金融发展、所有制约束与企业资本结构——基于省级规模以上工业企业面板数据的实证研究  

Financial Development,Ownership Restriction and Enterprise Capital Structure——Based on Empirical Study about Provincial Panel Data of Industrial Enterprises above Designated Size

作　　者：马大来[1] 陈仲常[2] 王玲[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]重庆大学公共管理学院,重庆400044

出　　处：《经济经纬》2015年第2期105-110,共6页Economic Survey

基　　金：国家社会科学基金重点项目(11AJL011)

摘　　要：笔者使用2001年~2011年规模以上工业企业的省级面板数据,实证研究了金融发展、所有制约束与企业资本结构之间的关系。实证研究表明,金融发展能够显著促进企业负债融资水平的提高;所有制对企业资本结构的影响主要表现在国有企业与非国有企业相比在获得金融机构的信贷支持方面具有相对优势,因而企业国有化程度越高,其资产负债率越高;金融发展和企业所有制结构对企业资本结构的影响并不存在一致的互动效应,国有企业在获得信贷融资方面的相对优势会逐渐丧失,金融机构的股份制改革成效开始显现。Utilizing our country’s panel data from 2001 to 2011, the paper makes an empirical study of the relationship between the fi-nancial development,ownership restriction and the capital structure of enterprises. The results show that financial development can pro-mote the debt increase. Ownership restriction on enterprise’ s capital structure mainly in comparing to the non state owned enterprises, and state owned enterprises have a comparative advantage in obtaining credit support of financial institutions. The degree of nationaliza-tion enterprise is higher, the asset liability ratio is higher too. There is no interaction effect consistent with the effects of financial devel-opment and the enterprise ownership structure on corporate capital structure. The state-owned enterprises in gaining relative advantages of credit financing will gradually lose effectiveness and the achievement of financial institutions shareholding reform began to appear.

关 键 词：金融发展 所有制 企业资本结构 面板数据 

分 类 号：F425[经济管理—产业经济] F406.7F271F832