金融约束对企业成长的影响——针对中国医药行业的研究

The Impact of Financial Constraints on Firm Growth——Based on China’s Pharmaceutical Industry

本文以中国274家制药企业为样本,研究财务约束与企业成长、企业投资和研发强度的关系。为了估计不同的动态面板数据模型,使用了OLS、固定效应、随机效应和分位数回归。现金流量/资产与企业成长、企业投资和研发强度之间的约束分别被用来衡量财务约束。该模型适用于中国医药行业。整体来看,资产模型显示,中国医药企业的资产增速与现金流敏感性不存在显著关系;投资模型结果表明,中国医药企业的投资强度与现金流敏感性之间不存在显著关系;R&D模型结果表明,R&D强度与现金流敏感性不存在显著关系,说明我国医药企业整体水平不存在财务约束。通过对分位数回归的进一步研究,发现低增长率企业的资产增长率与现金流敏感性之间存在显著关系。但在投资模型和研发强度模型中,现金流敏感性与投资模型之间不存在显著关系,即不存在财务约束。

Based on 274 pharmaceutical companies in China, this paper studies the relationship between financial constraints and firm growth, firm investment and R & D intensity. In order to estimate different dynamic panel data models, OLS, fixed effects, random effects and quantile regression are used. The bindings between cash flow/assets and firm growth, firm investment and R & D intensity, respectively, are used to measure financial constraint. The model is suitable for Chinese pharmaceutical industry. the asset model shows,On the whole, that there is no significant relationship between asset growth and cash flow sensitivity of Chinese pharmaceutical enterprises;The results of investment model show that there is no significant relationship between the investment intensity and cash flow sensitivity of Chinese pharmaceutical enterprises;The results of R & D model show that there is no significant relationship between R & D intensity and cash flow sensitivity and it shows that there is no financial constraint in the overall level of pharmaceutical enterprises in China. Through the further study of quantile regression, this paper finds that there is a significant relationship between asset growth and cash flow sensitivity of low growth rate enterprises. However, in the investment model and R & D intensity model, there is no significant relationship between cash flow sensitivity and investment model, that is, there is no financial constraint.