金融市场化,所有制差异与融资渠道——基于世界银行中国企业投资环境调查的实证分析

Financial marketization, ownership differences and financing channels——Based on the empirical analysis of Chinese enterprises' investment environment survey taken by the World Bank

本文实证检验了金融市场化对于企业融资约束的作用机制及其影响,并且探讨了这种影响是否在不同所有制企业间存在差异。研究发现:(1)总体而言,金融市场化有助于缓解各类企业融资约束;(2)相比而言,民营企业面临着显著融资难、融资贵等问题,而金融市场化程度的提高可有效缓解民营企业的融资约束;(3)金融市场化有利于企业获得更多的融资渠道,譬如银行贷款、商业信用等,从更广的视角上探讨了金融市场化对企业融资的影响。

Based on the empirical analysis, this paper tests the impacts of financial marketization on corporate financing constraints, and further explores whether such impacts are different in the different ownership of enterprises. Results show that： （1） In general, financial marketization is helpful in alleviating the financing constraints of various types of enterprises. （2） By comparison, private enterprises are facing obvious difficulties in financing issues, the improvement of the level of financial marketization can effectively alleviate private enterprise financing constraints.（3）Financial marketization enables enterprises to obtain more financing channels, such as bank loans, commercial credit, etc. In this way, this paper studies the impact of financial marketization on corporate financing from a broader perspective.