厦门理工学院学报
廈門理工學院學報
하문리공학원학보
JOURNAL OF XIAMEN UNIVERSITY OF TECHNOLOGY
2015年
2期
45-51
,共7页
政企关系%银企关系%信息技术企业%融资约束%现金-现金流敏感性模型
政企關繫%銀企關繫%信息技術企業%融資約束%現金-現金流敏感性模型
정기관계%은기관계%신식기술기업%융자약속%현금-현금류민감성모형
government-business relation%bank-business relation%IT enterprise%financing constraints%cash-cash flow sensitive model
以我国2007—2012年上市公司为样本的实证研究表明：我国信息技术企业表现出明显的融资约束问题，政企关系和银企关系都可以缓解我国信息技术企业的融资约束。市场化程度较高地区的信息技术企业具有明显的融资约束，银企关系对市场化程度较高地区信息技术企业融资约束的缓解程度要高于市场化程度较低地区；而政企关系对这两个地区信息技术企业融资约束的缓解程度则差别不大。
以我國2007—2012年上市公司為樣本的實證研究錶明：我國信息技術企業錶現齣明顯的融資約束問題，政企關繫和銀企關繫都可以緩解我國信息技術企業的融資約束。市場化程度較高地區的信息技術企業具有明顯的融資約束，銀企關繫對市場化程度較高地區信息技術企業融資約束的緩解程度要高于市場化程度較低地區；而政企關繫對這兩箇地區信息技術企業融資約束的緩解程度則差彆不大。
이아국2007—2012년상시공사위양본적실증연구표명：아국신식기술기업표현출명현적융자약속문제，정기관계화은기관계도가이완해아국신식기술기업적융자약속。시장화정도교고지구적신식기술기업구유명현적융자약속，은기관계대시장화정도교고지구신식기술기업융자약속적완해정도요고우시장화정도교저지구；이정기관계대저량개지구신식기술기업융자약속적완해정도칙차별불대。
An empirical study of listed companies in China from 2007 to 2012 showed that IT enterprises are obviously under the financing constraints, which can be released or reduced though government-business relation and bank-business relations. IT enterprises with a higher market concentration tend to have more serious financing constraints. But bank-business relation can reduce the constraints on the IT enterprise to a larger extent than they do the corresponding IT enterprises with a lower market concentration. On the other end, government-business relation makes little difference in reducing the financing constraints of the IT enterprises in both market areas.
