發(fā)布時間：2018-07-31 10:10

【摘要】：我國企業(yè)經(jīng)營過程中,普遍受到融資約束困擾。但受融資約束影響最大的主體往往不是大型上市公司,而是資產(chǎn)相對較輕,可用抵押物較少,又缺乏高等級信用擔保的中小企業(yè)。商業(yè)信用是否能有效夠緩解中小企業(yè)的融資約束?其通過什么樣的途徑和效應發(fā)揮作用?這些效應在不同類型企業(yè)間效果是否存在顯著差異?這些問題,在以往的研究中缺乏深入探討。著眼于上述疑問,本文對商業(yè)信用緩解融資約束的不同效應展開了如下研究：本文首先,對商業(yè)信用緩解融資約束的機理進行分析,結(jié)合信息不對稱理論、委托代理理論和信貸配給理論、買方市場理論,分別探索商業(yè)信用緩解融資約束的兩個效應：商業(yè)信用替代銀行借款緩解融資約束效應和商業(yè)信用通過增強企業(yè)競爭力與銀行借款.產(chǎn)生互補效應。其次,根據(jù)投資-現(xiàn)金流敏感性理論,以及前人研究成果,構(gòu)造面板數(shù)據(jù)計量模型。并用固定效應方法和中國工業(yè)企業(yè)數(shù)據(jù)庫2004-2009年的中小企業(yè)數(shù)據(jù),對上述替代效應和互補效應進行了實證檢驗。計量結(jié)果表明,我國中小企業(yè)普遍受到顯著的融資約束困擾,而商業(yè)信用能夠通過上述效應對融資約束進行緩解。兩種效應在不同類型企業(yè)的表現(xiàn)方面,小型企業(yè)替代效應較強,而中型企業(yè)具有更強互補效應；非國有企業(yè)替代效應更強,國有企業(yè)互補效應更佳；中西部地區(qū)企業(yè)獲得資金困難,商業(yè)信用替代效應與互補效應都較強；出口企業(yè)具有較強的替代效應,而非出口企業(yè)互補效應更強。最后,本文提出建設多元化金融、開放金融市場等政策建議,為實體經(jīng)濟穩(wěn)步轉(zhuǎn)型提供理論支持。
[Abstract]:In the course of business operation, Chinese enterprises are generally troubled by financing constraints. However, the main body most affected by financing constraints is not large listed companies, but small and medium-sized enterprises with relatively light assets, less available collateral and lack of high grade credit guarantee. Is commercial credit effective enough to ease the financing constraints of small and medium-sized enterprises? What channels and effects do they play a role in? Are these effects significantly different among different types of firms? These problems, in the past research lack of in-depth exploration. In view of the above questions, this paper has carried out the following research on the different effects of the commercial credit ease financing constraint: firstly, this paper analyzes the mechanism of the commercial credit ease financing constraint, combining with the information asymmetry theory, Principal-agent theory and credit rationing theory, buyer's market theory, This paper explores the two effects of commercial credit to ease financing constraints: commercial credit replaces bank borrowing to ease financing constraint and commercial credit enhances the competitiveness of enterprises and bank borrowing. Produce complementary effects. Secondly, according to the investment-cash flow sensitivity theory and previous research results, the panel data measurement model is constructed. Using the fixed effect method and the data of Chinese industrial enterprise database from 2004 to 2009, this paper makes an empirical test on the substitution effect and complementary effect. The measurement results show that SMEs in China are generally troubled by significant financing constraints, while commercial credit can ease the financing constraints through the above effects. In the performance of different types of enterprises, the substitution effect of small enterprises is stronger, while that of medium-sized enterprises is stronger, that of non-state-owned enterprises is stronger, and that of state-owned enterprises is better. It is difficult for the enterprises in the central and western regions to obtain funds, and the substitution effect and complementary effect of commercial credit are both strong, while the export enterprises have stronger substitution effect, and the complementary effect of non-export enterprises is stronger. Finally, this paper puts forward some policy suggestions, such as constructing diversified finance and opening up financial market, to provide theoretical support for the steady transformation of real economy.
【學位授予單位】：大連理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F276.3;F832.4

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本文編號：2155255