發(fā)布時間：2018-12-16 14:21

【摘要】：融資約束一直是金融領(lǐng)域的一個重要概念。主流的財務(wù)研究一般認(rèn)為代理問題、信息不對稱以及不完善的資本市場會導(dǎo)致融資約束的產(chǎn)生。但是學(xué)術(shù)界對融資約束的研究大都集中在微觀領(lǐng)域,本文試圖從宏觀經(jīng)濟(jì)的視角對企業(yè)的融資約束問題進(jìn)行研究。經(jīng)濟(jì)體中的個體企業(yè)要受到經(jīng)濟(jì)周期的影響,經(jīng)濟(jì)周期波動其實就是企業(yè)經(jīng)營環(huán)境的變化。因此,研究經(jīng)濟(jì)周期對融資約束的影響具有重要意義。 為了把宏觀經(jīng)濟(jì)與個體企業(yè)連接起來,本文利用了金融加速器理論作為理論依據(jù)。根據(jù)金融加速器理論,首先,任何金融市場的缺陷,都會因為經(jīng)濟(jì)周期的波動而放大。其次,經(jīng)濟(jì)周期對于規(guī)模不同的企業(yè)具有不同的效應(yīng)。 本文采用了比較分析和GMM方法,利用德國、中國、巴西、日本、英國五國從1996年至2012年的28102條數(shù)據(jù)記錄進(jìn)行實證檢驗�？鐕芯康囊饬x在于,跨國數(shù)據(jù)可以提供較多的樣本。因為經(jīng)濟(jì)周期是經(jīng)濟(jì)體長期上下往返波動的體現(xiàn),如果利用一國的數(shù)據(jù)進(jìn)行研究,可供考慮的經(jīng)濟(jì)周期的階段十分有限,并不能充分證明經(jīng)濟(jì)周期的影響。 檢驗發(fā)現(xiàn),經(jīng)濟(jì)周期影響企業(yè)融資約束程度。經(jīng)濟(jì)低增長時期,企業(yè)的融資約束程度較大；經(jīng)濟(jì)高增長時期,企業(yè)的融資約束較小。另外,經(jīng)濟(jì)周期對企業(yè)融資約束的影響具有不對稱性,小規(guī)模企業(yè)受到經(jīng)濟(jì)周期的影響更大,在經(jīng)濟(jì)低增長期更容易陷入融資約束中。
[Abstract]:Financing constraint has always been an important concept in the field of finance. Mainstream financial research generally thinks that agency problem, information asymmetry and imperfect capital market will lead to financing constraints. However, the academic research on financing constraints is mostly focused on the micro field. This paper attempts to study the financing constraints of enterprises from the perspective of macro economy. The individual enterprises in the economy are affected by the economic cycle, which is actually the change of the business environment. Therefore, it is of great significance to study the impact of business cycle on financing constraints. In order to connect macro-economy with individual enterprises, this paper uses the theory of financial accelerator as the theoretical basis. According to the accelerator theory, first of all, any financial market defects will be magnified by the fluctuations of the economic cycle. Second, business cycles have different effects on firms with different scales. This paper uses comparative analysis and GMM method to make an empirical test using 28102 data records from 1996 to 2012 in Germany, China, Brazil, Japan and Britain. The significance of transnational research is that transnational data can provide more samples. Because the economic cycle is the manifestation of the long-term fluctuation of the economy, if we use the data of a country to carry on the research, the period of the economic cycle available for consideration is very limited, and the impact of the economic cycle cannot be fully proved. The test found that the business cycle affects the degree of financing constraints. In the period of low economic growth, the degree of financing constraint is larger, and in the period of high economic growth, the financing constraint of enterprise is relatively small. In addition, the influence of the economic cycle on the financing constraints of enterprises has asymmetry, small enterprises are more affected by the economic cycle, and they are more likely to fall into the financing constraints in the period of low economic growth.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F113.7;F275

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本文編號：2382496