江苏“一带一路”企业金融“贫困”评价研究

COMMERCIALLY FINANCIAL POVERTY EVALUATION OF"THE BELT AND ROAD"IN JIANGSU PROVINCE

融资约束限制了企业投资活动,是制约我国上市企业发展的瓶颈之一,缓解企业融资约束势在必行。本文基于金融约束理论、金融抑制理论以及贫困理论,首次对企业金融“贫困”进行概念界定,为减轻企业融资约束水平寻求解决方案。具体从宏观、中观、微观层面多角度分析影响“一带一路”企业金融“贫困”暴露程度的因素和企业反“贫困”能力的因素,并利用层次分析法确定综合权重,对A股“一带一路”板块21家注册地在江苏省内的企业金融“贫困”程度开展评价研究。结果表明,2013—2018年,江苏“一带一路”企业全部具有金融“贫困”特征,其每年贫困指数均值在1.1~1.9之间,且“贫困”风险预警有逐年增强的趋势。金融市场与金融机构发展较缓等企业外部环境加重了“贫困”程度;在企业114项样本数据中,11个巨警样本均来自民企,因此从企业性质来看,国企较民企金融“贫困”水平更为乐观;此外,企业国际化程度越高、规模越大、盈利水平越高、东道国政局越稳定,金融“贫困”特征越弱。根据评价分析结果从政府和企业两个角度针对性地提出政策建议:1)政府应加强金融资源引导,创造良好的金融外部环境;2)企业则应提升自身反“贫困”能力,缓解融资约束水平。

Financing constraints limit commercial investments and remains as one of bottlenecks for China's listed companies,which has to be resolved.This paper uses financing constraint theory,financial restraining theory and poverty theory to conceptually define the commercially financial poverty as an approach to commercial financing,and analyzes the exposure factors and anti-poverty factors of the Belt and Road”from macroscopic,medium tomicroscopic levels,and determine their comprehensive weights by means of hierarchy analysis based on cases of 21 Shanghai-listed Jiangsu-registered companies of“the Belt and Road”.During 2013 to 2018,all of them are of financial poverty with average index between 1.1 to 1.9 in an upward trend,mainly contributed by a lagging financing market and financial institutes.Among the 114 indexes,11 of serious alarming are private companies,indicating state-owned companies have an optimistic financial poverty level than private.The higher globalization,larger size,stronger profitability,more stable political regime,the weaker financial poverty.This paper presents policy suggestions for governments in boosting financial orientation and in creating a good financially external environment,and for companies in intensifying anti-poverty capabilities to mitigate financing restraining level.