【摘要】：莫迪格利安尼和米勒提出的M-M理論指出，，在完美的資本市場下，企業(yè)的內(nèi)源融資和外部資金是可以相互替代的，但是，由于現(xiàn)實資本市場不完善，信息不對稱以及交易成本的存在，使得企業(yè)內(nèi)外部融資成本有差異，企業(yè)外部融資困難，引致企業(yè)面臨投資不足，對投資資金需求主要依賴內(nèi)部資金的問題，F(xiàn)HP（1988）將此問題定義為融資約束。發(fā)展中國家企業(yè)普遍面臨融資約束問題，這是企業(yè)融資渠道不暢導(dǎo)致的必然結(jié)果，主要表現(xiàn)為企業(yè)內(nèi)源資金積累不足，難以獲得銀行貸款，股票或債券發(fā)行困難等。影響企業(yè)融資約束水平的因素很多，外部融資環(huán)境的影響是非常明顯且主要的。地區(qū)金融發(fā)展水平對企業(yè)的融資約束水平具有怎樣的影響，并且如何影響企業(yè)的融資行為，進而影響企業(yè)的發(fā)展，這是本文的研究重點。我國經(jīng)濟的一個基本特征是區(qū)域發(fā)展不平衡，經(jīng)濟發(fā)展水平與金融發(fā)展水平，都存在較大的地區(qū)差異。這樣的金融環(huán)境有利于檢驗我國區(qū)域金融發(fā)展和微觀企業(yè)成長的影響，有助于我們對我國金融發(fā)展與經(jīng)濟增長之間關(guān)系的微觀機理有更深入的了解。 因此，本文主要通過實證研究的方法，在研究背景和相關(guān)理論解析的基礎(chǔ)之上，基于我國區(qū)域金融發(fā)展不平衡的現(xiàn)實情況，選取我國金融發(fā)展程度差異較為明顯的三省上市公司數(shù)據(jù)作為樣本，實證檢驗金融發(fā)展，融資約束與區(qū)域企業(yè)融資行為之間的關(guān)系，得出結(jié)論：金融發(fā)展程度較高地區(qū)，企業(yè)的融資約束水平較低；企業(yè)的外部融資約束水平對企業(yè)的融資結(jié)構(gòu)有著影響，表現(xiàn)為企業(yè)所受的融資約束水平越低，該企業(yè)的銀行借款比例越高，并且主要表現(xiàn)為銀行短期借款比例較高。文章最后，對于如何提高金融發(fā)展程度，緩解企業(yè)外部融資約束，優(yōu)化融資結(jié)構(gòu)，促進企業(yè)發(fā)展，進而促進宏觀經(jīng)濟的運行效率提出了政策性建議。
[Abstract]:The M-M theory put forward by Modigliani and Hans Muller points out that in the perfect capital market, the internal and external financing of enterprises can be replaced by each other, but because the real capital market is not perfect, The information asymmetry and the existence of transaction cost make the internal and external financing cost of the enterprise different, the external financing difficulty of the enterprise, resulting in the enterprise facing the investment insufficiency, The FHP (1988) defines this problem as a financing constraint. Enterprises in developing countries generally face the problem of financing constraints, which is the inevitable result of the lack of financing channels. The main manifestations are insufficient accumulation of endogenous funds, difficulty in obtaining bank loans, difficulty in issuing stocks or bonds, and so on. There are many factors that influence the level of financing constraint, and the influence of external financing environment is very obvious and main. How does the level of regional financial development affect the financing constraint level of enterprises, and how to affect the financing behavior of enterprises, and then affect the development of enterprises, which is the focus of this paper. One of the basic characteristics of China's economy is the imbalance of regional development, and there are great regional differences between the level of economic development and the level of financial development. Such a financial environment is conducive to the examination of the impact of regional financial development and micro-enterprise growth in China, and helps us to understand the micro-mechanism of the relationship between financial development and economic growth in China. Therefore, this article mainly through the empirical research method, in the research background and the related theory analysis foundation, based on our country regional finance development imbalance reality situation, Taking the data of listed companies in three provinces with obvious differences in the degree of financial development in China as samples, this paper empirically tests the relationship among financial development, financing constraints and regional enterprises' financing behavior, and draws a conclusion that the financial development degree is relatively high in the region. The external financing constraint level of the enterprise has an impact on the financing structure of the enterprise, which shows that the lower the financing constraint level is, the higher the bank loan ratio is. And mainly for the bank short-term loan ratio is high. Finally, the paper puts forward policy suggestions on how to improve the degree of financial development, ease the external financing constraints, optimize the financing structure, promote the development of enterprises, and then promote the efficiency of macroeconomic operation.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F272;F832;F224

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