金融发展、融资约束与区域企业融资行为

发布时间：2018-07-25 18:20

【摘要】：莫迪格利安尼和米勒提出的M-M理论指出，，在完美的资本市场下，企业的内源融资和外部资金是可以相互替代的，但是，由于现实资本市场不完善，信息不对称以及交易成本的存在，使得企业内外部融资成本有差异，企业外部融资困难，引致企业面临投资不足，对投资资金需求主要依赖内部资金的问题，FHP（1988）将此问题定义为融资约束。发展中国家企业普遍面临融资约束问题，这是企业融资渠道不畅导致的必然结果，主要表现为企业内源资金积累不足，难以获得银行贷款，股票或债券发行困难等。影响企业融资约束水平的因素很多，外部融资环境的影响是非常明显且主要的。地区金融发展水平对企业的融资约束水平具有怎样的影响，并且如何影响企业的融资行为，进而影响企业的发展，这是本文的研究重点。我国经济的一个基本特征是区域发展不平衡，经济发展水平与金融发展水平，都存在较大的地区差异。这样的金融环境有利于检验我国区域金融发展和微观企业成长的影响，有助于我们对我国金融发展与经济增长之间关系的微观机理有更深入的了解。因此，本文主要通过实证研究的方法，在研究背景和相关理论解析的基础之上，基于我国区域金融发展不平衡的现实情况，选取我国金融发展程度差异较为明显的三省上市公司数据作为样本，实证检验金融发展，融资约束与区域企业融资行为之间的关系，得出结论：金融发展程度较高地区，企业的融资约束水平较低；企业的外部融资约束水平对企业的融资结构有着影响，表现为企业所受的融资约束水平越低，该企业的银行借款比例越高，并且主要表现为银行短期借款比例较高。文章最后，对于如何提高金融发展程度，缓解企业外部融资约束，优化融资结构，促进企业发展，进而促进宏观经济的运行效率提出了政策性建议。
[Abstract]:The M-M theory put forward by Modigliani and Hans Muller points out that in the perfect capital market, the internal and external financing of enterprises can be replaced by each other, but because the real capital market is not perfect, The information asymmetry and the existence of transaction cost make the internal and external financing cost of the enterprise different, the external financing difficulty of the enterprise, resulting in the enterprise facing the investment insufficiency, The FHP (1988) defines this problem as a financing constraint. Enterprises in developing countries generally face the problem of financing constraints, which is the inevitable result of the lack of financing channels. The main manifestations are insufficient accumulation of endogenous funds, difficulty in obtaining bank loans, difficulty in issuing stocks or bonds, and so on. There are many factors that influence the level of financing constraint, and the influence of external financing environment is very obvious and main. How does the level of regional financial development affect the financing constraint level of enterprises, and how to affect the financing behavior of enterprises, and then affect the development of enterprises, which is the focus of this paper. One of the basic characteristics of China's economy is the imbalance of regional development, and there are great regional differences between the level of economic development and the level of financial development. Such a financial environment is conducive to the examination of the impact of regional financial development and micro-enterprise growth in China, and helps us to understand the micro-mechanism of the relationship between financial development and economic growth in China. Therefore, this article mainly through the empirical research method, in the research background and the related theory analysis foundation, based on our country regional finance development imbalance reality situation, Taking the data of listed companies in three provinces with obvious differences in the degree of financial development in China as samples, this paper empirically tests the relationship among financial development, financing constraints and regional enterprises' financing behavior, and draws a conclusion that the financial development degree is relatively high in the region. The external financing constraint level of the enterprise has an impact on the financing structure of the enterprise, which shows that the lower the financing constraint level is, the higher the bank loan ratio is. And mainly for the bank short-term loan ratio is high. Finally, the paper puts forward policy suggestions on how to improve the degree of financial development, ease the external financing constraints, optimize the financing structure, promote the development of enterprises, and then promote the efficiency of macroeconomic operation.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832;F224

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