融资约束、中小企业投资效率与投融资决策——基于深交所中小企业板的实证研究

Financing Constraints on SME Investment Efficiency and Investment and Financing Decisions:An Empirical Study Based on SME Board of Shenzhen Stock Exchange

本文选取深圳证券交易所中小企业板上市公司的数据构建随机效应面板模型,通过差分广义矩估计方法(D-GMM)对中小企业上市公司上市前后的投资-现金流敏感度进行实证检验和对比分析。研究发现,上市之前与上市之后,中小企业上市公司都对内部的现金流有较高敏感性,而且上市以后的现金流敏感性更高。通过探究现金持有量对投资-现金流敏感度的影响发现,中小企业在上市之后所受到的融资约束比上市之前更严重,因此中小企业是否应该上市需要审慎决策。此外,中小企业上市之后投资效率的提高原因可能为监管当局更加严格细致的监管政策和监管措施。

This paper selects the data model of the random effect panel of the listed companies of the SME board of Shenzhen Stock Exchange, and empirically tests and compares the investment-cash flow sensitivity of listed companies before and after listing by differential generalized moment estimation method(D-GMM). The study finds that listed companies have higher sensitivity to internal cash flow before and after listing, and the cash flow sensitivity after listing is higher. By exploring the impact of cash holdings on investment-cash flow sensitivities, it is found that SMEs were more constrained after listing than before going public. Therefore, whether SMEs should be listed requires careful decision-making and cannot be promoted blindly. In addition, the increase in investment efficiency of SMEs after listing may be due to stricter and more detailed regulatory policies and regulatory measures by the regulatory authorities.