民营企业家的明星效应对企业融资约束的影响研究

A Study on the influence of star effect of private entrepreneurson financing constraint

本文以2014—2019年的中国资本市场上实际控制人为自然人的A股上市民营企业为研究对象,实证检验民营企业家的明星效应对企业融资约束的影响及其作用机制。研究发现:(1)具有明星效应的民营企业家在一定程度上有助于缓解企业的融资约束;(2)民营企业的身份认同和市场化程度均会显著弱化民营企业家的明星效应和融资约束之间的负向关系,然而股权制衡程度并不显著影响二者之间的关系;(3)民营企业家的明星效应可以通过扩大企业的融资来源和降低企业的融资成本两方面缓解企业的融资约束。本文的研究结果鼓励广大民营企业家发挥社会影响力以便降低企业的融资约束;又强调约束企业家行为,抑制其通过提高明星效应产生寻租行为,对企业产生负面影响。

This paper takes A-share listed private enterprises whose actual controllers are natural persons in China's capital market from 2014 to 2019 as the research objects,and empirically tests the influence and mechanism of the star effect of private entrepreneurs on the financing constraints of enterprises.The results show that:(1)The star effect of private entrepreneurs is helpful to alleviate the financing constraints of enterprises to a certain extent;(2)The identity of private enterprises and the degree of marketization will significantly weaken the negative relationship between private entrepreneurs'star effect and financing constraints,but the degree of equity checks and balances does not significantly affect the relationship between the two;(3)The star effect of private entrepreneurs can not only expand the financing sources of enterprises,but also reduce the financing costs of enterprises to ease the financing constraints of enterprises.The results of this paper not only help to advocate and encourage the majority of private entrepreneurs to exert social influence in order to reduce the financing constraints of enterprises;It also emphasizes the need to restrain the entrepreneur's behavior,restrain the rent-seeking behavior generated by the enhancement of star effect,and avoid the negative impact on the enterprise.