摘要
本文旨在剖析资本市场开放对微观经济实体融资约束的影响，从而为金融发展对经济增长的促进作用提供微观证据。基于1999-2010年中国制造业上市公司的研究样本，通过融资约束分析框架的构建和资本市场开放度指标的刻画，结合实证结果我们发现，我国上市公司投资和现金流敏感度较高，存在明显的融资约束现象。资本市场开放有效缓解了企业的融资约束，但是不同企业的受益程度存在差别。国有或国有控股企业和大规模企业的融资约束分别高于民营企业和小规模企业，多地上市企业的融资约束高于单一内地上市企业，但是资本市场开放使他们的融资约束缓解程度也分别高于对应类别。
This paper aims to analyze the effect of capital market opening on micro economic entities, in order to provide microscopic evidence for the enhancement of economic growth due to capital market opening. By using the data of Chinese listed manufacturing companies between 1999 and 2010 as the research samples, constructing the analysis framework of financial constraints and the capital access index, along with the positive research, we find that, the investment of Chinese listed companies is highly sensitive to cash flow, so there is obvious financing constrains phenomenon. Capital market opening has eased the enterprises＇ financing constraints, but to a various beneficial extend among the enterprises. The financing constraints are more significant in state-owned, state holding firms and the large firms than the non-state owned, non-state holding firms and the small firms. Firms listed in more than one places face more significant financing constraints than the firms listed only in China stock market, but capital market opening has benefited them more than others too.
出处
《证券市场导报》
CSSCI
北大核心
2012年第11期32-38,共7页
Securities Market Herald
基金
教育部人文社会科学研究规划基金项目(项目编号:12YJA790190)
关键词
资本市场开放
融资约束
投资-现金流敏感度
capital market opening, financing constraints, investment-cash flow sensitivity
