金融发展与企业债务融资问题的实证研究

An Empirical Study on Financial Development and Enterprise Liabilities Financing Factors

债务融资一直是财务学界研究的重点,对它的研究也逐渐从企业层面扩展到了宏观经济层面。在宏观层面中金融发展直接关系到企业的债务融资。为了深入研究金融发展对企业债务融资的影响,可把金融发展分解成四个主要部分。研究结果表明,政府配置资源的程度是影响债务融资的主要原因;长期债务受政府配置资源程度的影响是正的,短期债务受政府配置资源程度的影响是负的,总的债务比率受政府配置资源程度的影响偏向于短期债务一方;我国的债务融资受四大国有商业银行的影响较大;股票市场对我国债务融资的影响能力较弱。

Liabilities financing has always been the research focus for financial academy. The research on it has been gradually extended from enterprise facet to macro - economy. Viewing from macro - economy aspect, financial development directly matters enterprise liabilities financing. In order to make deep research on the influence of financial development on enterprise liabilities financing, financial development can be divided into for main parts. The study results suggest that the extent of government allocating resources is the main factors influencing liabilities financing ; the impact of government allocating resources extent on long - run liabilities is positive, while that on short - run liabilities is negative ; the impact of government allocation on the total liabilities ratio shows much more powerful with short -run liabilities; the impact of four state -owned banks in China on liabilities financing is rather big; the influencing power of stock market on China＇ s liabilities financing is rather small.