发行上市与企业融资约束的缓解

Going public and the relief of corporate constraints in financing

融资约束是我国经济中的常态，而融资约束的存在制约了企业和地区经济的发展，股票发行上市能否有效缓解企业融资约束，成为我们关注的问题。本文选取企业上市前后的数据进行了初步的检验，结果发现，股票发行上市显著地降低了企业的投资-现金敏感度，而且这种变化并不能完全由企业上市前后财务状况的变化得到解释，由此，我们得到了上市有助于缓解企业融资约束的初步证据。

the companies usually be faced with financial constraint, and the financial constraint damages the development of companies and regional economy. This paper focuses on the mechanism of going public on financial constraint. We find going public could relieve the financial constraint faced by companies distinctly.