金融生态环境与企业融资约束--基于中国上市公司的实证研究  

Financial Ecological Environment and Corporate Financial Constraints——Evidence from Chinese Listed Firms

作　　者：魏志华[1] 曾爱民[2] 李博[3] 

机构地区：[1]厦门大学经济学院,361005 [2]浙江工商大学财务与会计学院,310018 [3]汕头大学商学院,515063

出　　处：《会计研究》2014年第5期73-80,95,共8页Accounting Research

基　　金：国家自然科学基金项目(71102058、71102059、71172050、71372072);浙江省高校人文社会科学重点研究基地重点项目(13GSGL07Z);浙江省社会科学重点研究基地重点课题(12JDZS02Z);浙江省自然科学基金面上项目(LY12G02018)的资助

摘　　要：本文实证检验了金融生态环境对于企业融资约束的影响及其作用机制,研究发现:(1)良好的金融生态环境有助于缓解企业融资约束,而且政府治理、经济基础、金融发展以及制度文化等构成金融生态环境的四个要素都发挥了积极影响。(2)相比而言,中小企业以及民营企业面临着显著更高的融资约束程度,而金融生态环境的优化可有效缓解这两类企业的融资约束。(3)良好的金融生态环境缓解企业融资约束的作用机制在于,它推动融资约束企业获得了更多的商业信用和银行贷款来纾困。本文的研究结果表明,在我国构建良好的金融生态环境有助于缓解中小企业与民营企业的"融资难"问题,增进金融资源配置效率。This study empirically tests do and how favorable financial ecological environment relax corporate financial constraints. We find that,( 1) the favorable financial ecological environment as well as its four components( i. e.,government governance,economic base,financial development and institutional culture) help relax financial constraints;( 2) compared to bigger and state owned enterprises,smaller and private listed firms face higher financial constraints,which can be significantly relaxed by the favorable financial ecological environment; and( 3) the favorable financial ecological environment helps the firms with financial constraints gain more bank loans and commercial credits to alleviate the financing difficulties. Our results indicate that building a good financial ecological environment in China contributes to helping solve the financing difficulty of small and medium- sized enterprise and private enterprise,and promoting the efficiency of the allocation of financial resources.

关 键 词：金融生态环境 融资约束 产权性质 商业信用 

分 类 号：F832[经济管理—金融学] F275F276.6