差异制度环境下金融支持路径与民营企业发展研究

Research on Financial Support Path and Private Enterprise Development under the Different Institutional Environments

文章以民营上市公司为研究对象,实证考察了不同的金融支持路径对民营企业发展的影响。实证研究发现,不同类型的金融支持路径对民营企业的发展存在着双向效应,不同制度环境下金融支持路径对民营企业的发展存在协同效应。此外,股权性融资在促进民营企业发展的同时会提高企业资信状况,从而增加融资便利;债权性融资在阻碍民营企业持续性发展的同时会降低企业资信度,从而减少融资便利。

Taking the listed private companies as the research object,we investigate the influence of different financial support paths on the development of private enterprises.Empirical study finds that the different financial support paths have two-way effect on the private enterprises’development.There is a synergistic effect of financial support paths on the development of private enterprises under different institutional environments.While equity financing promotes the development of private enterprises,it will improve the credit status of the enterprises,thereby increasing financing convenience;while debt financing hinders the sustainable development of private enterprises,it will reduce the creditworthiness and financing convenience of the enterprise.