金融环境、产融结合与我国企业成长  

Financial Environment,Financial-industrial Integration and Corporate Growth

作　　者：马红[1] 王元月[1] Ma Hong1 Wang Yuanyue2

机构地区：[1]中国海洋大学管理学院

出　　处：《财经科学》2017年第1期59-71,共13页Finance & Economics

基　　金：广义虚拟经济研究专项课题"广义虚拟经济视角下虚拟经济对企业投资行为的影响研究"(GX2015-1010(Y));教育部人文社科基金项目"金融不稳定指标体系及其对宏观经济影响的测度模型研究"(11YJA790156)

摘　　要：企业成长是一国经济发展的重要微观基础。本文结合我国的金融环境,通过理论分析与实证研究相结合的方法,研究产融结合对我国企业成长的影响。研究表明:参股金融机构能够促进我国企业的成长,但只有持股比例达到一定程度,这一促进效应才能有效发挥。进一步的影响机制研究表明,融资约束的缓解与创新能力的增加是产融结合促进企业成长的重要渠道。最后,本文还考虑了外部金融环境的影响,研究发现虚拟经济与实体经济协调发展程度、地区金融发展水平等外部金融环境因素能够显著影响产融结合对我国企业成长的促进效应。Corporate growth is an important micro-foundation for the economy development of a country. According to the financial environment in China, by the combined method of theoretical analysis and empirical research, this paper studies the effect oftinancial-industrial integration on the growth of Chinese enterprises. This study shows that the holding financial institutions can promote corporate growth, but only to a certain extent, the promotion effect can ex- ist. Further research on the mechanism of influenceshows that the mitigation of financing constraints and the increase of innovation both are the important way to enhance the effect of financial-industrial integration on corporate growth. Finally, this paper considers the influence of the external financial environment, and found that external financial environment factors, including the coordinated development of fictitious and real economy, can significantly affect the effect of financial-industrial integration on corporate growth.

关 键 词：产融结合 企业成长 金融环境 

分 类 号：F832[经济管理—金融学] F279.2