产业政策、融资约束与市值管理关系研究——以战略性新兴产业上市公司为例

A Study on the Relationship among Industrial Policies, Financing Constraints and Market Value Management—Take Listed Companies in Strategic Emerging Industries as an Example

市值管理能够缓解信息不对称问题,对有融资需求和融资约束的公司更能增强市值管理的意识,进而增强投资者信心。本文以2010~2016年间战略性新兴产业A股上市公司作为样本,研究产业政策、融资约束与市值管理之间的关系。研究结果表明,融资约束程度与企业市值管理呈正相关。在相同条件下,融资需求高的企业,更注重市值管理。融资约束与融资需求的双重作用将抑制企业市值管理。在产业政策的影响推动下,企业融资约束加剧,对企业市值管理起促进作用,地方政府产业政策的出台并未缓解公司的融资约束,产业政策的实施效果并不理想。

Market value management can alleviate the problem of information asymmetry, enhance the awareness of market value management for companies with financing needs and constraints, and then enhance investor confidence. This paper studies the relationship among industrial policies, fi-nancing constraints and market value management based on A-share listed companies of strategic emerging industries in 2010-2016. The results show that enterprises with high degree of financing constraints pay more attention to market value management. Under the same conditions, enter-prises with high financing demand pay more attention to market value management. The dual function of financing restriction and financing demand will restrain the market value management of enterprises. Driven by the impact of industrial policies, enterprises are faced with intensified fi-nancing constraints, which play a role in promoting market value management;the implementa-tion effect of industrial policies is not ideal.