中國上市企業融資約束成因研究^[1]

于震 王肖夢 劉淼^[2]

摘要：融資約束對企業投融資活動的抑制作用已得到社會的廣泛關注和認同，但就其成因，無論是理論還是實證研究仍存在一定分歧。本文利用2009～2016年在中國A股上市的企業數據，采用隨機前沿模型從市場因素和非市場因素兩方面檢驗了融資約束成因。實證結果表明，我國上市企業普遍面臨較為嚴重的融資約束，信息不對稱作為傳統融資約束理論所強調的重要市場因素也是我國上市企業融資約束的顯著成因。除此之外，區域經濟發展、所有權性質和企業規模等非市場因素均與企業融資約束程度顯著相關，且文中針對上市企業得到的結論同樣適用于非上市企業。最后本文根據實證結果分別從企業和政府層面提出了緩解企業融資約束的政策建議。

關鍵詞：融資約束 上市企業 隨機前沿模型

中圖分類號：F832.4 文獻標識碼：A

The Research on Causes of Financial Constraints in the Chinese Listed Companies

Yu Zhen Wang Xiaomeng Liu Miao

Abstract：The restraint of financing constraints on corporate investment and financing activities has been widely concerned，but there are still some divergences on contributing factors in the existing theoretical and empirical research. This paper uses stochastic frontier model to examine the causes of financing constraints from both market and non-market factors with the data of Chinese A-share listed companies from 2009 to 2016. The empirical analysis shows that Chinese listed companies generally face serious financing constraints. As an important market factors emphasized by traditional financing constraints theory information asymmetry is a significant cause of financing constraints of Chinese listed companies. In addition，the non-market factors such as regional economic development，ownership characteristics and enterprise size are significantly related to the degree of financing constraints. The above conclusions drawn from the listed companies are also applicable to unlisted companies. According to the empirical results，this paper puts forward some suggestions from the perspective of enterprises and government respectively to relieve financing constraints.

Keywords：Financial Constraint Listed Companies Stochastic Frontier Model