金融环境、政治关系与融资约束——基于装备制造业上市公司的经验证据  

Financial Environment,Political Connections and Financing Constraint:Based on Empirical Evidence of the Equipment Manufacturing Industry Listed Company

作　　者：段一群[1] 戴稳胜[2] 

机构地区：[1]南京信息工程大学中国制造业发展研究院,江苏南京210044 [2]中国人民大学财政金融学院,北京100872

出　　处：《科技进步与对策》2013年第24期74-79,共6页Science & Technology Progress and Policy

基　　金：中国制造业发展研究院开放课题(SK20120200-13);江苏省教育厅高校哲学社会科学基金项目(2013SJB790045);南京信息工程大学科研启动费项目(SK20100105)

摘　　要：针对我国装备制造业产业升级的资金短缺瓶颈,探讨业内不同所有制企业所受的融资约束,从而为产业升级的融资推动提供微观证据。基于2004-2010年业内上市公司面板数据的实证结果显示:①国内装备制造上市企业中,非国有企业存在融资约束,国有装备制造业上市公司的融资软约束问题得到了证实;②随着银行与股市融资环境的改善,非国有装备制造企业的融资约束得到明显缓解,而国有装备制造企业的融资约束无明显缓解。To aim at the bottleneck of the shortage of funds to upgrade the equipment manufacturing and to investigate the problem of financial constraints the equipment manufacturers suffer,so as to provide micro-evidence for the financing drives of industry upgrading.Based on 2004-2010panel data of listed companies in China equipment manufacturing,the empirical results show：①Within the domestic equipment manufacturing,financing constraints do exist to non-state-owned listed companies,and soft constraint on financing of state-owned listed companies has been confirmed;②With the improvement of the financing environment originated from banks and the stock market,financing constraints of non-stateowned listed companies in equipment manufacturing are obviously relieved,but that of state-owned listed companies are scarcely relieved.

关 键 词：上市公司 装备制造业 融资约束 所有权 截面随机效应模型 

分 类 号：F275[经济管理—企业管理]