摘要
以我国沪深A股制造业上市企业为研究样本,结合2011年至2017年的财务数据,对特质波动、融资约束与企业绩效之间的关系以及特质波动对融资约束与企业绩效关系的影响进行实证研究。结果表明,特质波动以及融资约束的上升会对我国制造企业绩效产生显著的负向作用;其中,在国有制造业企业中特质波动的绩效抑制作用更大。进一步研究发现,特质波动上升会导致融资约束和企业绩效的负相关关系增强,融资约束对经营绩效的负面作用明显。
Based on the financial data of Shanghai and Shenzhen A-share listed manufacturing enterprises from 2011 to 2017,this paper makes an empirical study on the relationship between idiosyncratic volatility,financing constraints and corporate performance,and the impact of idiosyncratic volatility on the relationship between financing constraints and corporate performance.The results show that the volatility of traits and the rise of financing constraints will have a significant negative impact on the performance of manufacturing enterprises in China,and the restraint of the volatility of traits is even greater in state-owned manufacturing enterprises.It is further found that the rise of volatility will lead to the enhancement of the negative correlation between financing constraints and corporate performance,and the more obvious the negative effect of financing constraints on business performance.
作者
孔一超
周丹
KONG Yichao;ZHOU Dan(School of Finance,Zhejiang University of Finance and Economics,Hangzhou,Zhejiang 310018,China)
出处
《金融教育研究》
2019年第4期29-37,共9页
Research of Finance and Education
基金
江西省社会科学规划重大招标项目(16WTZD12)
关键词
制造业
融资约束
企业特质波动
企业绩效
manufacturing
financing constraints
corporate traits
corporate performance
