政企关系和银企关系对企业融资约束影响效应研究

发布时间：2018-09-09 13:13

【摘要】：研究我国上市企业的融资约束情况、以及政企关系和银企关系对我国上市企业融资约束程度的影响，具有非常重要的意义。从企业角度看，研究该问题一方面可以帮助企业认识到自身的融资约束情况，并在该融资约束情况下制定合理的融资策略，支持自身的正常发展；另一方面，可以为企业通过构建政企关系和银企关系来降低其融资约束程度提供理论依据。从国家和社会的角度看，深刻理解我国上市企业融资约束状况、以及政企关系和银企关系对企业融资约束的影响能为国家宏观调控以及政策的制定提供指导。本文根据以往的研究，在现金-现金流敏感性基本模型、现金-现金流敏感性修正模型以及现金-现金流敏感性扩展模型的基础上，加入政企关系和银企关系的代理变量，构建了三个基于政企和银企关系的现金-现金流敏感性模型，来研究政企关系和银企关系对我国上市企业融资约束程度的影响。在该研究中，，还关注了在不同市场环境、宏观经济环境、产权属性以及双重差异化环境（即差异化市场环境和宏观经济环境、差异化市场环境和产权属性以及差异化宏观经济环境和产权属性）下企业的融资约束差异，以及政企关系和银企关系对各类企业融资约束的影响差异。研究发现：从整体上看，我国上市企业存在明显的融资约束现象，且政企关系和银企关系能够降低我国上市企业融资约束程度；然而在不同的市场环境、宏观经济环境以及产权属性中，我国上市企业的融资约束程度是不一样的，且在双重差异化环境下差异更加明显；同时，政企关系和银企关系对不同类型企业的影响程度也不一样，一般来说，融资约束程度越高的企业，政企关系和银企关系对其融资约束的缓解程度更加明显，但也存在一些特殊情况，如市场化程度较低地区企业的融资约束程度高，但政企关系对其融资约束的缓解程度低于市场化程度较高地区企业。本文的主要创新点在于以下三点：第一，使用现金-现金流敏感性模型来同时研究政企关系和银企关系对企业融资约束的影响，发现政企关系和银企关系都能够缓解企业的融资约束，其中政企关系缓解企业的融资约束程度可以从直接和间接角度进行解释；第二，进一步的研究发现，不同的市场环境、宏观经济环境、产权属性以及双重差异化环境下企业的融资约束程度存在差异，且政企关系和银企关系对不同类型企业的影响程度也不一致，通常融资约束程度较高的企业，受政企关系和银企关系的缓解作用更加明显；第三，在对不同类型的企业进行实证分析时，发现政企关系和银企关系对大多数类型企业的融资约束程度都有一定的缓解作用，但对个别类型企业的融资约束没有影响，甚至增加了这些类型企业的融资约束程度，所以不同的企业需要根据自身的特点，制定不同类型的策略来缓解其融资约束程度。
[Abstract]:It is of great significance to study the financing constraints of listed enterprises in China and the influence of government-enterprise relationship and bank-enterprise relationship on the degree of financing constraints of listed enterprises in China. Financing strategy can support the normal development of enterprises; on the other hand, it can provide a theoretical basis for enterprises to reduce their financing constraints by building government-enterprise relations and bank-enterprise relations. Ring energy can provide guidance for national macro-control and policy formulation.
Based on the previous studies, this paper constructs three Cash-Cash flow sensitivity models based on the relationship between government and enterprise, which are based on the basic model of Cash-Cash flow sensitivity, the modified model of Cash-Cash flow sensitivity and the extended model of Cash-Cash flow sensitivity. In this study, we also pay attention to the different market environment, macroeconomic environment, property rights attributes and dual differentiated environment (i.e. differentiated market environment and macroeconomic environment, differentiated market environment and property rights attributes, and differentiated macroeconomic environment). The results show that: on the whole, the listed enterprises in China have obvious financing constraints, and the relationship between government and enterprises can reduce the degree of financing constraints of listed enterprises in China; however, the relationship between government and enterprises can reduce the degree of financing constraints of listed enterprises in China. In different market environments, macroeconomic environments and property rights attributes, the degree of financing constraints of Listed Companies in China is different, and the difference is more obvious in the dual differentiation environment; at the same time, the influence of government-enterprise relationship and bank-enterprise relationship on different types of enterprises is also different, generally speaking, the higher the degree of financing constraints of enterprises. The government-enterprise relationship and the bank-enterprise relationship alleviate their financing constraints more obviously, but there are also some special situations, such as the lower degree of marketization, the higher degree of financial constraints of enterprises, but the government-enterprise relationship alleviates their financing constraints less than the higher degree of marketization.
The main innovations of this paper are as follows: Firstly, the Cash-Cash flow sensitivity model is used to study the influence of government-enterprise relationship and bank-enterprise relationship on financing constraints. It is found that both government-enterprise relationship and bank-enterprise relationship can alleviate the financing constraints of enterprises, and the government-enterprise relationship can alleviate the degree of financing constraints of enterprises directly. Secondly, further research finds that there are differences in the degree of financing constraints between enterprises in different market environments, macroeconomic environments, property rights attributes and dual-differentiated environments, and the influence of government-enterprise relationship and bank-enterprise relationship on different types of enterprises is also different, usually with higher degree of financing constraints. Third, in the empirical analysis of different types of enterprises, it is found that government-enterprise relationship and bank-enterprise relationship can alleviate the degree of financing constraints of most types of enterprises, but have no effect on the financing constraints of individual types of enterprises, or even increase it. The degree of financing constraints of some types of enterprises, so different enterprises need to develop different types of strategies to ease their financing constraints according to their own characteristics.
【学位授予单位】：华侨大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.3;D630

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