导　　师： 江伟

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 改革开放以来,我国金融体系有了长足发展,但在金融发展过程中,由于地区间资源禀赋及各阶段国家政策的不同,我国各地区及改革各阶段的金融发展水平呈现出较大差异,企业外部融资环境也由此发生了深刻变化。在此背景下,本文通过考察企业现金持有政策,在地区横截面差异和银行业改革时间序列层面两个方面研究我国金融发展对上市公司融资约束的影响,并进一步将样本公司分为国有上市公司和非国有上市公司,研究企业产权性质对研究结果产生的影响。 本文研究结果表明,我国上市公司表现出明显的现金留存倾向,即存在现金-现金流敏感性,上市公司中普遍存在着融资约束现象,而地区金融发展可以减轻上市公司现金-现金流敏感性,这一缓解作用在非国有上市公司中表现得更为明显。但是,始于2003年的银行业改革对上市公司融资约束只产生了有限的缓解作用,主要表现为2003年后国有上市公司现金-现金流敏感性得到显著减轻而非国有上市公司的现金留存倾向没有发生显著变化。这些研究结果从现金-现金流敏感性角度为金融发展对企业融资约束的影响提供了新的经验证据,并对我国改善市场环境、深化银行业改革有着一定参考意义。 Since the reform and opening up, the financial sector of China has been exercising rapid development. However, the level of financial development in each region and in each stage of banking reform of China varies with regional resource endowment and the national policies, which lead to fundamental changes in corporate external financing environment. Based on the corporate liquidity management, the paper examines the effect of regional financial development and banking reform on financing constraints of listed companies, and then investigates the effect between companies with different nature. The research suggests that there exists the sensitivity of cash holding to cash flow among listed companies, which indicates that a lot of listed companies are subjected to financing con-straints. The regional financial development can reduce cash-cash flow sensitivity of listed com-panies, especially private listed companies. However, banking reforms began in 2003 play a small role in easing financing constraints, which shows that the cash flow sensitivity of cash re-duces in state-owned listed companies but is unchanged in private listed companies. Overall, the paper not only complements China's evidence of the role of financial development on financing constraints, but also provides a reference for the further banking reform of China.

关 键 词： 金融发展 融资约束 现金 现金流敏感性 银行业改革

分 类 号： [F832 F272]

领　　域： [经济管理] [经济管理] [经济管理]