金融结构对企业融资效率影响的实证研究

发布时间：2018-10-30 13:52

【摘要】：作为最重要的市场主体,企业是社会经济进步的主要力量。企业的生存和发展,离不开大量资金的注入和有效配置,企业融资效率问题也一直是学术界关注的重点。然而,我国企业长期以来面临着融资难、融资效率低的困境。企业的融资行为本质上是在给定市场约束条件下各种融资方式的选择问题。融资工具的供应由金融环境所决定,因此一国金融体系的发展状况会在很大程度上影响企业融资效率。从这一意义上说,企业融资效率既取决于资金需求侧(企业)自身的条件也取决于资金供给侧(金融体系)的活跃程度。改革开放以来,我国在金融总量增长步入快车道的同时,也积累了诸多结构性问题,如间接融资比重和银行业集中程度过高。纵观金融发展的历史过程可以看出,当金融总量增长到一定水平后,金融结构往往在金融功能发挥和效率提升方面起决定性作用。在这样的背景下,深入分析金融结构是否以及如何影响企业融资效率,将为提高企业融资效率,推动金融更好服务实体经济提供实证依据。另外,在宏观经济的大背景下研究微观企业行为是会计学、财务学的前沿和热点,研究金融结构对企业融资效率的影响即是一个相关的尝试。本文以融资理论、信息不对称理论、金融结构理论和效率理论为指导,对企业融资效率、金融结构与企业融资相关文献进行了梳理。学术界在金融结构与企业融资这一领域进行了丰富而卓有成效的研究,但主要关注的是金融结构对企业融资约束程度的影响,基于金融结构视角对企业融资效率进行分析的文献还不多见。本文选取了745家企业在2011-2015年的数据作为研究样本。首先利用超效率DEA模型测度了样本企业的融资效率值,结果表明我国企业融资效率总体偏低。进一步地,选用金融市场发展水平和银行业集中度两个反映金融结构的变量,通过描述性统计、相关性分析、面板固定效应回归模型及稳健性检验对研究假设进行了验证。结果表明:金融市场发展水平与企业融资效率显著正相关,金融市场发展更有利于提升大企业的融资效率,银行业集中度与企业融资效率显著负相关,降低银行业集中度更有利于提升中小企业的融资效率。基于以上实证结论,对优化金融结构以提高企业融资效率提出如下建议:(1)要拓宽企业在金融市场的融资渠道,更好发挥金融市场在收集信息、提供流动性和分担风险方面的优势;(2)发展中小银行以降低银行业集中度,充分发挥中小银行在中小企业融资领域的重要作用。
[Abstract]:As the most important market subject, enterprises are the main forces of social and economic progress. The survival and development of enterprises can not be separated from the injection and effective allocation of a large amount of funds, and the efficiency of enterprise financing has always been the focus of academic attention. However, Chinese enterprises have been facing financing difficulties and low financing efficiency for a long time. The financing behavior of enterprises is essentially the choice of various financing methods under given market constraints. The supply of financing instruments is determined by the financial environment, so the development of a country's financial system will greatly affect the financing efficiency of enterprises. In this sense, the financing efficiency of enterprises depends not only on the conditions of the capital demand side (the firm) but also on the activity of the capital supply side (the financial system). Since the reform and opening up, China has accumulated many structural problems, such as the proportion of indirect financing and the degree of banking concentration. Looking at the history of financial development, we can see that when the total amount of finance increases to a certain level, the financial structure often plays a decisive role in the development of financial function and efficiency. Under this background, the analysis of whether and how the financial structure affects the financing efficiency of enterprises will provide an empirical basis for improving the financing efficiency of enterprises and promoting the financial services to the real economy. In addition, it is the frontier and hotspot of accounting and finance to study micro-enterprise behavior under the background of macro-economy. It is a related attempt to study the influence of financial structure on enterprise financing efficiency. Under the guidance of financing theory, information asymmetry theory, financial structure theory and efficiency theory, this paper combs the literature on enterprise financing efficiency, financial structure and enterprise financing. The academic circles have carried on the rich and fruitful research in the field of financial structure and enterprise financing, but the main concern is the influence of financial structure on the degree of corporate financing constraint. There are few literatures to analyze the financing efficiency of enterprises from the perspective of financial structure. In this paper, 745 enterprises in 2011-2015 data as a research sample. This paper first measures the financing efficiency of the sample enterprises by using the super-efficiency DEA model, and the results show that the financing efficiency of Chinese enterprises is on the low side. Furthermore, the financial market development level and banking concentration are selected to reflect the financial structure. The research hypothesis is verified by descriptive statistics, correlation analysis, panel fixed effect regression model and robustness test. The results show that the level of financial market development is significantly positively related to the financing efficiency of enterprises, the development of financial markets is more conducive to promoting the financing efficiency of large enterprises, and the banking concentration is negatively correlated with the financing efficiency of enterprises. Reducing banking concentration is more conducive to improving the financing efficiency of small and medium-sized enterprises. Based on the above empirical conclusions, the following suggestions are put forward to optimize the financial structure in order to improve the financing efficiency of enterprises: (1) to broaden the financing channels of enterprises in the financial market, and to make better use of the financial market to collect information. Providing liquidity and risk-sharing advantages; (2) to develop small and medium-sized banks to reduce banking concentration and give full play to the important role of small and medium-sized banks in the field of SME financing.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F275

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