山西省制造企业融资约束的影响因素研究——基于企业内因的分析

Factors Affecting the Financing Constraints of Enterprises in Shanxi Province: an Analysis Based on Internal Factors of Enterprises

融资约束制约了实体企业的发展,而企业诸多的自身条件又对融资约束起到了不同程度的缓解或加剧作用。基于山西省在沪深A股上市的38家制造企业2013-2017年连续5年的平衡面板数据,采用面板数据固定效应回归模型,实证分析了影响山西省制造企业融资约束的内部因素。结果表明,盈利能力、机构投资者、企业年龄和企业规模对融资约束都具有显著的缓解作用;而财务杠杆和现金持有对融资约束则具有显著的加剧作用;国有企业的融资约束程度要显著小于民营企业;商业信用对融资约束的作用并不显著。为有效缓解山西省制造企业面临的融资约束,对地方政府、社会主体及企业自身三个方面提出对策建议。

Financing constraints restrict the development of real enterprises,and many of their own conditions have played a different degree of mitigation or exacerbation role in financing constraints.Based on the balanced panel data of 38 manufacturing enterprises listed in Shanghai and Shenzhen A-share market from 2013 to 2017,using panel data fixed effect regression model,this paper empirically analyzes the internal factors that affect the financing constraints of manufacturing enterprises in Shanxi province.The results show that profitability,institutional investors,enterprise age and enterprise size have significant mitigation effects on financing constraints,while financial leverage and cash holding have significant aggravating effects on financing constraints,the degree of financing constraints of state-owned enterprises is significantly smaller than that of private enterprises,and that the effect of commercial credit on financing constraints is not significant.In order to effectively alleviate the financing constraints faced by manufacturing enterprises in Shanxi province,countermeasures and suggestions are put forward for local governments,social subjects and enterprises themselves.