摘要
基于财政压力的视角,在理论分析的基础上利用2009—2013年我国沪深制造业上市公司平衡面板数据考察金融发展与企业融资约束缓解。结果表明:总体上,财政压力对金融发展缓解企业融资约束效应构成抑制,但这种抑制效应受到地区既有财政压力与金融发展水平的影响;另外,财政压力对于金融发展融资约束效应的影响存在所有权性质差异,金融发展对于民营企业融资约束的缓解作用更容易受到财政压力的阻碍。
The paper investigates the effects of financial development on firms financing constraints in context of different local fiscal pressure. Based on 2009--2013 panel data of listed companies in China manufacturing, the results show： fiscal pressure hinder the easement of financial development on firms financing constraints, the effect differs from district which has different fiscal pressure and financial development level. Furthermore, fiscal pressure has promoted the easement of financial development on state-owned enterprises＇ financing constraints but weaken the easement of non-state owned enterprises＇.
出处
《南京财经大学学报》
2015年第4期23-29,共7页
Journal of Nanjing University of Finance and Economics
基金
浙江省科技厅软科学项目(2014C35045)
浙江工业大学人文社科预研基金青年项目(20140256)
浙江省社科联重点课题(2015Z017)
关键词
金融发展
财政压力
融资约束
financial development
fiscal pressure
financial constraint
