控股股东财务资助的管制效应研究——基于A股民营上市公司融资约束的视角

A Research on the Regulated Effects of Financial Support Provided by Controlling Shareholders——Based on the Perspective of Financial Constraint in China’s A-share Non-state-owned List Companies

高债务融资成本是制约民营企业发展的重要因素之一。在监管部门对财务资助实施资金流向和资金利率管制的背景下,控股股东财务资助具有低成本的融资特征。本文以2007—2016年沪深A股民营上市公司为研究样本,探讨控股股东财务资助在高债务融资成本企业中的融资约束缓解效应。实证结果表明,债务融资成本与控股股东财务资助显著正相关,且这种效应在高成长性企业和小规模企业中更加明显;进一步研究发现,财务资助显著降低了高债务融资成本企业的现金持有水平和现金—现金流敏感性,表明财务资助可以有效缓解高债务融资成本企业的融资约束问题。本文从融资约束的视角探讨了监管规则下控股股东提供财务资助支持行为的原因,从而为进一步规范和促进财务资助的长期作用提供了实证证据。

High debt financing cost is one of the most important factors restricting the development of non-state-owned list companies.Under the background that the supervision department controlling the flow of funds and the return of funds,financial support provided by controlling shareholders has the characteristics of low-cost financing.Using the sample of Shanghai and Shenzhen A-share non-state-owned list companies from 2007 to 2016,this paper discusses the relieving financial constraints effects of financial support provided by controlling shareholders in higher-debt-cost companies.The empirical results show that,debt financing costs are significantly positively correlated with financial support provided by controlling shareholders.The above effect is more obvious in high-growth companies and small-scale companies.Further research shows that financial support significantly reduces the cash holding level and cash-cash flow sensitivity of companies with high debt financing costs,it shows that financial support provided by controlling shareholders can effectively alleviate the financing constraints of companies with high debt financing costs.This paper discusses the incentives of controlling shareholders to provide financial support under regulatory rules from the perspective of financing constraints,thus providing empirical evidence for further standardizing and promoting the long-term role of financial support.