中国上市公司的融资约束—所有制与股权集中度的影响

发布时间：2018-05-21 14:20

本文选题：融资约束 + 投资-现金流敏感性　；参考：《复旦大学》2014年硕士论文

【摘要】：在信息不对称的市场前提下,由于外部融资与内部融资的不对等,公司在做投资决策时会受到融资的约束,不同的公司的融资约束也不同。本文旨在研究两个因素对中国上市公司的融资约束的影响,一个是所有制结构,也就是民营与国有两种所有制；另一个是股权集中度,衡量标准为第一大股东持股比例。我们从理论和实证上论述了融资约束的存在以及造成融资约束的原因,选取较为普遍的欧拉模型作为推导实证模型的基础,用投资-现金流敏感性代表融资约束程度,并总结了以往对中国影响公司融资约束的微观因素研究的成果与不足,在样本时间段和变量控制上加以创新。在实证环节,我们选取了2008-2012年上市制造业企业的数据,避开了股权分置改革的影响,对总体样本按实际控制人进行国有企业、民营企业的划分,以及按第一大股东持股比例进行股权集中度低、中、高的划分,按照总体以及分类别进行实证计量。在实证模型中,由于解释变量中存在被解释变量的滞后项,所以我们选择用动态面板广义矩估计(GMM)作为计量手段,并使用一步系统GMM作为估计的具体方法。此外,为了控制行业中观层面和市场宏观层面对公司融资约束的影响,我们用平均行业销售增长率来控制行业影响,用表示金融中介发展水平和股票市场发展水平的参数来控制市场影响,从而得出更准确的结果。在得出结果后,我们又用托宾Q模型和销售加速模型证明了本模型结果是稳健的。最终结果显示,总体样本中的投资-现金流敏感性显著为正,说明上市制造业企业普遍存在融资约束,国有企业的融资约束相对民营企业更为显著,这与国有企业的融资规模、融资决策、以及对投资者的吸引力有关；股权集中度低和高的企业融资约束都显著,说明股权的集中度也对融资决策、外部融资成本有显著影响,并呈U形曲线关系。通过上述结果，我们可以得出相关结论,为国有企业改革和公司股权分布提供建议。
[Abstract]:On the premise of asymmetric information market, because of the unequal external and internal financing, companies will be constrained by financing when making investment decisions, and different companies will have different financing constraints. The purpose of this paper is to study the influence of two factors on the financing constraints of listed companies in China, one is ownership structure, that is, private ownership and national ownership, and the other is equity concentration, which is measured by the proportion of the largest shareholders. We discuss the existence of financing constraints and the causes of financing constraints theoretically and empirically. We select Euler model as the basis for deducing the empirical model and use the sensitivity of investment-cash flow to represent the degree of financing constraints. It also summarizes the achievements and shortcomings of the previous researches on the microcosmic factors affecting corporate financing constraints in China, and innovates in sample time periods and variable control. In the empirical link, we select the data of listed manufacturing enterprises from 2008 to 2012, avoid the impact of the split share structure reform, and divide the total samples into state-owned enterprises and private enterprises according to actual controllers. And according to the proportion of the largest shareholder ownership concentration of low, medium, high division, according to the overall and sub-categories of empirical measurement. In the empirical model, because there is the lag term of the explained variable in the explanatory variable, we choose the dynamic panel generalized moment estimation (GMM) as the measurement method and the one-step system GMM as the concrete method of estimation. In addition, in order to control the impact of industry meso level and market macro level on corporate financing constraints, we use the average industry sales growth rate to control the industry impact. The parameters representing the level of development of financial intermediation and the level of development of stock market are used to control the influence of the market, so that more accurate results can be obtained. After the results are obtained, we use Tobin Q model and sales acceleration model to prove that the results of this model are robust. The final results show that the sensitivity of investment-cash flow in the total sample is significantly positive, indicating that financing constraints are common in listed manufacturing enterprises, and the financing constraints of state-owned enterprises are more significant than those of private enterprises, which is related to the financing scale of state-owned enterprises. The low degree of ownership concentration and the high constraint on financing are significant, which indicates that the concentration of equity also has a significant impact on financing decisions, external financing costs, and a U-shaped curve relationship. Through the above results, we can draw the relevant conclusions for the reform of state-owned enterprises and corporate equity distribution recommendations.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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