CAJ | 학술논문

在一个自然实验的框架下，本文考察了银行体制市场化以后，企业营运资本使用变化对企业绩效的影响。本文发现，银行体制市场化使得银行部门信贷资源配置具有市场化特征，对所有企业的外源融资都进行约束。受到外源融资约束的企业会更多使用企业的内部资金进行经营和生产活动，一方面，企业会更多使用营运资本提高企业的生产和财务绩效，而另一方面，企业会减少营运资本来维持生产规模的扩张。这些结果表明，银行体制市场化能够有效提高企业内部资金使用效率，在当前工业部门普遍面临融资难的困境下，对进一步探讨银行体制改革和提高企业绩效有重要意义。
재일개자연실험적광가하，본문고찰료은행체제시장화이후，기업영운자본사용변화대기업적효적영향。본문발현，은행체제시장화사득은행부문신대자원배치구유시장화특정，대소유기업적외원융자도진행약속。수도외원융자약속적기업회경다사용기업적내부자금진행경영화생산활동，일방면，기업회경다사용영운자본제고기업적생산화재무적효，이령일방면，기업회감소영운자본래유지생산규모적확장。저사결과표명，은행체제시장화능구유효제고기업내부자금사용효솔，재당전공업부문보편면림융자난적곤경하，대진일보탐토은행체제개혁화제고기업적효유중요의의。
This paper uses a natural experiment to investigate how the working capital affects enterprise performance after the reform of banking institution . We find that the allocation of credit became more marketizational through the marketization reform , which strengthens the enterprise outer financing constraints . The enterprises suffer outer financing constraints will use more internal funds on operation and production activities . On one hand , the enterprises will use more working capital to improve production and financial performance ;on the other hand , the enterprises will reduce working capital to maintain the fixed capital investment . These findings suggest that , in the case of that China＇s industrial sector is facing difficulties of financing , the reform of marketization could improve enterprises’efficiency of internal funds using , and further promoting banking reform is of great significance for improving enterprise performance and ease the financing constraints .