CAJ | 학술논문

文章以我国中小企业板上市公司为研究对象，从企业经理人追求利润最大化行为出发构建中小企业的投资支出模型。不同于已有文献仅从投资一现金流敏感性角度入手的实证研究，文章的研究方法无需对样本公司进行分组，而且可以定量测度融资约束条件下的公司投资效率问题。实证结果表明：由于融资约束的存在，使得我国中小板上市公司实际投资支出比最优水平低；现金流的增加不仅可以缓解融资约束压力，还能够降低融资不确定性。债务融资比例越高，融资约束越大，进一步加剧了未来融资时的不确定性；我国中小板上市公司融资约束程度与企业规模呈负相关关系，且投资效率随时间呈现下降趋势，意味着近年来我国出台的一系列旨在改善中小企业融资难的政策措施，在实践中并没有起到有效缓解融资约束的作用。
문장이아국중소기업판상시공사위연구대상，종기업경리인추구리윤최대화행위출발구건중소기업적투자지출모형。불동우이유문헌부종투자일현금류민감성각도입수적실증연구，문장적연구방법무수대양본공사진행분조，이차가이정량측도융자약속조건하적공사투자효솔문제。실증결과표명：유우융자약속적존재，사득아국중소판상시공사실제투자지출비최우수평저；현금류적증가불부가이완해융자약속압력，환능구강저융자불학정성。채무융자비례월고，융자약속월대，진일보가극료미래융자시적불학정성；아국중소판상시공사융자약속정도여기업규모정부상관관계，차투자효솔수시간정현하강추세，의미착근년래아국출태적일계렬지재개선중소기업융자난적정책조시，재실천중병몰유기도유효완해융자약속적작용。
This paper aims at uncovering China＇s listed SMEs＇ investment efficiency from the perspective of management＇s be- havior of maximizing profits. Different from the previous empirically studies on the investment-sensitivity of cash flow, this paper, without grouping the sample enterprises, and measures the efficiency of investment under financing constraints. The empirical results show that： the financing constrains keep China＇s SMEs＇ investment efficiency below the optimal level of investment spending; in- creasing cash flow not only eases the pressure of financial constraints, but also reduces the uncertainty of future financing, in the meantime, proportion of debt financing goes higher, the pressure of financial constraints would be heavier, which strengthens the un- certainty of the future financing; the degree of financing constrains is negatively correlated with the size of SME, and the investment efficiency is decreasing along the time, which indicates that policies for helping SMEs to financing are not working well in easing fi- nancing constraints in practice.