民营企业产业异质性、融资约束与融资渠道

Industry Heterogeneity,Financing Constraints and Financing Channels of Private Enterprises

利用世界银行2012年针对中国民营企业的调查数据,把微观层面企业面临的融资约束和融资渠道的特征与宏观层面企业所在产业或行业的特征相结合,试图考察产业异质性对民营企业所面临的融资约束和融资渠道的影响。结果发现,相对于服务业,制造业更依赖于正规金融渠道融资。研究结论对于企业外部融资渠道中正规金融机构和非正规金融的协调配合有一定的启示,有利于促进资金在不同产业间的合理配置。

This paper used the survey data for Chinese private enterprises of the World Bank in 2012, combining the micro characteristics of financing constraints and financing channels enterprises facing and macro characteristics of the industry enterprises existing, and try to examine the influence on financing constraints and financing channel faced by private enterprises of industry heterogeneity. The results found that, compared to the service industry, the manufacturing industry is more dependent on the formal financial channels of financing. This study may have some implications for the coordination and cooperation of external financing channels in the formal financial institutions and informal financial channels and promote the rational allocation of funds among different industries.