民营企业融资的影响因素研究

Research on the Influence Factors of Private Enterprises Financing

近年来,党中央、国务院出台多项政策措施,优化民营企业政策环境,支持民营企业增信融资。基于民营企业融资的相关文献,总结梳理了民营企业融资的影响因素,运用2008—2018年上市民营企业样本数据,对民营企业融资的影响因素进行实证检验。研究发现,地方政府融资平台对民营企业融资形成"挤出效应"的同时,也可能存在"溢出效应";国有企业对财政金融资源的利用一定程度上影响了民营企业的融资能力;同时,直接融资发展不足,也在一定程度上加大了民营企业的融资约束。基于此,建议通过推动地方政府融资平台有序转型、推行"竞争中性"原则打造公平市场环境、支持民营企业加大直接融资等措施,进一步缓解民营企业融资问题。

In recent years,Central Committee of the Communist Party of China and the State Council introduced many policies to improve the policy environment for private business and to support private enterprises to enhance credit.Based on related literature,this paper reviews the influencing factors of private enterprise financing and makes an empirical test to evaluate these factors using the data of listed private enterprises.This research found that while local-government financing vehicles may crowd out private enterprise financing,there may also be a spillover effect.To a certain extent,state-owned enterprises use financial resources and then reduce the financing capacity of private enterprises.Given the fact that the development of direct financing has been lagging,private enterprise financing constraint has been greatly increased.Based on these findings,this study suggests that we should promote the transformation of local government financing platforms,carry out the principle of“competitive neutrality”to create a fair market,and support private enterprises to increase direct financing.