摘要
针对不同融资方式对国企利润的影响以及国企融资顺序选择问题,从融资路径的角度,用增量向量自回归方法分析了各融资方式与国企利润之间的关系。结果表明:股市筹资对银行贷款有明显替代作用,银行贷款对国企利润有显著促进作用;相对于银行贷款和股市筹资,国企利润则主要受前期利润的影响;且各变量具有自增强趋势。因此,国企融资改革的重点应该是以企业自身完善为主,银行贷款和股市筹资改革为辅。
To solve the problems of different financing modes or sequences and their effects on the enterprise profit. In terms of financing path, the relations were analyzed by modified vector autoregression model. The results show that： equity finance has substitution effect on loan, and loan improves the profit effectively. Compared with loan and equity finance, the profit is mainly affected on the lag profit. There are self-enhance trend in every variable. So, the key of financing reform is mainly to improve the enterprise management, the reform of loan and equity financing is at the assistant place.
