金融发展、政府控制与融资约束  

Financial Development,Government Control and Financial Restriction

作　　者：代光伦[1] 邓建平[1,2] 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院,成都610054 [2]厦门国家会计学院,厦门361005

出　　处：《管理评论》2012年第5期21-29,共9页Management Review

基　　金：国家自然科学基金青年项目(70802011);福建省社科项目(2009B2018)

摘　　要：本文研究了我国金融市场化程度、政府控制层级及国有企业融资约束的关系。通过分析2004-2007年3427家国有上市企业的数据发现,我国国有企业普遍存在融资约束的问题,但由高级别的政府控制有助于缓解国有企业的融资约束,研究结论表明中央政府控制企业的融资约束低于市级及市级以下地方政府控制的企业。进一步的研究还发现,金融市场化程度的提高有助于降低政府控制层级对于融资约束的影响。In this paper, the relationship among the marketization of Chinese financial market, government control degree and corporate financing restriction is observed. After study of 3427 SOEs between 2004 and 2007, we find that financing restriction is a common problem with SOEs and higher-level government control can help ease financing restriction on SOEs. The study results show that the municipal governments place stricter restriction on municipal govemment-control SOEs than that of SOEs controlled by central government. It is found that the process of financial market transition affects relationship between government control degree and financial restriction greatly. A further study shows that marketization helos ~reatlv in relieving government control on financing.

关 键 词：国有企业 政治层级 融资约束 

分 类 号：F832[经济管理—金融学] F123F276.1F224