金融发展、政府控制与融资约束

发布时间：2018-06-04 23:22

本文选题：国有企业 + 政治层级　；参考：《管理评论》2012年05期

【摘要】：本文研究了我国金融市场化程度、政府控制层级及国有企业融资约束的关系。通过分析2004-2007年3427家国有上市企业的数据发现,我国国有企业普遍存在融资约束的问题,但由高级别的政府控制有助于缓解国有企业的融资约束,研究结论表明中央政府控制企业的融资约束低于市级及市级以下地方政府控制的企业。进一步的研究还发现,金融市场化程度的提高有助于降低政府控制层级对于融资约束的影响。
[Abstract]:This paper studies the relationship among the degree of financial marketization, the level of government control and the financing constraints of state-owned enterprises. By analyzing the data of 3427 state-owned listed enterprises from 2004 to 2007, it is found that there is a general problem of financing constraints in state-owned enterprises in China, but high-level government control is helpful to ease the financing constraints of state-owned enterprises. The research results show that the financing constraints of central government controlled enterprises are lower than those controlled by local governments at or below the city level. Further research also found that the increase of financial marketization can reduce the influence of government control level on financing constraints.
【作者单位】：电子科技大学经济与管理学院;厦门国家会计学院;
【基金】：国家自然科学基金青年项目(70802011) 福建省社科项目(2009B2018)
【分类号】：F832;F123;F276.1;F224

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