| 中国工业企业投资的融资约束研究 |
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| 引用本文： | 钱震杰.中国工业企业投资的融资约束研究[J].清华大学学报(哲学社会科学版),2006(Z1). |
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| 作者姓名： | 钱震杰 |
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| 作者单位： | 清华大学经济管理学院 北京100084 |
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| 摘 要： | 文章利用工业企业1997—2004年的面板数据,对中国工业企业投资中的融资约束问题进行了研究,发现中国企业中年轻企业或非国有企业都存在融资约束。进一步作者利用开工时间和控股权,对融资约束情况作了交叉的先验分类,把企业分成国有老企业、国有新企业、非国有老企业、非国有新企业四类,对这四类企业的回归分析发现,开工时间长或国有控股的企业,不受融资约束,而非国有新企业却明显受到融资约束。这一经验结论准确反映了我国贷款中推行的担保制度对投资活动的影响。
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| 关 键 词： | 企业投资 融资约束 国有企业 新企业 |
Financial Constraints in China's Industrial Business Investment |
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| QIAN Zhen-jie.Financial Constraints in China's Industrial Business Investment[J].Journal of Tsinghua University(Philosophy and Social Sciences),2006(Z1). |
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| Authors: | QIAN Zhen-jie |
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| Abstract: | The auther analyzed financial constraints on China's business investment in industrial sector employing panel data GMM method.The regression results for the whole sample reveal an obvious financial constraint in investment.After control for the age or ownership,the financial constraint exist for non-SOEs or young enterprises.Further cross-division of sample by the age and ownership classify enterprises into four types,old and SOEs,young and SOEs,old and non-SOEs,young and non-SOEs,and regression results for the four subsample tell that financial contraint argument only suits for young and non-SOEs,which is closely connected with China's special arrangement in laon institutions. |
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| Keywords: | business investment financial constraints SOEs newly-enterprises |
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