外资银行进入能否缓解中国企业的融资约束——基于制造业A股上市公司面板数据

• 作 者: 王玲丽
• 机 构: 浙江工商大学金融学院,
• 出 处: 浙江金融
• 发表日期: 2014年06期
• 关键词: 外资银行进入 面板 融资约束 金融结构 现金流 制造业 营运资本 金融发展水平 企业外部融资 现金持有量

外部融资约束一直是制约企业发展的关键问题,至今仍没有得到有效解决。文章基于现金-现金流敏感性模型,利用2006-2012年江浙沪制造业A股上市公司面板数据和双向固定效应估计方法,考察外资银行进入能否缓解企业的融资约束问题。研究发现,外资银行进入缓解了企业的融资约束,其中主要受益者是大型企业和国有企业。

External financing constraints have always been the key issues restricting the development of enterprises and have not yet been effectively solved. Based on the cash-cash flow sensitivity model, this paper uses the panel data and the two-way fixed effect estimation method of A-share manufacturing firms in Jiangsu, Zhejiang and Shanghai during 2006-2012 to investigate whether foreign banks can ease the financing constraints of enterprises. The study found that the entry of foreign banks has alleviated the financing constraints of enterprises, among which the major beneficiaries are large enterprises and state-owned enterprises.