福建省民营上市公司融资约束的测算与比较
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摘要
基于2003-2017年的上市公司数据,利用SA指数法探究了福建省民营上市公司融资约束状况,主要研究结论如下:福建省民营上市公司受到的融资约束呈增长趋势,但低于福建省上市公司受到的平均融资约束水平;自2009年起,福建省民营非重污染上市公司受到的融资约束逐渐超过民营重污染上市公司;福建省民营上市公司受到的融资约束低于东部地区和全国的平均水平,但融资优势逐渐减弱,主要原因是福建省民营非重污染上市公司融资约束增大。
Based on the data of listed companies from 2003 to 2017,the paper explores the financial constraints of private listed companies in Fujian Province by using SA index method.The results show that(1) The financial constraints of private listed companies in Fujian Province are increasing,but lower than the average financial constraints of Listed Companies in Fujian Province,(2) since 2009,private non-heavily polluted listed companies in Fujian Province have been subject to more financial constraints than private heavily polluted listed companies,(3)the financial constraints of private listed companies in Fujian Province are lower than the average level of the eastern region and the whole country,but their financial advantages are gradually weakening.The main reason is that the financial constraints of private non-heavily polluted listed companies in Fujian Province are increasing.
Based on the data of listed companies from 2003 to 2017,the paper explores the financial constraints of private listed companies in Fujian Province by using SA index method.The results show that(1) The financial constraints of private listed companies in Fujian Province are increasing,but lower than the average financial constraints of Listed Companies in Fujian Province,(2) since 2009,private non-heavily polluted listed companies in Fujian Province have been subject to more financial constraints than private heavily polluted listed companies,(3)the financial constraints of private listed companies in Fujian Province are lower than the average level of the eastern region and the whole country,but their financial advantages are gradually weakening.The main reason is that the financial constraints of private non-heavily polluted listed companies in Fujian Province are increasing.
引文
[1] 李天奕.推动民营经济在高质量发展落实赶超中发挥更大支撑作用——专访福建省委书记于伟国[N].人民日报(海外版),2018-11-19(03).
[2] 方明月,张雨潇,聂辉华.中小民营企业成为僵尸企业之谜[J].学术月刊,2018(3):75-86.
[3] BRANDT L,LI H.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[4] 卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(1):42-55.
[5] ALMEIDA H,CAMPELLO M,WEISBACH M S.The Cash Flow Sensitivity of Cash[J].Journal of Finance,2004,59(4):1777-1804.
[6] 吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):158-175.
[7] KAPLAN S,ZINGALES L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[8] LAMONT O,POLK C,SAAáREQUEJO J.Financial Constraints and Stock Returns[J].Review of Financial Studies,2001,14(2):529-554.
[9] WHITED T M,WU G.Financial Constraints Risk[J].Review of Financial Studies,2006,19(2):531-559.
[10] HADLOCK C J ,PIERCE J R .New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[11] 鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013(1):4-16.
[12] 洪怡恬.财务治理、资本结构动态调整与融资约束[J].财会通讯,2019(12):108-113.
[2] 方明月,张雨潇,聂辉华.中小民营企业成为僵尸企业之谜[J].学术月刊,2018(3):75-86.
[3] BRANDT L,LI H.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[4] 卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(1):42-55.
[5] ALMEIDA H,CAMPELLO M,WEISBACH M S.The Cash Flow Sensitivity of Cash[J].Journal of Finance,2004,59(4):1777-1804.
[6] 吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):158-175.
[7] KAPLAN S,ZINGALES L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[8] LAMONT O,POLK C,SAAáREQUEJO J.Financial Constraints and Stock Returns[J].Review of Financial Studies,2001,14(2):529-554.
[9] WHITED T M,WU G.Financial Constraints Risk[J].Review of Financial Studies,2006,19(2):531-559.
[10] HADLOCK C J ,PIERCE J R .New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[11] 鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013(1):4-16.
[12] 洪怡恬.财务治理、资本结构动态调整与融资约束[J].财会通讯,2019(12):108-113.