经济制度变迁对我国国有企业融资动机的影响——基于调查问卷的分析

本文以405家国有企业为研究对象,采用结构方程模型研究了我国经济制度变迁对国有企业融资动机的影响.结果表明:第一,就总体趋势而言,我国经济政策变革与经济环境变化均强化了国有企业的融资动机,只是前者对国有企业融资动机的影响要明显强于后者所产生的影响;第二,各项经济政策的变更对国有企业融资动机的影响较为均衡;第三,"加入wTo"成为推动国有企业开展融资活动的最重要的环境因素;第四,我国经济制度变迁对国有企业融资动机的影响,主要体现在"调整资本成本"等目的上,而"补充营运资金"所受影响不显著.

An Investigation into the Influence of China's Economic Institutional Changes on Financing Motivation of State-owned Enterprises:An Analysis Based on a Questionnaire Survey

This paper analyzes the influence of China's economic institutional changes on financing motivation of state-owned enter- prises by employing structure equation modeling,using a database of 405 state-owned enterprises in China.The result demonstrates the following:firstly,on the whole,the influence caused by eco- nomic policy innovations and economic environment changes is both positive on their financing motivation,but the former has obviously greater influence degree than the latter.Secondly,two changes of economic environment,accession into WTO and the development of information technology,significantly affect financing motivation than others.Thirdly,almost all economic policy innovations have notable influence on financing motivation.Fourthly,the economic institu- tional changes exert the greatest influence on the motivations such as optimizing capital cost,investment budget,acting in accord with government policy,adjusting capital structure,while its influence on the motivation such as supplying working capital is unremarkable.