信息环境视角下两权分离度与融资约束的相关性分析-analysis of the correlation between the degree of separation of two rights and financing constraints from the perspective of information environment.docxVIP

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2018-06-03 发布于上海
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信息环境视角下两权分离度与融资约束的相关性分析-analysis of the correlation between the degree of separation of two rights and financing constraints from the perspective of information environment.docx

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信息环境视角下两权分离度与融资约束的相关性分析-analysis of the correlation between the degree of separation of two rights and financing constraints from the perspective of information environment

AbstractTheinfluencingfactorsonthefinancingconstraintsarefocusedbymoreandmoreacademics,becauseitisnotonlyrelatedtoeconomicgrowthandfinancialdevelopmentofsuchgrandtopics,butalsorelatedtotheindividualoutofpovertyandthecreationofvalue.Infact,manycompaniesduetofinancingislimited,andthushadtoabandontheinvestmentproject.Therearealotofbusinessesaremorelikelytoreceivefinancialsupport,willnotgiveupinvestmentprojectswithfinancingconstraints.Thefirstpartofthispaperistheintroduction,firstlyitisthebackgroundofthefinancingconstraints,andthenanalyzesthepurposeandsignificanceofthestudy,aswellasthebasicframeworkofthispaper.Thesecondpartistheliteraturereview:areviewofrelevantliteratureinrecentyears.Thethirdpartistheseparationofownershipandthetheoreticalbasisofthefinancingconstraint.Thefourthpartisthetheoreticalanalysisontherelationshipbetweentheseparationofownershipandfinancingconstraint:Thisarticletryingtousetheinformationenvironmentperspective,toexploretherelationshipbetweentheseparationofownershipandfinancingconstraints,firstofall,followedbydiscussionofthefinancingconstraintstatusundertheultimatecontrolThendiscussedtheseparationofownershipofcompanieswithhighinformationasymmetrywillstrengthentheseparationoffinancingconstraints,leadingtoahigherdegreeoffinancingconstraints,thelastconsideringthedifferentinformationenvironments.Thispaperselectsthelistedcompaniesin2007-2010astheprimarysample,tracingthecontrolchaintoinvestigatetherelationshipofthefinancingconstraintsandseparationofownershipindifferentinformationenvironment,wefoundthefollowingconclusions:thefinancingconstraintsofChinaslistedcompaniesisstillveryserious,takingintoaccounttheimpactoftheultimatecontrollerandfoundthatbecauseofgovernmentsupport,itcangetmoreresources,thefinancingconstraintisnotserious,privatecompaniesbecauseofdeficiencies,andthustheresourcesavailabletoarelativelysmall,sothephenomenonoffinancingconstraintsismoreserious.theseparationofownershipandthegreatertheprivatecompanyfromfinancingconstraints,controllingshareh