股权集中度与民营企业的信贷可得性——基于世界银行中国企业调查的微观证据

发布时间：2018-01-07 00:21

本文关键词：股权集中度与民营企业的信贷可得性——基于世界银行中国企业调查的微观证据　出处：《财经问题研究》2017年08期 　论文类型：期刊论文

【摘要】：本文利用世界银行2012年关于中国企业的调查问卷数据,实证检验了民营企业的股权集中度对其信贷可得性的影响。实证研究结果表明,民营企业的股权集中度对企业信贷可得性具有显著的负向影响,即随着民营企业股权集中度的提高,其面临的信贷约束增强。进一步的检验表明,民营企业股权集中度和企业信贷可得性之间的负向关系在较大规模和中等规模的民营企业中更为显著。在控制了内生性以及考虑到企业信贷水平可能面临自我选择等一系列问题的稳健性检验后,得出的基本结论保持不变。本文的研究结论具有鲜明的政策含义,在我国大力发展多层次的股权融资市场建设,扩展民营企业直接融资渠道,能够缓解企业面临的信贷融资约束,解决民营中小企业的"融资难"问题。
[Abstract]:Based on the data of World Bank questionnaire on Chinese enterprises in 2012, this paper empirically examines the influence of ownership concentration of private enterprises on the availability of credit. The ownership concentration of private enterprises has a significant negative impact on the credit availability of private enterprises, that is, with the increase of ownership concentration, the credit constraints faced by private enterprises are strengthened. The negative relationship between ownership concentration and credit availability of private enterprises is more significant in larger and medium scale private enterprises. After testing the robustness of a series of problems. The basic conclusions of this paper have clear policy implications, and vigorously develop multi-level equity financing market construction in China, and expand the direct financing channels of private enterprises. It can ease the credit financing constraints faced by enterprises and solve the financing difficulties of private SMEs.
【作者单位】：山东大学经济研究院;
【分类号】：F276.5;F832.4
【正文快照】： 一、问题的提出在我国经济结构转型的背景下,金融体系建设还不完善,针对各种规模和类型的企业多层次融资体系还未健全。Cull等[1]的研究指出,民营企业,特别是民营中小企业,在我国信贷融资中一直处于弱势地位。Manova等[2]的研究发现,这种现象并没有因近几年我国高速的经济发展

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