融资约束、歧视与企业规模分布--基于中国工业企业数据的分析  

Financing Constraints,Discrimination and the Firm Size Distribution——Based on the Analysis of China Industrial Enterprises Data

作　　者：刘斌[1] 袁其刚[2] 商辉[3] 

机构地区：[1]对外经济贸易大学中国WTO研究院,100029 [2]山东财经大学国际商学院,250014 [3]山东财经大学国际经贸学院,250014

出　　处：《财贸经济》2015年第3期72-87,共16页Finance & Trade Economics

基　　金：对外经济贸易大学中国WTO研究院重点研究基地课题(13ZXWTO03);对外经济贸易大学中央高校基本科研业务费专项资金(CXTD4-08)的资助

摘　　要：本文采用1998-2009年中国工业企业数据,实证考察融资约束对企业规模分布的影响。研究发现:(1)样本期内我国企业规模分布的帕累托指数呈上升趋势,表明企业规模分布越来越均匀,但仍严重偏离齐夫(Zip f)法则的均匀分布。(2)融资约束对不同规模企业的成长具有非均衡性影响,融资约束的缓解使企业规模分布更加均匀。本文在控制了核心变量的内生性问题后,计量结果依然稳健。(3)企业自身禀赋特征对企业融资约束状况具有显著影响,但是不同规模企业间融资约束差异主要还是源于融资的"规模歧视"。This paper investigates the effects of financing constraints on firm size distribution based on the data of industrial enterprises from 1998 to 2009. The results are as follows. First, although the Pareto index of the firm size distribution shows a rising trend which means that the firm size distribution beccmes more uniform, the distribution deviates from the Zipf＇s distribution seriously. Secondly, financing constraints have unbalanced effect on firms in different scales, and the relief of financing constraints make the distribution more uniform. After controlling the endogeneity of core variables, the measurement results are still robust. Furthermore, the enterprises＇ own endowment characteristics have a significant impact on enterprise financing constraint condition, but the difference of financing constraints among enterprises of different sizes is mainly originated from the scale discrimination of financing.

关 键 词：融资约束 规模歧视 企业规模分布 

分 类 号：F425[经济管理—产业经济] F832.4F406.7