中国上市企业上市前融资约束的实证研究

发布时间：2018-01-18 00:01

本文关键词：中国上市企业上市前融资约束的实证研究　出处：《华东经济管理》2017年08期 　论文类型：期刊论文

【摘要】：明晰不同类型的企业所面临的融资约束的差异,对于明确金融结构改革的方向具有重要的意义。文章利用2015年A股上市企业IPO前3年和IPO当年共4年的面板数据建立Almeida模型,对中国上市企业上市前融资约束状况进行了实证分析。通过全样本和按上市板块、总资产规模及固定资产规模分组回归模型广义矩(GMM)估计发现,全样本和分组回归模型的现金—现金流敏感系数显著为正,按上市板块分组中小板组企业现金—现金流敏感系数最大,其次是创业板,最小是主板;按总资产和固定资产规模分组,中规模组企业现金—现金流敏感系数最大,其次是小规模组,最小是大规模组。研究结果表明:中国上市企业上市前多数面临融资约束,但融资约束状况存在差异:中小板、创业板上市企业相较于主板上市企业面临更大的融资约束,中、小规模企业相较于大规模企业面临更大的融资约束,其中中规模组企业面临的融资约束是最大的。由此,文章认为应当深入推进金融体制改革,完善金融市场,改变大企业偏向的金融体系和金融结构,创新金融体系,促进形成中小企业资金需求相匹配的金融结构,促进形成有利于中小企业融资的资本市场体系和信贷体系。
[Abstract]:Clarify the differences in financing constraints faced by different types of enterprises. It is of great significance to clarify the direction of financial structure reform. This paper uses the panel data of IPO of A-share listed enterprises in 2015 and IPO of that year to establish Almeida model. This paper makes an empirical analysis on the pre-listing financing constraints of Chinese listed enterprises. It is found by the estimation of the total asset size and fixed assets size group regression model of generalized moment GMMs with full sample and according to the listed plate. The sensitivity coefficient of cash-cash flow of the whole sample and group regression model is significantly positive, the sensitivity coefficient of cash-cash flow of small and medium-sized enterprises grouped according to the listed plate is the largest, followed by the gem, and the smallest is the main board; According to the size of total assets and fixed assets, the sensitivity coefficient of cash-cash flow is the largest in the medium scale group, followed by the small scale group. The research results show that most of the listed enterprises in China face financing constraints before listing, but there are differences in financing constraints: small and medium-sized boards. Compared with the listed enterprises on the main board, the gem listed enterprises are faced with greater financing constraints, and the small scale enterprises are faced with greater financing constraints than the large-scale enterprises. Therefore, it is suggested that the reform of the financial system, the perfection of the financial market and the change of the financial system and financial structure of the large enterprises should be further promoted. To innovate the financial system, to promote the formation of a financial structure that matches the capital needs of small and medium-sized enterprises, and to promote the formation of a capital market system and a credit system conducive to the financing of small and medium-sized enterprises.
【作者单位】：武汉大学经济与管理学院;江汉大学商学院;
【基金】：湖北省属高校优势特色学科群——“城市圈经济与产业集成管理”资助项目湖北省人文社会科学重点研究基地——武汉城市圈制造业发展研究中心2016年公开招标项目“经济新常态下武汉城市圈制造业上市公司发展评价研究” 武汉市教育局项目“江汉大学财会专业人才培养模式由核算型向管理型转变研究与实践”(2017078)
【分类号】：F275;F832.51
【正文快照】： 一、引言中国金融市场不完善,信贷配给广泛存在,众多企业面临着融资约束。金融机构具有很强的大企业偏向性,中小企业既受到大银行抵押型信贷配给歧视,又很难得到风险资本及中小银行信贷支持,面临严重的融资约束。国内外学者对中国企业尤其是中小企业融资约束进行了大量研究,在

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