产业集聚、融资约束与企业成长

发布时间：2018-01-05 15:32

本文关键词：产业集聚、融资约束与企业成长　出处：《天津财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：就目前转型期的中国而言,资本市场还不完善且短期内无法有效改善,因此,长期以来,那些依赖外部融资成长的企业特别是中小企业一直面临着"融资难"的困境,资金短缺常常成为导致企业由于"燃料不足"而至经营瘫痪甚至过早夭折的罪魁祸首。然而,近来诸多现象表明,产业集聚区企业更易取得与游离企业相比得天独厚的融资优势,成为金融缺憾下企业成长的有益助力。因此,本文欲从产业集聚的"金融外部性"这一视角,探讨产业集聚通过缓解融资约束来影响企业成长的作用机理。产业集聚凭借其天然的信息互通机制和道德约束机制,可缓解企业在融资过程中面临的信息透明度低、资信度不高、有效抵押不足、交易与监管成本高等问题,有效提高企业的效率,促进企业成长。就此,本文使用1998-2007年中国工业企业数据库和2005年世界银行对企业投资环境调查的大样本数据,对该机制展开实证分析。首先通过构建中介效应模型,实证检验其作为产业集聚影响企业成长的中介效应。基本检验结果表明:产业集聚通过信息共享机制可显著缓解企业面临的融资敏感度和融资成本,从而促进企业成长。其次,为防止产业集聚与融资约束之间可能存在逆向因果关系影响估计结果的准确性,故选取产业集聚变量的滞后一期和滞后两期值进行进一步考察,有序logit模型的估计结果都较为稳健。同时,本文进一步研究发现,融资约束的缓解对不同规模的企业成长会产生非均衡的影响。具体而言,集聚对大企业的融资并未产生显著的缓解作用,而对中小企业作用则非常显著。最后,重点探讨了产业集聚的"金融外部性"对企业成长的作用机理,将银行抵押贷款和商业信用作为产业集聚缓解企业融资约束的重要渠道,基于中介效应模型和嵌套Heckman模型继续分析,结果表明:产业集聚虽可显著降低集聚企业贷款的抵押比重,提高应付账款的比重,但对企业的最终成长作用并不显著。在此基础上,提出了相关政策建议,并指出了研究存在的不足和未来的研究方向。
[Abstract]:In the current transition period of China, the capital market is not perfect and can not be effectively improved in the short term, therefore, for a long time. Those enterprises that rely on external financing to grow, especially small and medium-sized enterprises, have been faced with the "financing difficulties". Capital shortages have often been the culprit for business paralysis or even premature death due to a "lack of fuel". However, recent phenomena have shown that. The enterprises in the industrial agglomeration area are easier to obtain the unique financing advantages compared with the free enterprises, and become the beneficial help for the growth of the enterprises under the financial deficiency. Therefore, this paper intends to take the perspective of the "financial externality" of the industrial agglomeration. This paper discusses the mechanism of industrial agglomeration affecting the growth of enterprises by easing financing constraints. Industrial agglomeration depends on its natural information exchange mechanism and moral constraint mechanism. It can alleviate the problems such as low transparency of information, low confidence of capital, insufficient effective mortgage, high transaction and supervision cost, which can effectively improve the efficiency of enterprises and promote the growth of enterprises. This paper uses the database of China's industrial enterprises from 1998 to 2007 and the large sample data from the World Bank's survey on the investment environment of enterprises in 2005. The empirical analysis of this mechanism. First of all, through the construction of intermediary effect model. The results show that industrial agglomeration through information sharing mechanism can significantly alleviate the financing sensitivity and financing costs faced by enterprises. In order to promote the growth of enterprises. Secondly, in order to prevent the existence of adverse causal relationship between industrial agglomeration and financing constraints, the accuracy of the estimation results may be affected. Therefore, select the industrial agglomeration variable lag and lag two period values to further study, orderly logit model estimation results are more robust. At the same time, this paper further research found. The mitigation of financing constraints will have an unbalanced impact on the growth of enterprises of different scales. Specifically, agglomeration does not have a significant mitigation effect on the financing of large enterprises, but it plays a very significant role on small and medium-sized enterprises. Finally. This paper focuses on the mechanism of the financial externality of industrial agglomeration on the growth of enterprises, and regards bank mortgage loan and commercial credit as the important channels for industrial agglomeration to ease the financing constraints of enterprises. Based on the intermediary effect model and nested Heckman model, the results show that although the industrial agglomeration can significantly reduce the mortgage ratio of the agglomeration enterprise loans, increase the proportion of accounts payable. On the basis of this, the paper puts forward some relevant policy suggestions, and points out the shortcomings of the research and the future research direction.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F425;F406.7

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