融资约束视角下企业规模、产权性质与企业价值的实证研究——以A股造纸业上市企业为例

An Empirical Study on Enterprise Scale Property Right Property and Enterprise Value From the Perspective of Financing Constraint--Take A-share Listed Paper Companies as Examples

选取沪深股市20家造纸上市企业作为研究样本,针对融资约束与企业市值的关系,根据2010~2018年的面板数据,综合采用混合回归、固定效应估计模型展开实证分析。研究表明:造纸业上市企业的价值与其融资约束程度呈负相关,在小规模企业以及非国有产权性质的企业中,融资约束程度对企业的价值影响更明显。因此,造纸企业应合理拓宽融资渠道,小规模企业在扩张与发展中应尽量减少杠杆,非国有企业应注重企业的整体成长性,进而减少融资约束的影响。

In this paper,20 listed paper enterprises in Shanghai and Shenzhen stock markets were selected as the research samples to conduct empirical analysis on the relationship between financing constraints and enterprise market value.Based on the panel data from 2010 to 2018,the hybrid regression and fixed effect estimation model was adopted comprehensively.The research shows that the value of listed enterprises in paper industry is negatively correlated with the degree of financing constraint,and the degree of financing constraint has a more significant impact on the value of enterprises in small-scale enterprises and enterprises with non-state-owned property rights.Therefore,paper enterprises should reasonably expand financing channels,small-scale enterprises should reduce leverage in the process of expansion and development,and non-state-owned enterprises should pay attention to the overall growth of enterprises,so as to reduce the impact of financing constraints.