创新型企业的融资约束测度  

作　　者：王树强[1] 祝伟展[1] 叶莉[1] 

机构地区：[1]河北工业大学经济管理学院

出　　处：《企业经济》2014年第3期28-33,共6页Enterprise Economy

基　　金：国家社科基金项目"中美经济非对称共生条件下我国流动性重复逆转问题研究"(批准号:11BJL048);天津市哲学社会科学规划项目"构建企业兼并重组中的利益平衡机制──加快组建我市企业航母"(批准号:TJYY12-102);天津市科技发展战略研究计划项目"产学研一体化的动态稳定分析及创新激励机制构建"(批准号:12ZLZLZF06700)

摘　　要：企业财务指标分析是测度企业融资约束强度的主流方法,其中投资-现金流敏感度系数是学界常用的财务指标。近来的研究表明,使用该指标没有考虑金融摩擦对分析精度的影响,因此适用性不强。现金-现金流敏感度分析弥补了这一缺陷,更具应用价值。本文分别使用现金-现金流敏感度基本模型和改进模型,测量了创业板上市公司和主板上市公司的融资约束强度,研究结果显示,改进模型的拟合优度高于基本模型;改进模型中创业板的现金-现金流敏感度系数为0.633,主板的现金-现金流敏感度系数为0.385,与传统产业为主体的主板相比,以创新型企业为主体的创业板上市公司面临较为严重融资约束。当前我国高科技中小企业融资难现象印证了该结论,同时也验证了现金-现金流敏感度模型对创新型企业融资约束强度测度的适用性。The analysis of the financial indexes is the main method of measuring the financing constraints of a company, in which, the investment - cash flow sensitivity coefficient is always used by the academic circles among many financial indicators. The new study indicates that the investment - cash flow sensitivity coefficient does not take into account the impact of financial friction on analysis accuracy, so it is not adaptable to the financing constraints. Cash - cash flow sensitivity coefficient gives a remedy for it. This paper measures and compares the financing constraint degrees of the listing companies in Growth Enterprise Market and Main Board with the basic model and the improved one. It is concluded that the goodness of fit of the improved model is higher than that of the basic one. The cash - cash flow sensitivity coefficients of the listing companies in Growth Enterprise Market and in Main Board with the improved model is 0. 633 and 0. 385 separately, that is to say, the listing companies in Growth Enterprise Market made up of innovative companies face more serious financing constraints than those in Main Board made up of traditional companies. The conclusion above is justified by the fact that the medium - sized and small enterprises with high - tech face the financing difficulties now. At the same time, it also infers that the cash - cash flow sensitivity co- efficient is very suitable to measure the financing constraint degree of innovative companies.

关 键 词：创新型企业 现金一现金流敏感度 融资约束 

分 类 号：F832.42[经济管理—金融学]