利率市场化对成长型企业融资约束的影响——基于对中小板企业的研究  

The Influence of the Liberalization of Interest Rates on Financing Constraints of Growth Enterprises: Evidence from the Small-and-Medium Firms Board

作　　者：胡晖[1] 张璐[1] 

机构地区：[1]武汉大学经济与管理学院,430072

出　　处：《经济评论》2015年第5期141-153,共13页Economic Review

基　　金：教育部留学回国人员基金项目(项目号:2014001159224)的资助

摘　　要：在我国,以中小板上市公司为代表的成长型企业在经济发展中发挥了重要的作用。本文选取了230家中小板企业2004-2012年间的面板数据,运用欧拉方程投资模型分析了利率自由化对中小板企业突破融资约束的作用。结果显示,融资约束普遍存在于非国有中小板企业中,但企业的融资约束会随着利率市场化的进程而有所缓解。本文进一步发现虽然利率市场化对国有和非国有中小板企业在融资约束的影响上差异不大,但非国有企业所受影响略大于国有企业。因此,我国应继续推进利率市场化改革,加速金融市场的发展。同时,需加强对非国有企业的信贷支持,降低其对内部融资的依赖,进一步缓解它们的融资压力。Growth enterprises play an important role in China＇ s economic growth. This study examines the impact of the liberalization of interest rates on financing constraints of growth enterprises in China. The empirical results of the Euler investment model show that China＇ s growth enterprises on the Small- and- Medium Firms Board, especially non - state - owned enterprises, experience financing constraints. However, with the recent reforms, those enterprises greatly ease financing constraints and the non-state- owned enterprises are affected slightly. In summary, China should further deepen the liberalization of interest rates and develop financial markets. Meanwhile, governments need to strengthen credit support for non- state- owned enterprises, reducing its dependence on internal financing and promoting their development.

关 键 词：中小板企业 利率市场化 融资约束 欧拉方程投资模型 

分 类 号：F275[经济管理—企业管理] F276.3[经济管理—国民经济] F832.5