【摘要】：研究我國上市企業(yè)的融資約束情況、以及政企關(guān)系和銀企關(guān)系對我國上市企業(yè)融資約束程度的影響，具有非常重要的意義。從企業(yè)角度看，研究該問題一方面可以幫助企業(yè)認識到自身的融資約束情況，并在該融資約束情況下制定合理的融資策略，支持自身的正常發(fā)展；另一方面，可以為企業(yè)通過構(gòu)建政企關(guān)系和銀企關(guān)系來降低其融資約束程度提供理論依據(jù)。從國家和社會的角度看，深刻理解我國上市企業(yè)融資約束狀況、以及政企關(guān)系和銀企關(guān)系對企業(yè)融資約束的影響能為國家宏觀調(diào)控以及政策的制定提供指導。 本文根據(jù)以往的研究，在現(xiàn)金-現(xiàn)金流敏感性基本模型、現(xiàn)金-現(xiàn)金流敏感性修正模型以及現(xiàn)金-現(xiàn)金流敏感性擴展模型的基礎(chǔ)上，加入政企關(guān)系和銀企關(guān)系的代理變量，構(gòu)建了三個基于政企和銀企關(guān)系的現(xiàn)金-現(xiàn)金流敏感性模型，來研究政企關(guān)系和銀企關(guān)系對我國上市企業(yè)融資約束程度的影響。在該研究中，，還關(guān)注了在不同市場環(huán)境、宏觀經(jīng)濟環(huán)境、產(chǎn)權(quán)屬性以及雙重差異化環(huán)境（即差異化市場環(huán)境和宏觀經(jīng)濟環(huán)境、差異化市場環(huán)境和產(chǎn)權(quán)屬性以及差異化宏觀經(jīng)濟環(huán)境和產(chǎn)權(quán)屬性）下企業(yè)的融資約束差異，以及政企關(guān)系和銀企關(guān)系對各類企業(yè)融資約束的影響差異。研究發(fā)現(xiàn)：從整體上看，我國上市企業(yè)存在明顯的融資約束現(xiàn)象，且政企關(guān)系和銀企關(guān)系能夠降低我國上市企業(yè)融資約束程度；然而在不同的市場環(huán)境、宏觀經(jīng)濟環(huán)境以及產(chǎn)權(quán)屬性中，我國上市企業(yè)的融資約束程度是不一樣的，且在雙重差異化環(huán)境下差異更加明顯；同時，政企關(guān)系和銀企關(guān)系對不同類型企業(yè)的影響程度也不一樣，一般來說，融資約束程度越高的企業(yè)，政企關(guān)系和銀企關(guān)系對其融資約束的緩解程度更加明顯，但也存在一些特殊情況，如市場化程度較低地區(qū)企業(yè)的融資約束程度高，但政企關(guān)系對其融資約束的緩解程度低于市場化程度較高地區(qū)企業(yè)。 本文的主要創(chuàng)新點在于以下三點：第一，使用現(xiàn)金-現(xiàn)金流敏感性模型來同時研究政企關(guān)系和銀企關(guān)系對企業(yè)融資約束的影響，發(fā)現(xiàn)政企關(guān)系和銀企關(guān)系都能夠緩解企業(yè)的融資約束，其中政企關(guān)系緩解企業(yè)的融資約束程度可以從直接和間接角度進行解釋；第二，進一步的研究發(fā)現(xiàn)，不同的市場環(huán)境、宏觀經(jīng)濟環(huán)境、產(chǎn)權(quán)屬性以及雙重差異化環(huán)境下企業(yè)的融資約束程度存在差異，且政企關(guān)系和銀企關(guān)系對不同類型企業(yè)的影響程度也不一致，通常融資約束程度較高的企業(yè)，受政企關(guān)系和銀企關(guān)系的緩解作用更加明顯；第三，在對不同類型的企業(yè)進行實證分析時，發(fā)現(xiàn)政企關(guān)系和銀企關(guān)系對大多數(shù)類型企業(yè)的融資約束程度都有一定的緩解作用，但對個別類型企業(yè)的融資約束沒有影響，甚至增加了這些類型企業(yè)的融資約束程度，所以不同的企業(yè)需要根據(jù)自身的特點，制定不同類型的策略來緩解其融資約束程度。
[Abstract]:It is of great significance to study the financing constraints of listed enterprises in China and the influence of government-enterprise relationship and bank-enterprise relationship on the degree of financing constraints of listed enterprises in China. Financing strategy can support the normal development of enterprises; on the other hand, it can provide a theoretical basis for enterprises to reduce their financing constraints by building government-enterprise relations and bank-enterprise relations. Ring energy can provide guidance for national macro-control and policy formulation.
Based on the previous studies, this paper constructs three Cash-Cash flow sensitivity models based on the relationship between government and enterprise, which are based on the basic model of Cash-Cash flow sensitivity, the modified model of Cash-Cash flow sensitivity and the extended model of Cash-Cash flow sensitivity. In this study, we also pay attention to the different market environment, macroeconomic environment, property rights attributes and dual differentiated environment (i.e. differentiated market environment and macroeconomic environment, differentiated market environment and property rights attributes, and differentiated macroeconomic environment). The results show that: on the whole, the listed enterprises in China have obvious financing constraints, and the relationship between government and enterprises can reduce the degree of financing constraints of listed enterprises in China; however, the relationship between government and enterprises can reduce the degree of financing constraints of listed enterprises in China. In different market environments, macroeconomic environments and property rights attributes, the degree of financing constraints of Listed Companies in China is different, and the difference is more obvious in the dual differentiation environment; at the same time, the influence of government-enterprise relationship and bank-enterprise relationship on different types of enterprises is also different, generally speaking, the higher the degree of financing constraints of enterprises. The government-enterprise relationship and the bank-enterprise relationship alleviate their financing constraints more obviously, but there are also some special situations, such as the lower degree of marketization, the higher degree of financial constraints of enterprises, but the government-enterprise relationship alleviates their financing constraints less than the higher degree of marketization.
The main innovations of this paper are as follows: Firstly, the Cash-Cash flow sensitivity model is used to study the influence of government-enterprise relationship and bank-enterprise relationship on financing constraints. It is found that both government-enterprise relationship and bank-enterprise relationship can alleviate the financing constraints of enterprises, and the government-enterprise relationship can alleviate the degree of financing constraints of enterprises directly. Secondly, further research finds that there are differences in the degree of financing constraints between enterprises in different market environments, macroeconomic environments, property rights attributes and dual-differentiated environments, and the influence of government-enterprise relationship and bank-enterprise relationship on different types of enterprises is also different, usually with higher degree of financing constraints. Third, in the empirical analysis of different types of enterprises, it is found that government-enterprise relationship and bank-enterprise relationship can alleviate the degree of financing constraints of most types of enterprises, but have no effect on the financing constraints of individual types of enterprises, or even increase it. The degree of financing constraints of some types of enterprises, so different enterprises need to develop different types of strategies to ease their financing constraints according to their own characteristics.
【學位授予單位】：華僑大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F275;F832.3;D630

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