金融发展缓解公司融资约束程度研究  

Does Financial Development Reduce the Firm's Financial Constraints

作　　者：况学文[1] 

机构地区：[1]南昌大学经济与管理学院,江西南昌330031

出　　处：《华东经济管理》2011年第5期74-79,共6页East China Economic Management

基　　金：国家自然科学基金项目(71062003);江西省社会科学规划项目(10GL12);江西省高校人文社会科学研究项目(GL1045)

摘　　要：文章利用我国上市公司财务数据和各地区金融发展指数,从投资—现金流敏感性的视角,实证考察金融发展和市场化进程对公司外部融资约束的缓解效应。实证研究发现,金融发展和市场化程度能够显著降低融资约束公司的投资-现金流敏感性,缓解其外部融资约束程度。因此,为了促进公司投资和总体经济的增长,国家应进一步深化金融和市场化改革,加快金融发展和市场化进程的步伐。This paper empirically examines the impacts of financial development and marketization process on firm＇s external financial constraints by investigating whether financial development and marketization process reduce the investment-cash flow sensitivity. Empirical results indicate that financial development and markctization process significantly reduce the investment-cash flow sensitivity of financially constrained companies. Thus, this paper provides evidence that financial development and marketization process help financially constrained companies alleviate the degree of external financing constraints and fatherly accelerate the corporate capital expenditure and economic growth as a whole. So, China should fatherly accelerate the financial and marketizational reform.

关 键 词：金融发展 市场化程度 融资约束 投资-现金流敏感性 

分 类 号：F275[经济管理—企业管理]