融资约束、企业规模与成长动态

Financial Constrains,Firm Size and Growth Dynamics

利用2001～2010年中国制造业上市公司数据,采用面板数据VAR模型分析融资约束、企业规模与成长动态之间的关系。实证分析表明:削减融资约束可以推动企业的规模扩张与企业的成长,同时企业自身的成长可以降低企业的融资约束、促使企业规模扩大;而企业规模扩张会带来企业成长率的下降,初期受到融资约束较大而后会减缓企业的融资约束。这一研究可以为发展金融市场,削减融资约束、促进企业成长进而为推动中国经济增长提供经验证据。

In this paper, using VAR model and the related data of Chinese listed manufacturing companies during the 2001-2010 periods, the relationship among the financial constraints, firm size and firm growth dynamics has been studied. The empirical results show that the reduction of the financial constraints can drive the firm＇s size expansion and firm＇s growth, while the growth of the firm itself can reduce the financial constraints and expand the firm＇s size; the expansion of firm＇s size will bring a decline in the rate of the firm＇s growth, while it makes initial financial constraints increase, and after some periods it makes financial constraints decrease. The study provides some empirical evidences to develop financial market and promote the Chinese economic growth.