金融约束对企业投融资行为的政策效应研究——基于A股公司

A Study of the Policy Effect of Financial Restraints on Corporate Investment and Financing Behaviors: Based on the Data of A-Share Companies

宏观金融政策是影响企业投融资行为的重要因素,金融约束是现阶段中国企业所面临的最主要的宏观金融环境。在金融约束政策框架下,用2004-2013年数据对A股公司的投融资行为进行实证研究,并通过编制的金融约束指数可以看出,中国的金融约束政策是松紧波动的;金融约束政策对国有上市公司和非国有上市公司所产生的政策效应存在差异。这种差异客观上会带来不同产权属性的上市公司投融资行为上的非效率差异,以及不公平性。因此,需要逐步放松政策约束。

Macro financial policy is an important factor affecting corporate investment and financ- ing behaviors; financial restraints are the main macro financial conditions for China＇ s enterprises at the present stage. Under the framework of the financial restraint policy, this paper conducts an empir- ical analysis of the investment and financing behaviors of A-share companies with the data from 2004 to 2013. It can be seen through the compiled financial restraint index that China＇ s financial restraint policy is elastic and fluctuated. There exist some differences between the effects of financial restraint policies on state-owned listed companies and on non-state-owned listed companies. These differences may objectively lead to the non-efficiency differences on the investment and financing behaviors of listed companies which have different property rights, and unfairness as well. Therefore, it is necessary to gradually loose the policy restraints.