我国上市公司的融资约束及其影响因素的实证分析  

An Empirical Analysis on the Financing Constraints of China's Listed Companies and Its Factors

作　　者：王家庭[1] 赵亮[1] 

机构地区：[1]南开大学经济与社会发展研究院,天津300071

出　　处：《产业经济研究》2010年第3期77-84,共8页Industrial Economics Research

摘　　要：本文运用随机前沿计量分析方法,对我国上市公司的融资约束及其影响因素进行了实证研究。结果表明,融资约束在所研究的各行业是普遍存在的,且程度较为严重。在影响上市公司融资约束的因素中,国有控股公司相对非国有控股公司受到的融资约束程度要大,而股权的集中度与融资约束程度呈现出反向相关关系。同时结果显示,资本充足率越高、盈利能力越差的上市公司,受到的融资约束程度越大,而东部地区的上市公司受到的融资约束程度要小于中西部地区的上市公司。Based on a stochastic frontier analysis, this paper is an empirical study on the financing constraints of China＇s listed companies and its influencing factors. The result shows there are serious financing constraints to some extent, in every researched industry. Among the influencing factors, the state holding companies face a stronger constraint than other styles. There is a negative correlation between the ownership concentration degree and the financing constraints. And the listed companies that have higher capital adequacy ratio and lower profitability are faced with larger financing constraints. The listed companies in the central and western regions face a stronger financing constraint than the ones in the eastern region.

关 键 词：上市公司 融资约束 投资效率 影响因素 随机前沿 

分 类 号：F270.3[经济管理—企业管理]