金融环境、政治关系与融资约束——基于装备制造业上市公司的经验证据

Financial Environment,Political Connections and Financing Constraint:Based on Empirical Evidence of the Equipment Manufacturing Industry Listed Company

针对我国装备制造业产业升级的资金短缺瓶颈,探讨业内不同所有制企业所受的融资约束,从而为产业升级的融资推动提供微观证据。基于2004-2010年业内上市公司面板数据的实证结果显示:①国内装备制造上市企业中,非国有企业存在融资约束,国有装备制造业上市公司的融资软约束问题得到了证实;②随着银行与股市融资环境的改善,非国有装备制造企业的融资约束得到明显缓解,而国有装备制造企业的融资约束无明显缓解。

To aim at the bottleneck of the shortage of funds to upgrade the equipment manufacturing and to investigate the problem of financial constraints the equipment manufacturers suffer,so as to provide micro-evidence for the financing drives of industry upgrading.Based on 2004-2010panel data of listed companies in China equipment manufacturing,the empirical results show：①Within the domestic equipment manufacturing,financing constraints do exist to non-state-owned listed companies,and soft constraint on financing of state-owned listed companies has been confirmed;②With the improvement of the financing environment originated from banks and the stock market,financing constraints of non-stateowned listed companies in equipment manufacturing are obviously relieved,but that of state-owned listed companies are scarcely relieved.