金融发展对能源产业融资约束的影响研究

CONSTRAINTS OF FINANCIAL DEVELOPMENT TO ENERGY INDUSTRY'S FINANCING

世界能源市场复杂多变,国际能源形势错综复杂,我国能源产业发展面临着众多挑战。从金融发展视角出发,寻找解决制约能源产业发展融资约束问题的方法。以我国2008—2012年沪深两市A股能源类上市公司为研究样本,构建投资—现金流敏感性检验模型和现金—现金流敏感性检验模型,采用普通最小二乘法分析金融发展对能源产业融资约束的影响机理。研究结果表明:1)整体而言,中国能源产业存在着显著的融资约束问题;2)金融发展可以有效地缓解能源企业的融资约束,在那些金融较为发达、市场化程度较高的地区,融资约束程度明显较低,在货币发行量较大的年份,融资约束程度也明显较低;3)相比区域差异,宏观金融环境的变化对能源企业融资约束的缓解作用更为明显。

China＇s energy is confronting challenges in a changeable world energy market and complicated situation.This paper aims at approaches to the constraints of energy industry＇s financing. Based on the Shenzhen and Shanghai＇s Stock Market＇s listed A energy companies in 2008—2012,this paper establishes investment-cash sensitivity model and cash-cash sensitivity model,applies OLS to analyzes the mechanism of financial development to energy industry＇s financing,and shows an outstanding financing constraint in China＇s energy industry,which can be effectively resolved by financial development. In the areas where has a developed and higher marketing,financing constraints become less,so does when currency is largely issued. A change of the macroscopic financial environment could mitigate the constraints more than regional difference.