓶颈,探讨业内不同所有制企业所受的融资约束,从而为产业升级的融资推动提供微观证据。基于2004-2010年业内上市公司面板数据的实证结果显示:①国内装备制造上市企业中,非国有企业存在融资约束,国有装备制造业上市公司的融资软约束问题得到了证实;②随着银行与股市融资环境的改善,非国有装备制造企业的融资约束得到明显缓解,而国有装备制造企业的融资约束无明显缓解。
[Abstract]:In view of the shortage of funds in upgrading the equipment manufacturing industry in China, this paper discusses the financing constraints faced by enterprises with different ownership in the industry. Based on the panel data of listed companies in the industry from 2004 to 2010, the empirical results show that there are financing constraints for non-state-owned enterprises in the domestic equipment manufacturing listed enterprises in China. With the improvement of financing environment in banks and stock markets, the financing constraints of non-state-owned equipment manufacturing enterprises have been obviously alleviated. The financing constraints of state-owned equipment manufacturing enterprises have not been significantly alleviated.
【作者单位】：南京信息工程大学中国制造业发展研究院;中国人民大学财政金融学院;
【基金】：中国制造业发展研究院开放课题(SK20120200-13) 江苏省教育厅高校哲学社会科学基金项目(2013SJB790045) 南京信息工程大学科研启动费项目(SK20100105)
【分类号】：F406.72;F426.4;F832.51

【参考文献】