金融结构对企业融资约束影响的实证研究——基于20个国家制造业上市公司面板数据

The Effect of Financial Structure on Firm's Credit Constraints ——Based on Manufacturing Listed Companies'Panel Data from 20 Countries

除企业自身因素外,一国的金融结构约束企业融资行为。以公司规模和利息保障倍数为标志划分企业融资约束,用金融结构规模和结构活跃程度反映一国的金融结构,基于20个国家制造业上市公司面板数据对企业融资约束(现金-现金流敏感性)的影响因素分析得到:从微观角度看,规模大、利息保障倍数高的公司不易受融资约束;从宏观角度看,金融结构相对规模越大、金融活跃程度越高的市场主导型金融系统,投资者可选择的投资工具种类更多,风险更小,受到融资约束相对较小。因此,金融市场在金融体系中的作用越来越重要,缓解中国中小企业融资约束的根本出路在于积极推动中国权益融资市场发展。

Firm＇s credit constraint is highly relative to its own features, and financial structure in macro level. In this paper, we use firm＇ s scale and time interest earned ratio as the proxy for credit constraints. Two variables including structure size and structure activity are employed to measure financial structure. Using manufacturing listed companies＇ panel data from 20 countries ,we analyzed the influences of credit constraints and get the following con-clusions. Firstly, firms with large scale or high time interest earned ratio are less credit con-strained. Secondly, firms located in market-oriented financial market which is larger and more active are more vulnerable to financial constraints. With the development of china＇ s e-conomy,financial market is playing a more and more important role. To alleviate credit con-straint for small and medium-size enterprises,it＇ s crucial to stimulate equity financing mar-ket. Therefore ,creative ,long-term and high risk projects are financial supported.