摘要
以2009—2014年我国沪深两市战略性新兴产业385家上市公司为研究样本,探讨了金融生态环境对国有、非国有上市公司融资效率的影响。研究发现,非国有公司融资效率显著高于国有公司,政府干预与国有公司融资效率呈非对称倒U型关系,而与非国有公司融资效率是非对称正U型关系,政府干预程度不同,金融发育水平和诚信文化状况对不同产权性质公司融资效率的影响机制也不同。国有公司融资效率的主要影响因素是政府干预。
Incorporating ownership and financial ecological environment into the investigation of financing efficiency, this research used data of 385 companies listed during 2009 -2014 as samples, and empirically studied the impact of financial ecological environment on the financing efficiency of state-owned and non-state-owned listed companies. The results show that the financing efficiency of non- state-owned listed companies is significantly higher than that of state-owned listed companies, which is mainly influenced by government intervention. There is an asymetric inverted V-shaped relation between government intervention and financing efficiency of state-owned companies, and an asymetric V-shaped relation between government intervention and fiancing efficiency of non-state-owned companies. The more different the intervention degree of the government, the more different the influence mechanism which the financial develop- ment and credit culture exert on the financing efficiency of different types of companies. The major influencing factor for the financing efficiency of state-owned companies is government intervention.
出处
《经济经纬》
CSSCI
北大核心
2017年第3期87-92,共6页
Economic Survey
基金
国家社会科学基金项目(15BGL056)
江苏高校哲学社会科学研究重点项目(2015ZDIXM008)
中央高校基本科研业务费专项资金资助项目(NP2015302)
关键词
战略性新兴产业
融资效率
政府干预
金融发展
Strategic Emerging Industry
Financing Efficiency
Government Intervention
Financial Development
