期刊文献+

融资约束对企业生存时间的影响分析

Analysis of the Effect of Financial Constraints on Enterprises’ Survival Time
下载PDF
导出
摘要 2011年来货币政策趋紧,中国民营企业如何在金融不完善的体制下独善其身已经备受学者们瞩目。首先采用中国1999-2007年期间新成立的非国有企业样本数据刻画了中国企业的生存时间。结果显示中国企业的中位生存时间为5年。①同时,还发现非外资参与企业相对于外资参与企业具有较低的生存率。其次,通过使用COX比例风险回归模型发现外资参与可以有效缓解企业的融资约束。最后,对模型结论进行稳健性检验。 As the monetary policy has been tightened since 2011,how Chinese private enterprises cope with it under the deficient financial system has become an issue concerned by scholars.This article adopts a panel data of newly established non-state-owned Chinese enterprises during 1999—2007 to study the survival time of firms.Results reveal that the survival time is 5 years.At the same time,it also shows that enterprises without foreign investment participation(FIP) have lower survival rate than that of enterprises with FIP.Then Cox proportional hazard model is adopted and it reaches the conclusion that FIP shields enterprises from financial constraints effectively.Finally,there is a robustness check on the conclusion.
作者 蒋灵多
出处 《中南财经政法大学研究生学报》 2012年第1期118-125,共8页 Journal of the Postgraduate of Zhongnan University of Economics and Law
关键词 FDI 融资约束 生存时间 COX比例风险模型 FDI Financial Constraints Survival Time Cox Proportional Hazard Model
  • 引文网络
  • 相关文献
;
使用帮助 返回顶部