融资约束对企业能源强度的影响——基于中国制造业企业调查数据的实证分析  

The Influence of Financial Constraints on the Energy Intensity of Enterprises——An Empirical Analysis Based on Data of China's Manufacturing Enterprises

作　　者：张三峰[1] 高婧蕾 ZHANG Sanfeng;GAO Jinglei(Institute of Quatitative and Technical Economics,CASS ,Beijing100732,China;School of Banking &Finance,University of International Business and Economics,Beijing 100020,China)

机构地区：[1]中国社会科学院数量经济与技术经济研究所,北京100732 [2]对外经济贸易大学金融学院,北京100020

出　　处：《中国发展》2018年第6期49-59,共11页China Development

摘　　要：基于中国制造业企业调查数据,该文运用OLS和Tobit回归方法考察了企业面临的融资约束对企业能源强度的影响。研究结果表明:融资约束对企业能源强度有显著正向影响,在其他条件不变的情况下,以企业内部资金(或留存收益)占营运资本的比重来度量的企业融资难度增加1%,企业能源强度将增加1.4%。研究还发现,融资约束对东部地区企业能源强度的影响更为显著;融资约束对低能耗企业、小型企业和处于成长阶段的企业能源强度影响更为显著。该研究为从金融视角分析如何降低企业能源强度提供了微观经验证据。Based on the survey data of China’s manufacturing enterprises,this paper uses OLS and Tobit regression methods to study and analyze the impact of financial constraints on the energy intensity of enterprises. The results show that financial constraints have a significant positive impact on the energy intensity of enterprises. In ceteris paribus,the difficulty of financing,measured by the proportion of internal capital(or retained profits) in working capital,increases by 1%,and the energy intensity of enterprises will increase by 1.4%. The results of different regions show that the financial constraints have a more significant impact on the energy intensity of enterprises in the eastern region; the results of different industries show that the financial constraints have a more significant impact on the energy intensity of low-energy-consuming enterprises,small-scale enterprises,and enterprises in the growing stage. This study provides micro-empirical evidence to understand the impact of financial constraints on energy intensity of enterprises.

关 键 词：融资约束 能源强度 能源消耗 

分 类 号：F234[经济管理—会计学]