金融生态环境、内部资本市场与融资约束

Financial Ecological Environment,Internal Capital Market and Financing Constraints

运用我国2011—2016年A股上市集团公司相关数据,将金融生态环境作为调节变量,探讨金融生态环境对集团内部资本市场缓解企业融资约束效果的影响。研究发现:金融生态环境对企业集团内部资本市场缓解融资约束具有显著的调节作用。在金融生态环境较差的地区,内部资本市场缓解外部融资约束的效果比较明显;产权异质性使不同企业集团内部资本市场缓解融资约束的效果有所不同,民营企业集团内部资本市场缓解融资约束的作用在金融生态环境较差的地区得到加强,国有企业集团内部资本市场缓解融资约束作用不明显。

Based on the relevant data of A-share listed company in China from 2011 to 2016,with financial ecological environment as regulated variable,this paper explores the impact of financial ecological environment on the internal capital market to alleviate the financing constraints of enterprises. This paper finds that the financial ecological environment plays a significantly regulatory role in alleviating financing constraints within the internal capital market of the enterprise group. In the areas where the financial ecological environment is poor,the effect of internal capital market to alleviate external financing constraints is more obvious; the heterogeneity of property rights makes difference to enterprise groups. For private enterprise groups,the role of the internal capital market has been strengthened,while the internal capital market of state-owned enterprise groups is less obvious and the financing constraints are not obvious.