摘要
利用中国上市公司2003～2007年的面板数据和动态面板GMM估计方法,考察了中国金融发展对企业融资约束的影响。研究结果表明,中国上市公司普遍存在融资约束;金融发展有助于降低企业的融资约束水平,民营上市公司的融资约束比国有上市公司得到了更为明显的缓解;金融中介的发展在缓解企业融资约束中的作用远比证券市场的作用大。
Tis paper conducts a dynamic panel analysis of the impacts of financial development on corporate financing constraints using panel data from Chinese listed finns during the period 2003 - 2007. The results show that： （ 1 ） Financing constraints does exist in listed finns of china; （2） Financial development has reduced finn＇ s financing constraints, and financing constraints in the listed firms controlled by private individuals is more obviously released than that of listed firms controlled by the state; （3） The functions of financial intermediation development in the relief of financing constraints is much larger than that of securities market development.
出处
《山西财经大学学报》
CSSCI
北大核心
2009年第11期89-94,共6页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金资助项目(70602033)
广东省科技厅重大规划项目(2007B08703005)
广东金融学院课题(08XJ02-08)
关键词
金融发展
融资约束
欧拉方程
GMM估计
financial development
financing constraints
Euler Equation
GMM Estimation
