金融发展、融资约束与企业成长

Abstract

本文研究了我国各地区金融发展对上市公司融资约束进而对公司成长的影响,研究结果表明:金融发展水平的提高能减轻企业的融资约束;对于那些依赖外部融资来成长的企业而言,金融发展水平的提高能促进企业的成长性;金融发展水平的提高能促进企业的规模扩张。这一研究结果不仅丰富了我国金融发展与经济增长之间关系的经验研究,而且有助于我们对我国金融发展促进经济增长的微观机理有更加深入的了解。

This paper examines the effect of China's local financial development on financing constraints and then growth of listed companies, the empirical results show that the improvement in financial development can not only reduce firms' financing constraints ; but alsp promote the growth of those firms that depend on external financing; and size expansion of firms. These results not only enrich empirical research on the relationship between financial development and economic growth in China, but also help us to deeply understand the micro - level mechanisms through which financial development promotes economic growth.