融资约束、投资效率与融资渠道选择  

Financing Constraint,Investment Efficiency and Financing Channels Selection

作　　者：贺之瑶 贾丽平[2] 

机构地区：[1]上海理工大学管理学院,上海200093 [2]山西财经大学财政金融学院,山西太原030006

出　　处：《金融理论与实践》2017年第7期44-49,共6页Financial Theory and Practice

基　　金：国家社会科学基金项目"互联网金融的理论;政策与前景研究"(项目编号:16BJY178)

摘　　要：研究融资约束影响企业的现金持有量、盈利能力、融资渠道与其投资效率,发现融资约束主要通过银行信贷途径影响企业投资效率,对股权融资途径影响较小。充分现金持有、盈利能力强能缓解企业的融资约束。在融资约束条件下,国有企业通过债务融资可以提高投资效率,非国有企业投资效率下降。在非融资约束条件下,非国有企业债务融资的投资效率提高。This paper studies the impact of financing constraints on the cash holdings of enterprises,profitability, financing channels and their investment efficiency. It is found that financing constraints mainly affect the efficiency of enterprises' investment through bank credit, and have less impact on the equity financing way. Full cash holdings, profitability can ease the financing constraints of enterprises.Under the condition of financing constraints, state-owned enterprises can improve the efficiency of investment through debt financing, and the efficiency of non-state-owned enterprises is reduced. In the non-financing constraints, non-state-owned enterprise debt financing investment efficiency can be improved.

关 键 词：融资约束 投资效率 股权融资 债务融资 

分 类 号：F832.21[经济管理—金融学]