融资约束、投资规模与金融发展——基于现金现金流敏感性的经验证据

Financing Constraints,Investment Scale and Financial Development——Based on Empirical Evidence of Cash-Cash Flow Sensitivity

借鉴Almeida(2004)和Khurana(2006)现金现金流敏感性融资约束模型,以我国A股制造业上市公司2008至2011年公司数据为研究样本,对其融资约束、投资规模与金融发展3者之间的关系进行了实证探究。研究发现:我国制造业企业普遍存在融资约束问题,现金现金流敏感性较高;相较于大型规模投资,中小规模投资下制造业企业面临更强的融资约束,现金现金流敏感性更高;而金融发展对整体制造业企业的融资约束问题有所缓解,且其对中小规模投资下制造业企业的融资约束问题的缓解作用更为显著。

Taking Almeida （2004） and Khurana （2006） for reference, this article constructs a cash-cash flow sensitivity model of financing constraints. Using the data of A-sharing manufacturing listed enterprises between 2008--2011 as research sample, the article inquires into the relationship among investment scale, financing constraints and financial development. It can be concluded that all manufacturing companies are facing financing constraints with high cash-cash flow sen- sitivity. Compared to the large-scale investment, enterprises under the small-scale and medium-sized-scale investment are facing greater financing constraints and higher cash-cash flow sensitivity. Financial development mitigates the whole samples enterprises＇ financing constraints, and financial development is more effective to the enterprises under the small-scale and medium-sized-scale investment in mitigating the financing constraints.