金融发展与企业融资约束差异：基于企业数据的经验研究.pdf

论文研究领域： 宏观经济学 金融学 金融发展与企业融资约束差异：基于企业数据的经验研究 阳小晓 赖明勇 （湖南大学经济与贸易学院） 摘 要 本文旨在剖析金融发展促进经济增长的微观机制，讨论地区金融发展能否 解释企业发展差异，以及金融因素是否在企业投资过程中起决定作用两个关键命题。基于财 务预算模型的经验研究表明，地区金融发展差异影响企业融资约束水平进行影响企业发展。 同时，采用结构性投资模型针对制造业上市公司投资行为的分析表明，企业投资的确受到融 资约束，而且融资约束程度因企业特征（如资产规模，股权结构特征以及股利支付政策）而 异。 关 键 词 金融发展 融资约束 结构性投资模型 Financial development and differences in firm’ s financing constraints ： Empirical evidence from firm-level data Yang Xiaoxiao Lai Mingyong (School of Economics and Trade, Hunan University) Abstract: This paper examines whether financial development foster economic growth by scrutinizing one rationale for such a relationship: that financial development reduces financing constraints facing by firms. First, we investigate whether firm’s access to external financing differs in districts and then find firms that are relatively more in need of external finance develop disproportionately faster in more financially developed regions. More specifically, based on structural investment model, we find a strong positive relationship between investment and availability of internal funds (a proxy for financing constraints), and the sensitivity also differs according to sorting criteria such as asset size, ownership structure, dividends payout ratio etc. Key words: financial development, financing constraints, structure investment model JEL Classification : O12, O16, G31 一、 引言 对“经济增长之源”进行剖析的重要前提在于洞悉金融发展与增长的关系，理论研究主 要考虑金融工具、金融市场以及金融体系的出现和发展通过影响经济体系中的信息成本以及 交易成本从而影响储蓄率、投资决策、技术创新以及稳态增长率（可参见 Greenwood and Jovanovic, 1990; Greenwood and Smith, 1996; Allen and Gale, 1997 ）。相关经验研究考虑