混合股权影响企业融资约束吗——来自中国上市公司的经验证据

Does Mixed-ownership Affect Corporate Financing Constraints——Empirical Evidence from Chinese Listed Companies

基于我国混合所有制改革的背景,采用A股上市公司2008-2016年的财务数据,研究了混合股权与企业融资约束之间的关系。结果表明,混合股权能有效缓解企业融资约束;在金融发展水平较高的地区和非国有企业,混合股权的融资约束缓解作用更大,但该作用在非国有企业中能否得到有效发挥更依赖于外部金融发展水平。进一步研究发现,混合股权缓解企业融资约束的作用机制在于,其有助于企业获得更多的股权融资、银行借款和商业信用。

Based on the background of China’s mixed-ownership reform and the sample data of Chinese public listed enterprises from 2008 to 2016,this paper studied the relationship between mixed-ownership and corporate financing constraints.The results show that mixed-ownership can effectively alleviate corporate financing constraints.Besides,in regions with higher level of financial development and non-state-owned enterprises,the mitigation of financing constraints of mixed equity plays a greater role.But whether this role can be effectively played in non-state-owned enterprises depends more on the level of external financial development.Further research has found that the mechanism of mixed-ownership relaxing corporate financing constraints is that it helps firms gain more equity financing,bank loans and commercial credits.