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外部环境的改变对融资约束的影响

The Influence of the Change of External Environment on Financing Constraints

【作者】 肖翔

【导师】 屈文洲;

【作者基本信息】 厦门大学 , 财务学, 2014, 硕士

【副题名】基于企业总部迁移的视角

【摘要】 金融危机之后,我国面临的“中小企业融资难”的问题再次凸显,成为制约我国经济发展的问题之一。企业外部融资环境作为影响企业融资的重要因素之一,对其研究也被赋予了新的意义。本文从我国各地区之间经济发展水平不同以及社会文化存在差异的现状入手,结合我国在2001年之后的新一轮总部迁移浪潮,并以迁移这一动态的视角对外部环境因素进行研究。选取2004-2013年之间进行总部迁移的A股上市公司作为样本,并根据迁移的方向以及地理跨度进行分组。首先以新的视角验证投资-现金流敏感性与公司融资约束之间的关系,而后分别研究了市场环境、社会文化环境的变化对公司融资约束的影响,最后分析外部环境的整体变化对公司融资约束的影响。本文得到以下结论:(1)上行迁移带来的外部融资环境的改善降低了公司的投资-现金流敏感度;(2)地区的市场化进程影响企业的融资约束水平,从市场化程度低的地方迁移到市场化程度高的地方,公司的融资约束得到缓解,反之,加剧;(3)以地区之间信任水平为代表的社会文化环境同样影响企业面临的融资约束水平,企业从面临信任水平较低的地方迁移到面临信任水平较高的地方,融资约束得到缓解,反之,加剧;(4)企业迁移后,由于外部市场环境以及社会人文环境共同影响,导致迁移后短期内企业的融资约束没有明显改善,这和我国当前企业总部迁移的方向性有关。本文的创新性之处在于采用了迁移这一动态的方式对影响融资约束的外部影响因素进行说明,并引入市场化进程指数和反映信任水平的相关指标来衡量外部环境,使文章能够更加全面地解释外部环境变化对融资约束的影响。

【Abstract】 After the financial crisis, the problem of financing which was confronted by middle and small-sized enterprises was highlighted and restricted the development of our country’s economy. Studying external financing condition which influenced the corporate finance, was also given a new meaning.Taking the differences of economic development level and social culture in various regions into account, this paper consider the wave of Headquarters migration which happen after2001and use a dynamic perspective about migration this paper to study. We choose the A-shared listed companies which have their headquarters migrated from2004to2013and divided them into groups based on the direction of migration and geographic span. We firstly test the relationship between investment-cash flow sensitivity and a firm’s financing constraints. Subsequently we explore the influence of the change of market environment and social cultural environment on financing constraints. At last the overall effects of external environment on financing constrain was verified.In this paper we found that:(1) the improvement brought by upward migration decrease a firm’s investment-cash flow sensitivity.(2) The process of marketalization would affect a company’s financing constrains. Specifically, the degree of financing constrain is relieved after the headquarter migrating from a place with low degree of marketalization to the other one with higher degree of marketalization. Conversely, the degree of financing constrain is intensified.(3). Credibility between regions would impact a company’s financing constrain. When a company moves headquarter from a place where it would face a high level of trust to the other where it would face a low level of trust, its external financing will be eased. On the contrary, its external financing will more likely be constrained if moving in the opposite direction.(4) Due to the mutual influence of external environment and social humanistic environment, the degree of financing constrain of a company is not improved significantly in short-term after the migration. This result is partly due to the direction of the headquarters migration in our country.The innovation of this paper are using a dynamic perspective-migration to explain the external factors which affect financing constraint and introducing marketalization index and trust indicator to measure the change of external environment which make our explanation more comprehensive.

  • 【网络出版投稿人】 厦门大学
  • 【网络出版年期】2014年 09期
  • 【分类号】F275;F276.6
  • 【被引频次】2
  • 【下载频次】253
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