营商环境对企业融资约束的影响--基于行业竞争程度和企业竞争地位的双重调节效应

The Impact of the Business Environment on Corporate Financing Constraints--The Dual Regulating Effect Based on the Degree of Industry Competition and the Competitive Position of Enterprises

基于2012—2020年A股上市公司数据,实证检验营商环境对企业融资约束的影响并引入行业竞争程度和企业竞争地位的双重调节变量进行分析。研究表明,优化营商环境有助于缓解企业融资约束;行业竞争程度和企业竞争地位对营商环境与融资约束的关系具有负向调节效应;营商环境对企业融资约束的影响存在管理者能力和地区差异化影响。政府应深化“放管服”改革,持续推动营商环境建设,为企业营造良好的融资环境;企业也应紧跟国家政策,把握优化营商环境带来的发展机遇,同时建立竞争优势和人才引进制度,优化配置资源,走出融资困境。

Based on the data of A-share listed companies from 2012 to 2020,the influence of business environment on corporate financing constraints is empirically tested,and the dual moderating variables of industry competition degree and enterprise competitive position are innovatively introduced to analyze.Studies show that optimizing the business environment can help ease corporate financing constraints;the degree of industry competition and the competitive position of enterprises have a negative regulating effect on the relationship between business environment and financing constraints.The heterogeneity analysis shows that the impact of business environment on corporate financing constraints has the influence of managerial ability and regional differentiation.The government should deepen the reform of"decentralization,management and service",continue to promote the construction of a business environment,and create a good financing environment for enterprises;enterprises should also closely follow national policies,grasp the development opportunities brought by the optimization of the business environment,and at the same time establish competitive advantages and talent introduction systems,optimiz e the allocation of resources,and get out of the financing dilemma.