摘要
融资约束是影响企业生存与发展的关键因素,如何缓解企业融资约束问题,是学术研究和实践工作中的重要研究问题之一。在经济改革过程中,我国一直重视营商环境建设。营商环境的改善,能否缓解企业融资约束,是本文具体的研究问题。本文基于营商环境、企业融资约束等数据构建回归模型,考察了营商环境对企业融资约束的影响。研究发现,营商环境的改善,能够降低企业投资水平对企业内部现金流的依赖,表明营商环境的改善能够缓解企业融资约束。
Financing constraints are a key factor affecting the survival and development of enterprises.How to alleviate corporate financing constraints is one of the important research issues in academic research and practical work. In the process of economic reform, China has always attached importance to the construction of a business environment. Whether the improvement of the business environment can alleviate corporate financing constraints is a specific research question in this article. This paper builds a regression model based on business environment data and corporate financing constraints, and examines the impact of the business environment on corporate financing constraints. The study found that the improvement of the business environment can reduce the dependence of corporate investment levels on the internal cash flow of the enterprise, indicating that the improvement of the business environment can ease corporate financing constraints.
作者
连俊华
于炳刚
Lian Junhua;Yu Binggang
出处
《价格理论与实践》
北大核心
2019年第8期88-91,共4页
Price:Theory & Practice
关键词
营商环境
融资约束
投资水平
内部现金流
Business environment
Financing constraints
Investment level
Internal cash flow
