融资约束与中国制造业企业成长动态

Financial Constraints and Firm Growth Dynamics in China's Manufacturing

以中国制造业上市公司作为研究对象,考察融资约束程度对企业成长动态的影响作用。在量化测量企业所面临的融资约束程度方面,为了避免传统测量方法的局限,采用随机前沿方法,对2005年至2013年共计1968家中国制造业上市公司融资约束程度进行了测量。随后,借助测量结果考察具有时变属性的融资约束指标对企业成长动态的影响作用。研究表明:对于中国制造业上市公司这类获利能力强、极具市场活力的企业群体而言,它们依然面临着突出的融资约束问题。而且,企业融资约束程度在统计学意义上显著影响着我国制造业上市企业的成长动态,这为针对Gibrat定律验证提供了基于中国企业视角的经验证据。最后,给出了具有内在政策含意的相关建议和启示。

This paper discusses the effects of the financial constraint on the firm growth dynamics based on the sample of China＇s listed companies in the manufacturing. On the measurement of the financial constraints, this paper uses the stochastic frontier method to cope with the disadvantages of the conventional methods, and then gets the measuring results for 1968 companies over the period from 2005 to 2013. The empirical results show that the firms in China＇s manufacturing which have the advantages in the gaining profits and market competition also face the financial constraints, and the firm growth is influenced in the sense of statistics by the financial constraints. The empirical results show new evidence for the Gibrat Law from the perspective of China＇s firm. Finally, this paper gives some policy advice based on the empirical research.