中国工业企业投资的融资约束研究

Financial Constraints in China's Industrial Business Investment

文章利用工业企业1997—2004年的面板数据,对中国工业企业投资中的融资约束问题进行了研究,发现中国企业中年轻企业或非国有企业都存在融资约束。进一步作者利用开工时间和控股权,对融资约束情况作了交叉的先验分类,把企业分成国有老企业、国有新企业、非国有老企业、非国有新企业四类,对这四类企业的回归分析发现,开工时间长或国有控股的企业,不受融资约束,而非国有新企业却明显受到融资约束。这一经验结论准确反映了我国贷款中推行的担保制度对投资活动的影响。

The auther analyzed financial constraints on China s business investment in industrial sector employing panel data GMM method.The regression results for the whole sample reveal an obvious financial constraint in investment.After control for the age or ownership,the financial constraint exist for non-SOEs or young enterprises.Further cross-division of sample by the age and ownership classify enterprises into four types,old and SOEs,young and SOEs,old and non-SOEs,young and non-SOEs,and regression results for...