信息不对称一定导致融资约束吗?——基于中国上市公司的实证分析  

Does Asymmetric Information Necessarily Lead to Financial Constraints:An Empirical Analysis Based on Chinese Listed Companies

作　　者：李勇[1] 胡非凡[2] 

机构地区：[1]中国药科大学国际医药商学院,江苏南京211198 [2]南京林业大学经济管理学院,江苏南京210037

出　　处：《金融经济学研究》2016年第1期96-105,共10页Financial Economics Research

基　　金：国家哲学社会科学基金项目(13CGL044);中央高校基本科研业务费项目(2015PYW03);中国药科大学医药产业发展研究中心社科基金项目(CPUSJ1303)

摘　　要：在构建单一融资约束指数(SFCI)和一般融资约束模型(GFCM)基础上,利用中国A股上市公司作为样本,实证检验信息不对称对企业融资约束的影响。研究结果表明,信息不对称与融资约束之间并不存在显著的因果关系,不同程度的信息不对称对融资约束的影响存在差异性。信息不对称程度的增强可以显著缓解重度融资约束企业的内部融资约束,但这种关系对于外部融资约束并不成立,信息不对称对重度融资约束企业的融资约束影响更大。By building the single financial constraints index（ SFCI） and the general financial constraints model（ GFCM）,this paper takes A- share listed companies in China as samples and empirically investigates the influences of asymmetric information on corporate financial constraints. The results show that there is no significant causality between asymmetric information and financial constraints. In addition,the influences of asymmetric information on financial constraints are different due to varied degrees of asymmetric information.Furthermore,we find that the enhancement of asymmetric information can remarkably relieve the internally financial constraints of the firms facing seriously financial constraints while this relationship does not hold for externally financial constraints. Finally,the influences of asymmetric information on financial constraints of seriously financial constrained firms are greater than those on firms with slight financial constraints.

关 键 词：信息不对称 融资约束 内部融资约束 外部融资约束 

分 类 号：F832.5[经济管理—金融学]