QFII制度改革与上市公司融资约束的实证研究

An Empirical Study on QFII System Reform and Financing Constraints of Listed Companies

本文通过建立投资现金流敏感性模型,验证我国上市公司是否存在融资约束;在引入QFII制度改革等相关虚拟变量后,检验QFII历次改革能否显著降低企业的投资现金流敏感性,并且进一步分析制造业、房地产业和批发与零售业是否存在显著差异。实证结果表明:(1)从全样本来看,我国上市公司存在投资现金流敏感性,QFII改革能显著地削弱上市公司的投资现金流敏感性;(2)从行业来看,批发和零售行业的投资现金流敏感性最高,其次是制造业,房地产业较为不显著,QFII制度对三个行业投资现金流敏感性的削弱程度有不同的表现:对批发和零售行业的影响最大,其次是制造业,对房地产业影响较为不显著。据此,本文提出增加企业融资渠道和加快引入国外机构投资者的建议。

By establishing the sensitivity model of investment cash flow,verifying whether the listed companies in our country have financing constraints;introduces the related dummy variables such as QFII system reform to test whether the previous QFII reform can significantly reduce the investment cash flow sensitivity of enterprises,and further analyzes whether there are significant differences among manufacturing,real estate,wholesale and retail industries.The empirical results show that:(1)from the perspective of the whole sample,the listed companies in China have investment cash flow sensitivity,and QFII reform can significantly reduce the investment cash flow sensitivity of listed companies;(2)from the perspective of industry,the wholesale and retail industries have the highest investment cash flow sensitivity,while the manufacturing industry has relatively low investment cash flow sensitivity,while the real estate industry has the highest investment cash flow sensitivity Not significantly,QFII system has significantly different degrees of weakening the sensitivity of investment cash flow in the three industries:Wholesale and retail industries have the greatest impact,followed by manufacturing industry,and real estate industry has no significant impact.Based on this,the paper puts forward some suggestions on increasing the financing channels of enterprises and accelerating the introduction of foreign institutional investors.