摘要
采用社会融资规模和社会融资结构变量,对上市公司投资-现金流进行分析,以剖析宏观调控变量对微观企业融资约束的缓解作用。实证发现:我国A股上市公司普遍存在融资约束问题,资产的金融化有利于降低投资现金流敏感性;社会融资规模的增长会加剧企业融资约束困境;不同社会融资结构对上市公司融资约束影响不同,其中短期和中长期信贷缓解效应显著。因此,在正确引导金融服务实体经济中,提供多元化融资渠道、控制社会融资规模合理增长、注重社会融资结构的优化是有效的路径选择。
This paper,combining the social financing scale and social financing structure variables,analyzes the investment-cash flow of the listed companies to examine the mitigation effect of macro-control variables on micro-enterprise financing constraints.The empirical study shows that China's A-share listed companies generally have financing constraints,and the financialization of assets can reduce the sensitivity of investment-cash flow.The growth of social financing scale will aggravate the difficulties of corporate financing constraints;in addition,different financing structure have different effects on financing constraints of listed companies,among which short-term and medium-term credit mitigation effect is significant.Therefore,to properly guide financial system to serve the real economy,providing diversified financing channels,controlling social financing scale for reasonable growth,and focusing on the optimization of social financing structures are effective path choices.
作者
刘德红
李亚敏
LIU De-hong;LI Ya-min(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)
出处
《北京交通大学学报（社会科学版）》
CSSCI
2020年第3期54-63,共10页
Journal of Beijing Jiaotong University(Social Sciences Edition)
基金
国家社科基金一般项目“新时代金融服务实体经济的功能和机理研究”(19BJY242)。
关键词
社会融资规模
融资体系
融资约束
融资结构
实体经济
金融资产配置
social financing scale
financing system
financing constraints
financing structure
real economy
allocation of financial assets
