法制环境及金融发展、企业的金融机构背景与融资约束——中国民营上市公司的经验证据

Financial Development,Legal Environment,Financial Background of Firms and Financing Constraints——Evidence from Chinese Private Listed Firms

金融市场的不完备性和投资人保护相关制度缺失,会导致企业外部融资约束,中国民营企业的产权属性更进一步加剧了融资约束。笔者采用2002年～2006年中国民营上市公司样本,研究金融发展、法制进程以及样本公司关键人员的金融机构任职背景对民营企业融资约束的缓解作用。研究发现:金融市场发展指数越高,样本公司的"现金——现金流"敏感性下降;实际控制人或董事会成员具有金融机构任职背景的公司,其"现金——现金流"敏感性较小,而且金融发展和法治进程对此类公司融资约束的降低效应也不再显现。上述发现对于如何降低我国民营企业融资约束具有一定启示和借鉴意义。

The market imperfections and the lack of institutions protecting investors＇ interests will lead to constraint on firms＇ external financing. The property attributes of Chinese private enterprises further constrain the financing of them. The author examines the influence of financial development, the development degree of legal system and the financial background of firms on the demand for liquidity by fo- cusing on how these factors affect the sensitivity of firms＇ cash holdings to their cash flows. Using Chinese private listed firms during 2002 - 2006 as samples, the author finds the sensitivity of cash holder to cash flows decreases with financial development and the development degree of legal system, but the above effect disappears when firms＇ ultimate owners or directors hold the financial backgroundts.