融资约束差异对投资规模的影响研究——以中国私营与国有工业企业为例

A Study of Effects of Financing Constraint Differences on Investment Scale: With China's Private and State-Owned Industrial Enterprises as Examples

结合中国金融体系的发展特点及私营与国有企业投资目标,通过分析私营与国有工业企业投资决策及两类企业融资约束差异的形成原因,将融资约束差异引入工业部门投资模型。并且选取1999—2011年间中国规模以上工业企业相关数据,估计了融资约束差异变化对中国工业部门投资规模的影响。研究表明:(1)国有企业具有部分政策性功能,因此投资行为更具扩张性;(2)促进金融发展、缓解私营与国有企业间融资约束差异,有利于提高工业部门整体投资规模及经济增长。

Integrating the development features of China’s financial system with the investment objectives of private and state-owned enterprises,the paper introduces financing constraint differences into the investment model in the industrial sector through analyzing the reasons for forming investment decisions and financing constraint differences among the private and state-owned enterprises. The relevant data of China’s industrial enterprises above designated size from 1999 to 2011 are selected to estimate the effects that the changes of financing constraint differences make on the investment scale of China’s industrial sectors. The study shows that the stateowned enterprises’ investments tend to expand due to their partial function of policy. Meantime,promoting financial development and relieving financing constraint differences between private and state-owned enterprises can help improve the entire investment scale and economic growth of industrial sector.