摘要
以2010-2015年物流行业上市公司为研究样本,采用差分广义矩估计(DIFF-GMM)与系统广义矩估计(SYS-GMM)动态面板模型实证检验银行、保险和证券公司持股对物流行业上市公司融资约束的影响。研究结果发现,与非产融结合企业相比,物流企业通过产融结合与金融企业成为利益相关者,有利于缓解物流企业的融资约束。
In this paper, with the listed logistics enterprises in the 2010-2015 period as the research sample, we used the dynamic panel model with DIFF-GMM and SYS-GMM to investigate the influence of the stock holding of the bank, insurer and securities company on the financial constraint of the listed logistics enterprises, finding that as compared with enterprises without industry-financing integration, the logistics enterprises became stakeholder with the financial enterprises through industry-financing integration, which helped relieving their financial constraint.
出处
《物流技术》
2017年第6期63-66,111,共5页
Logistics Technology
基金
教育部人文社科基金规划项目(15YJA790031)
关键词
物流行业
产融结合
融资约束
动态面板模型
logistics industry
industry-financing integration
financial constraint
dynamic panel model
