究竟是什么因素抑制了企业成长?——来自外部融资约束分析的证据:1999～2007  

What Restrains the Developing of Enterprise?——Studying on Financial Constraints of Chinese Enterprises from 1999 to 2007

作　　者：方宇惟[1] 夏庆杰[1] 李实[2] 

机构地区：[1]北京大学经济学院,北京100871 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《产业经济研究》2014年第1期13-22,110,共11页Industrial Economics Research

基　　金：2011年度教育部哲学社会科学研究重大课题攻关项目"提高居民收入在国民收入中的比重研究"项目成果(项目编号:11JZD015)

摘　　要：本文以1999～2007年制造业各行业规模以上企业为样本，研究所有制结构对企业外部融资约束进而对企业成长的影响。运用FHP模型和动态面板数据GMM估计等方法，本文研究发现：（1）国有企业之所以鲜有外部融资约束，源于其相对较高的负债能力，但是优越的融资环境会使企业缺乏成长所需的“自生能力”，因而国企改革也需要外部融资市场变革的“倒逼”机制；（2）集体企业和私营企业在成长初期倚仗较高生产率产生的内部现金流缓解短期融资约束，但从长期看其外部融资约束更为严重，不充分的外部融资市场将成为私营企业长期发展的桎梏；（3）外资企业对现金流和负债的依赖较为稳定，反映出其较高的现金管理能力，外资企业在中国内地的扩张除了各级政府积极推动外，来自海外母公司的资金特别是技术和管理支持是不可忽略的因素。Based on panel data of all firms for the period from 1999 to 2007 in China,this paper examines the impact of financial constraints on corporate development. The FHP model and dynamic panel GMM methods are employed to estimate firms' investment-cash flow sensitivity. The econometric result reveals that there are different financial constraints between the state owned enterprises( SOEs) and other enterprises;( 1) there is little evidence that SOEs are handicapped by any financing restraint,partly because of the high ratio of debt; however,the superiority of financing damages the viability of SOEs;( 2) however,collective and private firms face serious financing restraints not only in the short-run but also in the long-run perspective, however,abundant liquidity out from rapid growth may mitigate some degree of credit restriction interaction in the short-run for private business; the under-developed capital market will be shackles for private firms;( 3) as for the foreign companies,the data documents a stable investment sensitivity to cash flow and to debt,which may certify that they may not have financial constrains during these years in terms of effective management of cash flow and supports from their oversea backers.

关 键 词：投资一现金流敏感性 融资梯度 融资约束 营运资本 动态面板GMM方法 

分 类 号：F275.1[经济管理—企业管理]