银行竞争对制造业上市公司融资约束的影响研究  

THE INFLUENCE OF BANKING COMPETITION ON FINANCING CONSTRAINTS OF LISTED MANUFACTURING COMPANIES

作　　者：钱宗鑫[1,2] 付鹏璐 陈欣彤 QIAN Zong-xin;FU Peng-lu;CHEN Xin-tong(School of Finance,Renmin University of China)

机构地区：[1]中国人民大学财政金融学院 [2]中国财政金融政策研究中心,100086 [3]中国银行

出　　处：《经济理论与经济管理》2021年第10期39-49,共11页Economic Theory and Business Management

摘　　要：本文研究了银行竞争程度的变动对制造业上市公司融资约束大小的影响。本文将我国制造业A股上市公司作为样本,建立多元回归模型验证银行竞争形势的加剧是否会影响企业所面临的融资约束。本文认为制造业A股上市公司面临显著的融资约束,而且银行竞争与企业所面临的融资约束之间呈现U型关系,即随着银行竞争的加剧,融资约束呈现先放松后收紧的趋势。This paper studies the influence of market competition in the banking industry on the financing constraints of listed manufacturing companies.Taking listed companies in the manufacturing industry as samples, this paper establishes a multiple regression model to verify whether the intensification of the banking competition will affect financing constraints faced by enterprises.This article concludes that listed companies in the manufacturing industry face significant financing constraints.The banking industry competition and financing constraints have a U-shaped relationship, namely as the banking competition intensifies, financing constraints firstly become looser but then become tighter.

关 键 词：制造业上市公司 银行融资 融资约束 银行竞争 

分 类 号：F832.51[经济管理—金融学] F832.3F832.4F425