外商直接投资、国内不完全金融市场与民营企业的融资约束——基于企业面板数据的经验分析  

FDI,Domestic Imperfect Financial Market and Private Firms′ Financing Constraints:An Empirical Study based on Firm-level Data

作　　者：冼国明[1] 崔喜君[1] 

机构地区：[1]南开大学跨国公司研究中心

出　　处：《世界经济研究》2010年第4期54-59,共6页World Economy Studies

摘　　要：基于修正的欧拉投资方程,本文运用674家民营企业面板数据综合考察了FDI与国内不完全金融市场对民营企业融资约束的影响。研究发现:民营企业面临融资约束,而国有企业却不存在融资约束;FDI通过产品市场缓解了民营企业的融资约束,中小型及资本密集型企业得到缓解的程度最为明显;而在金融市场却对中小型和劳动密集型民营企业产生了挤出效应;国内不完全金融市场明显加剧了小型及劳动密集型民营企业的融资约束。Using the firm-level data,we estimate a modified Euler equation to test the private firms′ financing constraints and the effects of FDI and domestic imperfect financial market on them.The results show that private firms are financing constrained,while state-owned firms are not constrained.FDI significantly alleviates the constraints of small and medium-sized private firms as well as capital-intensity private firms via product market,exacerbating them of small and medium-sized firms,labor-intensity firms via financial market.Moreover,domestic imperfect financial market obviously exacerbates the financing constraints of small-sized private firms as well as labor-intensity private firms.

关 键 词：FDI 不完全金融市场 信贷歧视 融资约束 民营企业 

分 类 号：F719[经济管理—产业经济]