金融发展、产权性质与融资歧视--基于中国上市公司现金-现金流敏感性的实证研究

Financial Development,Ownership and Financial Discrimination Based on the Cash-Cash Flow Sensitivity of Chinese Listed Firm

通过使用现金-现金流敏感性为工具,研究我国民营企业面临的融资歧视问题,以克服以往研究中使用负债率差异受到的“自主选择”问题困扰。结果显示:民营企业的现金-现金流敏感性系数显著为正,而国有企业没有表现出显著的现金-现金流敏感性,证实了民营企业融资歧视的存在;将融资歧视放在金融发展的制度变迁过程中进行考察,发现伴随着金融发展水平的提高,民营企业的融资歧视得到有效缓解,表现为现金-现金流敏感性的显著下降。结论说明融资歧视可能是我国经济转型过程中的阶段性存在。

This thesis uses the cash-cash flow sensitivity as a tool to study the financial discrimination faced by private enterprises in China in order to overcome the"self-selection"of liability rate differences by the previous research.The results show that the factor of cash-cash flow sensitivity of private enterprises is significantly positive,while the state-owned enterprises do not show significant cash flow sensitivity of cash.It confirms the existence of financial discrimination of private enterprises.Further research from the perspective of financial development finds that with the financial development speeding up,financial discrimination is eased according to the sharp falling of the factor of cash-cash flow sensitivity.It is concluded that the financial discrimination may exist temporarily in the transformation of Chinese economy.