作　　者： (廖国民）; (黄和婷）;

机构地区： 广东外语外贸大学金融学院,广东广州510006

出　　处： 《宜春学院学报》 2017年第8期45-50,70,共7页

摘　　要： 运用中小企业板上市公司2011-2015年度的财务数据和银企借贷数据,首次引入现金-现金流敏感性模型,并多维度衡量银企关系,将银企关系长度(银企关系持续最长年限和公司成立年限的比值)、关系规模(企业建立合作关系的银行数量)和关系深度(高管金融从业背景)三个指标纳入到模型中,实证分析关系型贷款是否有效缓解中小企业融资约束。结果表明:一定范围内,关系银行数量越多和有金融从业背景的高管企业,融资约束得到缓解;而银企关系持续时间越长,关系银行反而对企业形成套牢效应,加剧企业融资约束。 This paper firstly utilize the Cash-Cash Flow Sensitivity model and study the financial and bank-enterprise borrowing data of the listed companies from 2011 to 2015,and adopt multi-dimensional relationship indicators. The length of the firm＇s relationship（ the ratio of the longest duration of the relationship and the establishment＇s year of the firm）,the size of the relationship（ the number of the relational banks） and the depth of the relationship（ the background of the executive financial practitioners） are included in the model to demonstrate whether the relational loan is effective in alleviating the financing constraints or not. The results show that the more the relational banks and the firms with background of the executive financial practitioners,the financial constraints are mitigated. However,the longer the relationship between banks and enterprises,the index intensify corporate financing constraints.

关 键 词： 融资约束 现金 现金流敏感性模型 银企关系长度 关系银行数量 高管金融从业背景