债务为何未影响企业融资约束——中国上市公司10年数据的典型传导分析

Do Debts Aggravate the Firms' Financing Constraints?

针对债务水平与融资约束二者之间的关系,存在"加剧"和"缓解"两种截然不同的观点。基于面板门限模型,以我国上市公司近十年的数据为样本实证研究发现:债务水平越高的公司融资约束程度反而越低,从而支持了"缓解"派的观点。其原因在于,我国金融市场不完善,以及传统的预算软约束冲销了债务悬置效应。这为我国加快金融市场发展与缓解公司融资约束等提出了客观要求。

There are two opposing views about the relationship between debt and financing con- straints, including ＂Aggravate＂ and ＂Restrain＂. Based on the recent decade data of Chinese listed companies, this empirical study is done by panel threshold model. The result finds that： the higher debt level, the lower financing constraints, which supports the view of ＂Restrain＂. The cause is the faultiness of Chinese monetary market, and the weakening of debt overhang effect by soft budget constraint. These issues all put forward an objective requirement for the rapid development of finan- cial market and restraining the financial constraints.