福建省民营上市公司融资约束的测算与比较

The Measurement and Comparison of Financial Constraints of Private Listed Companies in Fujian Province

基于2003-2017年的上市公司数据,利用SA指数法探究了福建省民营上市公司融资约束状况,主要研究结论如下:福建省民营上市公司受到的融资约束呈增长趋势,但低于福建省上市公司受到的平均融资约束水平;自2009年起,福建省民营非重污染上市公司受到的融资约束逐渐超过民营重污染上市公司;福建省民营上市公司受到的融资约束低于东部地区和全国的平均水平,但融资优势逐渐减弱,主要原因是福建省民营非重污染上市公司融资约束增大。

Based on the data of listed companies from 2003 to 2017,the paper explores the financial constraints of private listed companies in Fujian Province by using SA index method.The results show that(1)The financial constraints of private listed companies in Fujian Province are increasing,but lower than the average financial constraints of Listed Companies in Fujian Province,(2)since 2009,private non-heavily polluted listed companies in Fujian Province have been subject to more financial constraints than private heavily polluted listed companies,(3)the financial constraints of private listed companies in Fujian Province are lower than the average level of the eastern region and the whole country,but their financial advantages are gradually weakening.The main reason is that the financial constraints of private non-heavily polluted listed companies in Fujian Province are increasing.