财政政策与企业融资约束关联性研究——基于我国上市公司财务数据分析  

Relevance between Fiscal Policy and Corporate Financing Constraints——Based on the Financial Data of China’s Listed Companies

作　　者：王立元[1] 涂汉仑[2] Wang Liyuan;Tu Hanlun(Jiangxi University of Traditional Chinese Medicine,Nanchang 330042,China;Nanchang Hangkong University,Nanchang 330063,China)

机构地区：[1]江西中医药大学中医药与大健康发展研究院,江西南昌330042 [2]南昌航空大学,江西南昌330063

出　　处：《廊坊师范学院学报（自然科学版）》2020年第2期68-73,81,共7页Journal of Langfang Normal University(Natural Science Edition)

基　　金：江西省社科规划项目(Zdsk201804);江西省教育厅人文社科项目(JD18056)。

摘　　要：在我国经济结构转型的背景下,财政政策被运用于调控经济,以期缓解企业面临的融资约束状况。从财政支出角度出发,研究财政政策与企业融资约束关联性,有利于客观认识以及指导调控政策出台,缓解企业融资约束。基于我国上市公司2000-2017年的数据,通过构建横截面回归、固定效应模型、GMM工具变量检验,发现财政政策具有挤出效应。鉴于积极财政政策背景下民营企业融资难、融资贵的问题无法得到很好的改善,政府有必要重点关注财政支出对民营企业的传导。In the background of economic structural transformation in China,fiscal policies are always used to influence economy for enterprises’alleviating the financial constraints.Studying the relationship between fiscal policy and corporate financing constraints is conducive to knowing the adversity of the firms and make policies for easing the financing constraints from the perspective of fiscal expenditure.With the result of the construction of cross-sectional regression,fixed-effect model,and GMM test,it was found that fiscal policy has a crowding-out effect,based on the data of China’s listed companies from 2000 to 2017.Because of the difficult and expensive financing of private enterprise under active fiscal policies,the government should pay more attention on the transmission of fiscal expenditure to private enterprises.

关 键 词：财政政策 融资约束 财政支出 GMM检验 

分 类 号：F812[经济管理—财政学]