摘要
为更好地分析金融发展与经济增长的因果关系,探讨金融发展促进经济增长的微观机理,运用2004—2010年41家中国农业上市公司的数据,选取287个公司年有效数据,采用动态系统GMM估计方法,研究金融发展对微观企业融资约束的影响,进而分析对农业上市公司投资的影响。结果显示:中国农业上市公司普遍存在融资约束问题,金融发展水平的提高有利于减少企业对内部现金流的依赖,缓解企业的融资约束,减轻企业的融资压力,进而促进公司投资行为,推动经济发展。这一结论不仅为中国金融发展促进经济增长的微观机理提供了经验支持,也对宏观金融发展与微观企业投资之间的关系进行了更深入的挖掘。
To analysis the relationship financial development and economic growth, and explode the microscopic mechanism of financial development promoting the economic growth. This paper, using panel data and dynamic system GMM estimation method from 41 Chinese agricultural listed companies and select 287 years valid data during the period 2004--2010, analysis the impact of macro-financial development to micro-enterprise financing constraints, and thus im- pact on agriculture listed companies investment. The results show that, China agriculture listed companies are prevalent in financing constraints, raising the level of financial development helps to reduce corporate reliance on internal cash flow, thereby ease financing constraints, thus contribute to company investment behavior and economic development. This conclusion is not only empirical support for the microscopic mechanism of China' s financial development and eco- nomic growth, but also more in-depth understanding the relationship between macro-financial development and micro en- terprises investment.
出处
《贵州财经学院学报》
北大核心
2012年第6期65-70,共6页
Journal of Guizhou College of Finance and Economics
关键词
金融发展
融资约束
农业上市公司
公司投资
financial development
financing constraints
China
Agricultural Listed Companies
Corporate Investment