金融生态环境、内部资本市场与民营企业融资约束——基于西北五省上市民营企业的实证研究  

Financial Ecological Environment,Internal Capital Market and Financing Constraints of Private Enterprises:An Empirical Study of Listed Private Enterprises in Five Provinces of Northwest China

作　　者：于磊 计铖 李佳[1] 王雯[1] YU Lei;JI Cheng;LI Jia;WANG Wen(Shizuishan Central Sub-branch of the People’s Bank of China,Ningxia Shizuishan 753000)

机构地区：[1]中国人民银行石嘴山市中心支行,宁夏石嘴山753000

出　　处：《西部金融》2020年第4期57-61,共5页West China Finance

摘　　要：本文以西北五省2016—2018年A股上市公司为研究样本,采用Fazzari的融资约束模型,验证金融生态环境、内部资本市场与民营企业融资约束的关系。研究发现,西北五省民营企业内部资本市场具有缓解企业融资约束的功能,随着金融生态环境的改善,民营企业集团内部资本市场对缓解企业融资约束作用会减弱。文章基于研究结论提出三点建议:一是充分发挥民营企业内部资本市场的融资替代作用;二是加强金融生态环境的建设;三是企业应在内部资本市场活跃程度较低的情况下,提高内部资本市场活跃程度以降低融资约束;反之,应加强资金监管,避免因掏空行为、在职消费和过度投资而加重融资约束。This paper takes A-share listed companies in five northwest provinces from 2016 to 2018 as the research sample,and uses the financing constraint model of fazzari to verify the relationship between financial ecological environment,internal capital market and financing constraints of private enterprises.It is found that the internal capital market of private enterprises in the five provinces of Northwest China has the function of alleviating enterprise financing constraints.With the improvement of financial ecological environment,the role of the internal capital market of private enterprise groups in alleviating enterprise financing constraints will be weakened.Based on the conclusion,three suggestions are put forward.The first is to give full play to the financing alternative role of the internal capital market of private enterprises.The second is to strengthen the construction of financial ecological environment.Third,enterprises should improve the activity of the internal capital market to reduce financing constraints when the activity of the internal capital market is low.on the contrary,they should strengthen capital supervision to avoid increasing financing constraints due to hollowing out behavior,on-the-job consumption and excessive investment.

关 键 词：金融生态环境 内部资本市场 融资约束 

分 类 号：F240[经济管理—劳动经济]