资本要素双循环对企业融资约束的缓解效应  

The Moderating Effect of Dual Circulation of Capital on Financing Constraints of Enterprises

作　　者：刘峻峰 李巍 张卫峰[3] LIU Jun-feng;LI Wei;ZHANG Wei-feng(School of Business,Suzhou University of Science and Technology,Suzhou 215009,China;Faculty of Economics and Management,East China Normal University,Shanghai 200062,China;College of Economics,Northwest Normal University,Lanzhou 730070,China)

机构地区：[1]苏州科技大学商学院,江苏苏州215009 [2]华东师范大学经济与管理学部,上海200062 [3]西北师范大学经济学院,甘肃兰州730070

出　　处：《经济体制改革》2022年第2期144-149,共6页Reform of Economic System

基　　金：华东师范大学优秀博士生学术创新能力提升计划项目“资本账户开放、融资约束与企业经营绩效”(YBNLTS2020-019)。

摘　　要：资本要素双循环既是双循环新发展格局在资本要素领域的具体体现,也是缓解企业融资约束的主要方式。结合2009~2019年我国A股上市公司数据分析资本要素双循环影响融资约束的方向、路径和异质性,研究表明:资本要素双循环通过降低资本使用价格缓解企业融资约束,且资本要素双循环对融资约束的缓解效应存在异质性。其中,对非国有企业的缓解效应高于国有企业,对中小企业的缓解效应高于大型企业,对发达地区的缓解效应高于欠发达地区。基于此,政府和企业均需抢抓构建双循环新发展格局的战略机遇,合理利用外资,以金融供给侧结构性改革力促利率市场化,在有效缓解融资约束的同时实现企业的高质量发展。The dual circulation of capital factor is not only the concrete embodiment of the new pattern of dual circulation development in the field of capital,but also the main way to alleviate the financing constraints of enterprises.Combined with the data of A-share listed companies,this paper analyzes the direction,path and heterogeneity of capital factor dual circulation affecting financing constraints.The research shows that capital factor dual circulation alleviates enterprise financing constraints by reducing capital price,and the mitigation effect of capital factor dual circulation on financing constraints is heterogeneous.Among them,the mitigation effect on non-state-owned enterprises is higher than that of state-owned enterprises,the mitigation effect on small and medium-sized enterprises is higher than that of large enterprises,and the mitigation effect on developed areas is higher than that in underdeveloped areas.Based on this,it is suggested that the government and enterprises should seize the strategic opportunity of the new pattern of dual circulation development,make rational use of foreign capital,promote the marketization of interest rate with the structural reform of financial supply side,alleviate financing constraints and realize the high-quality development of enterprises.

关 键 词：“双循环”新发展格局 外商直接投资 资本价格 融资约束 企业高质量发展 

分 类 号：F832.6[经济管理—金融学]