中国上市企业融资约束成因研究^[1]

于震 王肖梦 刘淼^[2]

摘要：融资约束对企业投融资活动的抑制作用已得到社会的广泛关注和认同，但就其成因，无论是理论还是实证研究仍存在一定分歧。本文利用2009～2016年在中国A股上市的企业数据，采用随机前沿模型从市场因素和非市场因素两方面检验了融资约束成因。实证结果表明，我国上市企业普遍面临较为严重的融资约束，信息不对称作为传统融资约束理论所强调的重要市场因素也是我国上市企业融资约束的显著成因。除此之外，区域经济发展、所有权性质和企业规模等非市场因素均与企业融资约束程度显著相关，且文中针对上市企业得到的结论同样适用于非上市企业。最后本文根据实证结果分别从企业和政府层面提出了缓解企业融资约束的政策建议。

关键词：融资约束 上市企业 随机前沿模型

中图分类号：F832.4 文献标识码：A

The Research on Causes of Financial Constraints in the Chinese Listed Companies

Yu Zhen Wang Xiaomeng Liu Miao

Abstract：The restraint of financing constraints on corporate investment and financing activities has been widely concerned，but there are still some divergences on contributing factors in the existing theoretical and empirical research. This paper uses stochastic frontier model to examine the causes of financing constraints from both market and non-market factors with the data of Chinese A-share listed companies from 2009 to 2016. The empirical analysis shows that Chinese listed companies generally face serious financing constraints. As an important market factors emphasized by traditional financing constraints theory information asymmetry is a significant cause of financing constraints of Chinese listed companies. In addition，the non-market factors such as regional economic development，ownership characteristics and enterprise size are significantly related to the degree of financing constraints. The above conclusions drawn from the listed companies are also applicable to unlisted companies. According to the empirical results，this paper puts forward some suggestions from the perspective of enterprises and government respectively to relieve financing constraints.

Keywords：Financial Constraint Listed Companies Stochastic Frontier Model