融资约束对中国上市公司投资行为影响的实证研究

Empirical Study of Financial Constraints' Influence on Chinese Enterprises' Investment Behavior

本文将2005年度我国股权分置改革作为改善金融市场的宏观政策变量纳入回归模型。首先使用Logistic回归方法创建了反映上市公司融资约束程度的单一指标,用以将样本企业的融资约束程度进行量化;其次构建了反映上市公司投资-现金流敏感度的Panel Data模型。研究结果表明,股权分置改革确实改善了我国上市公司所面临的融资约束问题。

In this paper,the 2005 annual national Innovation of non-tradable shares is incorporated into the regression mode as Macroeconomic policy that our country improves the financial market.Firstly used the Logistic regression method and created a single index about listed companies＇ financing constraints to quantify the sample enterprise financing constraints.Secondly,we constructed a Panel Data model about listed company investment-cash flow sensitivity.The results reveal that the national innovation of non-tradable shares indeed improve the financing constraints that our listed companies facing with.