【摘要】：根據(jù)現(xiàn)有理論,國有企業(yè)和非國有企業(yè)信貸約束的差異是理解中國經(jīng)濟(jì)失衡的關(guān)鍵,本文利用近年來公司金融文獻(xiàn)中提出的現(xiàn)金-現(xiàn)金流敏感度的分析方法,以中國A股上市企業(yè)1990-2010年的數(shù)據(jù)為樣本,研究了中國國有企業(yè)與非國有企業(yè)存在著的信貸約束差異。其基本計(jì)量模型回歸結(jié)果表明,非國有企業(yè)的信貸約束更強(qiáng),而國有企業(yè)則不存在信貸約束。隨后,采取的穩(wěn)健性檢驗(yàn)結(jié)果表明非國有企業(yè)受到了信貸約束,而國有企業(yè)則沒有受到信貸約束這一結(jié)論具有穩(wěn)健性。
[Abstract]:According to the existing theory, the difference of credit constraints between state-owned enterprises and non-state-owned enterprises is the key to understand the imbalance of Chinese economy. This paper uses the cash-cash flow sensitivity analysis method proposed in recent years in the corporate finance literature. Based on the data of Chinese A-share listed enterprises from 1990 to 2010, the differences of credit constraints between state-owned enterprises and non-state-owned enterprises are studied. The regression results of its basic econometric model show that the credit constraint of non-state-owned enterprises is stronger than that of state-owned enterprises. Subsequently, the results of robustness test show that non-state-owned enterprises are subject to credit constraints, while state-owned enterprises are not subject to credit constraints, and the conclusion that they are not subject to credit constraints is robust.
【作者單位】： 北京大學(xué)國家發(fā)展研究院中國經(jīng)濟(jì)研究中心;
【分類號】：F276.1;F276.5;F832.4

【參考文獻(xiàn)】

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