摘要
本文利用中国上市公司1997-2006年的数据,从静态和动态两个视角对企业集团化运作与融资约束的关系进行实证分析。研究发现:从静态视角,实施了集团化运作的上市公司所受融资约束显著较低;从动态视角,上市公司所受的融资约束在集团化运作过程中逐年下降。这表明,在中国当前的制度背景下,企业实施集团化运作能够有效缓解融资约束。
This paper analyzes the relation between businesses＇ group -forming operation and financial constraints from static and dynamic viewpoints with Chinese listed companies＇ data of 1997 -2006. We get research results as follows： statically, financial constraints faced by listed companies with group - forming operation are significantly lower than those without group -forming operation; dynamically, financial constraints faced by listed companies decrease year by year in the process of group - forming operation. These results reveal that under the institutional background of China, group - forming operation can relax financial constraints of businesses.
出处
《中国软科学》
CSSCI
北大核心
2009年第4期98-106,共9页
China Soft Science
基金
国家自然科学基金项目(70473094)
中国人民大学科学研究基金项目(08XNB032)
关键词
集团化运作
融资约束
内部资本市场
group - forming operation
financial constraints
internal capital markets
