CAJ | 학술논문

本文基于2003~2009年中国制造业上市公司面板数据，运用附加融资约束变量的增广生产函数和系统广义矩估计方法，研究国企和民企资金可获得性在影响生产率方面的差异。结果发现，上市公司生产率从总体上看不受制于内源融资，但按所有制分类后，只有民企存在融资约束并显著影响生产率，生产率高的民企通常拥有丰裕的内源资金；进一步按流动性与负债状况分类后仍不改变结论，而且流动性差、负债率高的民企所受约束更加严重。
본문기우2003~2009년중국제조업상시공사면판수거，운용부가융자약속변량적증엄생산함수화계통엄의구고계방법，연구국기화민기자금가획득성재영향생산솔방면적차이。결과발현，상시공사생산솔종총체상간불수제우내원융자，단안소유제분류후，지유민기존재융자약속병현저영향생산솔，생산솔고적민기통상옹유봉유적내원자금；진일보안류동성여부채상황분류후잉불개변결론，이차류동성차、부채솔고적민기소수약속경가엄중。
Finance plays an important role in firms＇ real activities and further in productivity. Based on the panel data of Chinese manufacturing listed firms during 2003-2009, the article estimates production functions augmented the financial con- straint variable by system GMM to study the different effect of accessibility of funds on productivy between state owned and private owned firms. We find that the productivity of listed firms as a whole is not influenced by the internal finance. If the firms are split into two subsamptes by state-owned and private-owned ones, on- ly the former are financially constrained which affects their output. Private owned firms with higher productivity generally have more internal funds. These results are not changed if the both types of the firms are further classified by liquidity and liability. Furthermore, private-owned firms with illiquidity or with high liability ratio have more severe effect of financing constraints.