摘要
生存问题是企业面临的头等重要大事。本文采用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。数据显示非外资参与企业相对于外资参与企业具有较低的生存率。通过使用COX比例风险回归模型发现外资参与确实可以有效缓解企业的融资约束,从而降低企业的失败风险。相比利用外资带来融资约束缓解效应而言,加快金融市场改革、消除基于所有制性质的信贷歧视才是真正缓解民营企业融资约束,进而提升中国企业竞争力的切实有效的路径。
The effects of financial constrains on firm survival have been largely neglected. We use a panel of newly established non-state-owned Chinese firms over the period 1999-2007 to study the effects of financial variables on firms＇ failure probabili- ties. The results reveal that firms without foreign investment participation （FIP） have lower survival rate than firms with FIP. Then we adopt the method of Cox proportional hazard .It reaches the conclusion as that FIP shields firms from financial con- straints effectively, thereby reduces firms＇ failure probabilities according all samples. Compared to the effect of FIP on alleviat- ing financial constraints, it is a more effective way to accelerate the financial market reformation and eliminate the credit dis- crimination based on ownership in order to alleviate financial constraints of private firms and sharpen the competitiveness of Chinese firms.
出处
《投资研究》
北大核心
2012年第6期65-78,共14页
Review of Investment Studies
基金
国家社会科学基金重点项目(09&ZD033)
教育部人文社科青年基金项目(10YJC790029)
中南财经政法大学中央高校基本科研业务费(31541110819)的资助
关键词
外资参与
融资约束
企业生存
COX比例风险模型
Foreign investment participation
Financial constraints
Firm survival
Cox proportional hazard model
