华东经济管理
華東經濟管理
화동경제관리
East China Economic Management
2011年
5期
74~79
,共null页
金融发展 市场化程度 融资约束 投资-现金流敏感性
金融髮展 市場化程度 融資約束 投資-現金流敏感性
금융발전 시장화정도 융자약속 투자-현금류민감성
financial development; marketization process; financing constraints; investment-cash flow sensitivity
文章利用我国上市公司财务数据和各地区金融发展指数，从投资-现金流敏感性的视角，实证考察金融发展和市场化进程对公司外部融资约束的缓解效应。实证研究发现，金融发展和市场化程度能够显著降低融资约束公司的投资-现金流敏感性，缓解其外部融资约束程度。因此，为了促进公司投资和总体经济的增长，国家应进一步深化金融和市场化改革，加快金融发展和市场化进程的步伐。
文章利用我國上市公司財務數據和各地區金融髮展指數，從投資-現金流敏感性的視角，實證攷察金融髮展和市場化進程對公司外部融資約束的緩解效應。實證研究髮現，金融髮展和市場化程度能夠顯著降低融資約束公司的投資-現金流敏感性，緩解其外部融資約束程度。因此，為瞭促進公司投資和總體經濟的增長，國傢應進一步深化金融和市場化改革，加快金融髮展和市場化進程的步伐。
문장이용아국상시공사재무수거화각지구금융발전지수，종투자-현금류민감성적시각，실증고찰금융발전화시장화진정대공사외부융자약속적완해효응。실증연구발현，금융발전화시장화정도능구현저강저융자약속공사적투자-현금류민감성，완해기외부융자약속정도。인차，위료촉진공사투자화총체경제적증장，국가응진일보심화금융화시장화개혁，가쾌금융발전화시장화진정적보벌。
This paper empirically examines the impacts of financial development and marketization process on firm＇s external financial constraints by investigating whether financial development and marketization process reduce the investment-cash flow sensitivity. Empirical results indicate that financial development and markctization process significantly reduce the investment-cash flow sensitivity of financially constrained companies. Thus, this paper provides evidence that financial development and marketization process help financially constrained companies alleviate the degree of external financing constraints and fatherly accelerate the corporate capital expenditure and economic growth as a whole. So, China should fatherly accelerate the financial and marketizational reform.
