经济发展阶段、金融活动与企业成长

Stages of Economic Development, Financial Activities and Firm Growth

以2000～2011年沪深两市A股上市公司为对象,研究了正规金融、非正规金融对企业成长的影响,以及不同经济发展阶段下两种金融活动对企业成长影响的变化。实证研究发现,在经济发达地区,正规金融、非正规金融都能显著促进企业成长;但在经济不发达地区,只有非正规金融能显著促进企业成长。以银行股份制改革、股权分置改革、地区社会资本和地区腐败程度作为两种金融活动的工具变量,采用两阶段最小二乘回归进行检验。通过研究得出的政策建议是,企业应结合自身所处地区的经济发展情况,根据比较优势选择合适的融资方式,政策制定者应该正视和重视非正规金融在经济活动中的作用,给非正规金融一个合法运作的平台。

On the basis of Shanghai and Shenzhen A-share listed companies, we make an empirical research on the effectiveness of formal financial and informal financial activities. Empirical results show that formal and informal finance can significantly promote firm growth in developed areas, but only informal finance can promote firm growth in underdeveloped regions. We use bank sharehold- ing reform, equity division reform, regional social capital and regional levels of corruption as the instrumental variables of financial activities adopting two stage least squares regression testing the empirical results. The conclusion indicate that enterprises should select appropriate financing method based on their regional economic development, and policy makers should give a legitimate operation platform for informal finance.