中国制造业上市公司的融资约束

发布时间：2018-01-19 22:45

本文关键词： 融资约束全要素生产率 LP方法国企民企　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：融资约束是指金融市场中的摩擦导致企业的外部资金比内部资金更贵,企业无法从外部获取足够的资金,所以必须依赖其内部自有资金的现象。受到融资约束的企业无法从外部获取资金,或者即使能够获得,也必须付出比较高的融资成本。这样企业在面临融资约束时,就不能选择最优的资本结构,也不能对经营活动做出最优决策,甚至不得不放弃高收益的投资机会,这些都会使企业的要素配置达不倒最优比例,影响企业的生产效率。此外,如果缺乏融资支持,企业就无法通过研发活动来提高生产效率。而不受融资约束的企业,可以轻易地从外部市场获取所需要的资金,其生产率不会受到融资因素的影响。自从Fazzari等人在1988年使用投资-现金流敏感性来分析企业的融资约束问题之后,已有大量的文献使用了不同的方法来研究融资约束问题。本文选取中国沪深两市2009年至2013年公布财务报告的制造业上市公司为实证研究样本,使用LP方法测算出了上市公司的全要素生产率,构建了企业现金流与企业全要素生产率的关系,从一个新的角度来分析中国上市公司受到的融资约束。经过检验发现无论是国企还是民企,其全要素生产率都受制于企业内部的现金流,这说明上市公司整体上看存在融资约束问题。将企业按照不同的标准分类后,本文发现：国企面临的融资约束小于民企,流动性高的企业所面临的融资约束要小于流动性低的企业。与此同时我们还得出,区域因素对公司的全要素生产率有着重要影响。根据结论本文提出了如下政策建议：(1)、大力完善金融市场,改善企业外部融资环境：(2)、关注民企,使国企和民企在竞争中处于平等的地位；(3)、企业自身应该完善内部治理结构,管理好企业的流动性,提高内部资金的使用效率；(4)、中央应该加大对中西部地区的开发力度,同时在政策上给与特殊的优惠。
[Abstract]:Financing constraint refers to the friction in the financial market, which causes the external capital of the enterprise to be more expensive than the internal capital, and the enterprise can not obtain enough funds from the outside. Therefore, the phenomenon of having to rely on its own internal funds. Enterprises constrained by financing cannot obtain funds from outside, or even if they can. In the face of financing constraints, enterprises can not choose the optimal capital structure, nor can they make the optimal decision on the operation activities. Even have to give up high-income investment opportunities, which will make the allocation of the elements of the enterprise can not reach the optimal proportion, affecting the production efficiency of the enterprise. In addition, if there is a lack of financing support. Enterprises can not improve production efficiency through R & D activities. Enterprises that are not constrained by financing can easily obtain the required funds from the external market. In 1988, Fazzari et al used investment-cash flow sensitivity to analyze financing constraints. A large number of literature has used different methods to study financing constraints. This paper selects the listed manufacturing companies published financial reports from 2009 to 2013 as the empirical research sample. Using LP method, the total factor productivity of listed companies is measured, and the relationship between enterprise cash flow and total factor productivity is constructed. From a new perspective to analyze the financing constraints of listed companies in China. It is found that both state-owned enterprises and private enterprises, their total factor productivity is constrained by the cash flow within the enterprise. This shows that listed companies as a whole exist financing constraints. After classifying enterprises according to different standards, this paper finds that the financing constraints faced by state-owned enterprises are smaller than those faced by private enterprises. Firms with high liquidity face less financing constraints than those with low liquidity. At the same time, we also have to find out. The regional factors have an important influence on the total factor productivity of the company. According to the conclusion, this paper puts forward the following policy suggestions: to improve the financial market, to improve the external financing environment of enterprises, and to pay attention to the private enterprises. To make state-owned enterprises and private enterprises in equal position in the competition; The enterprise itself should improve the internal governance structure, manage the liquidity of the enterprise, and improve the efficiency of the use of internal funds. The central government should strengthen the development of the central and western regions and give special preferential policies.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F424;F406.7

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