本文關(guān)鍵詞： 融資約束 全要素生產(chǎn)率 LP方法 國企 民企　出處：《南京大學》2014年碩士論文　論文類型：學位論文

【摘要】：融資約束是指金融市場中的摩擦導致企業(yè)的外部資金比內(nèi)部資金更貴,企業(yè)無法從外部獲取足夠的資金,所以必須依賴其內(nèi)部自有資金的現(xiàn)象。受到融資約束的企業(yè)無法從外部獲取資金,或者即使能夠獲得,也必須付出比較高的融資成本。這樣企業(yè)在面臨融資約束時,就不能選擇最優(yōu)的資本結(jié)構(gòu),也不能對經(jīng)營活動做出最優(yōu)決策,甚至不得不放棄高收益的投資機會,這些都會使企業(yè)的要素配置達不倒最優(yōu)比例,影響企業(yè)的生產(chǎn)效率。此外,如果缺乏融資支持,企業(yè)就無法通過研發(fā)活動來提高生產(chǎn)效率。而不受融資約束的企業(yè),可以輕易地從外部市場獲取所需要的資金,其生產(chǎn)率不會受到融資因素的影響。自從Fazzari等人在1988年使用投資-現(xiàn)金流敏感性來分析企業(yè)的融資約束問題之后,已有大量的文獻使用了不同的方法來研究融資約束問題。本文選取中國滬深兩市2009年至2013年公布財務(wù)報告的制造業(yè)上市公司為實證研究樣本,使用LP方法測算出了上市公司的全要素生產(chǎn)率,構(gòu)建了企業(yè)現(xiàn)金流與企業(yè)全要素生產(chǎn)率的關(guān)系,從一個新的角度來分析中國上市公司受到的融資約束。經(jīng)過檢驗發(fā)現(xiàn)無論是國企還是民企,其全要素生產(chǎn)率都受制于企業(yè)內(nèi)部的現(xiàn)金流,這說明上市公司整體上看存在融資約束問題。將企業(yè)按照不同的標準分類后,本文發(fā)現(xiàn)：國企面臨的融資約束小于民企,流動性高的企業(yè)所面臨的融資約束要小于流動性低的企業(yè)。與此同時我們還得出,區(qū)域因素對公司的全要素生產(chǎn)率有著重要影響。根據(jù)結(jié)論本文提出了如下政策建議：(1)、大力完善金融市場,改善企業(yè)外部融資環(huán)境：(2)、關(guān)注民企,使國企和民企在競爭中處于平等的地位；(3)、企業(yè)自身應該完善內(nèi)部治理結(jié)構(gòu),管理好企業(yè)的流動性,提高內(nèi)部資金的使用效率；(4)、中央應該加大對中西部地區(qū)的開發(fā)力度,同時在政策上給與特殊的優(yōu)惠。
[Abstract]:Financing constraint refers to the friction in the financial market, which causes the external capital of the enterprise to be more expensive than the internal capital, and the enterprise can not obtain enough funds from the outside. Therefore, the phenomenon of having to rely on its own internal funds. Enterprises constrained by financing cannot obtain funds from outside, or even if they can. In the face of financing constraints, enterprises can not choose the optimal capital structure, nor can they make the optimal decision on the operation activities. Even have to give up high-income investment opportunities, which will make the allocation of the elements of the enterprise can not reach the optimal proportion, affecting the production efficiency of the enterprise. In addition, if there is a lack of financing support. Enterprises can not improve production efficiency through R & D activities. Enterprises that are not constrained by financing can easily obtain the required funds from the external market. In 1988, Fazzari et al used investment-cash flow sensitivity to analyze financing constraints. A large number of literature has used different methods to study financing constraints. This paper selects the listed manufacturing companies published financial reports from 2009 to 2013 as the empirical research sample. Using LP method, the total factor productivity of listed companies is measured, and the relationship between enterprise cash flow and total factor productivity is constructed. From a new perspective to analyze the financing constraints of listed companies in China. It is found that both state-owned enterprises and private enterprises, their total factor productivity is constrained by the cash flow within the enterprise. This shows that listed companies as a whole exist financing constraints. After classifying enterprises according to different standards, this paper finds that the financing constraints faced by state-owned enterprises are smaller than those faced by private enterprises. Firms with high liquidity face less financing constraints than those with low liquidity. At the same time, we also have to find out. The regional factors have an important influence on the total factor productivity of the company. According to the conclusion, this paper puts forward the following policy suggestions: to improve the financial market, to improve the external financing environment of enterprises, and to pay attention to the private enterprises. To make state-owned enterprises and private enterprises in equal position in the competition; The enterprise itself should improve the internal governance structure, manage the liquidity of the enterprise, and improve the efficiency of the use of internal funds. The central government should strengthen the development of the central and western regions and give special preferential policies.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F424;F406.7

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本文編號：1445796