新能源企业融资生态与融资约束——基于中国A股新能源上市公司的实证分析
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摘要
文章引入生态经济学思想,以2011-2016年中国A股新能源上市公司为研究样本,进一步拓展了新能源企业融资生态评价条件和测度因子变量,基于现金-现金流敏感性视角考察分析了新能源企业融资生态对融资约束的影响,并验证了企业融资内外生态的交互替代效应。研究发现:良好的融资外生态和融资内生态对新能源企业融资约束均具有显著的正向缓解作用,同时二者在具体影响时存在一定的交互替代效应。提出应树立资本生态化配置理念,以资金融通的生态联动为契合点,充分提升新能源企业内部融资生态和外部融资生态的生态适应性与情境融合度。
Based on the concept of ecological economics,this paper selects the Chinese A-share new energy listed companiesfrom 2011 to 2016 as samples,further expands the ecological evaluation conditions and measurement factor variables of newenergy enterprises' financing,examines the impacts of external and internal financing ecology on new energy enterprises' fi-nancing constraints from the perspective of cash-cash flow sensitivity,and verifies the interactive substitution effect betweenthe internal and external financing ecology. The study shows that good external and internal financing ecology can effectivelyalleviate the financing constraints of new energy enterprises and their roles are substitutional. The paper proposes establishingthe idea of ecological capital allocation,taking the financing ecology as the linkage point and fully promoting the ecologicaladaptability and situational integration of the internal and external financing ecology of new energy enterprises.
Based on the concept of ecological economics,this paper selects the Chinese A-share new energy listed companiesfrom 2011 to 2016 as samples,further expands the ecological evaluation conditions and measurement factor variables of newenergy enterprises' financing,examines the impacts of external and internal financing ecology on new energy enterprises' fi-nancing constraints from the perspective of cash-cash flow sensitivity,and verifies the interactive substitution effect betweenthe internal and external financing ecology. The study shows that good external and internal financing ecology can effectivelyalleviate the financing constraints of new energy enterprises and their roles are substitutional. The paper proposes establishingthe idea of ecological capital allocation,taking the financing ecology as the linkage point and fully promoting the ecologicaladaptability and situational integration of the internal and external financing ecology of new energy enterprises.
引文
[1]魏志华,曾爱民,李博,等.金融生态环境与企业融资约束——基于中国上市公司的实证研究[J].会计研究,2014(5):73-80.
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[3]BECK T,AUGUSTO T.The Basic Analytics of Access to Fi-nancial Services[J].Financial Market,2007,16(2):79-117.
[4]王琼,耿成轩.金融生态环境、产权性质与战略性新兴产业融资效率[J].经济经纬,2017,34(3):87-92.
[5]DANI R.Coordination Failures and Government Policy:LAModel with Application to East Asia and Eastern Europe[J].Journal of International Economics,1996,40:1-21.
[6]ELBANNAN M A.Quality of Internal Control over Finan-cial Reporting,Corporate Governance and Credit Ratings[J].International Journal of Disclosure and Governance,2009,6(2):127-149.
[7]WANG Q,GENG C X.Research on Financing Efficienciesof Strategic Emerging Listed Companies by Six-Stage DEAModel[J].Mathematical Problems in Engineering,2017(1):1-8.
[8]程小可,杨程程,姚立杰,等.内部控制、银企关联与融资约束——来自中国上市公司的经验证据[J].审计研究,2013(5):80-86.
[9]谢军,黄志忠.区域金融发展、内部资本市场与企业融资约束[J].会计研究,2014(7):75-81.
[10]钱明,徐光华,沈弋,等.社会责任信息披露、会计稳健性与融资约束——基于产权异质性的视角[J].会计研究,2016(5):9-17.
[11]吴琼,陈亮,王如松.生态城市指标体系与评价方法[J].生态学报,2005,25(8):2090-2095.
[12]王书玉,卞新民.江苏省阜宁县生态经济系统综合评价[J].生态学杂志,2007(2):239-244.
[13]孙晓,刘旭升,李锋,等.中国不同规模城市可持续发展综合评价[J].生态学报,2016,36(17):5590-5600.
[14]李飞鹏.基于Malmquist指数与多边形图示法的勘察设计行业评价研究[D].天津:天津大学,2013.
[15]KAPLAN S N,ZINGALES L.Do Investment-Cash FlowSensitivities Provide Useful Measures of Financing Con-straints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[16]BROWN J R,MARTINSSON G,PETERSEN B C.Do Fi-nancing Constraints Matter for R&D?[J].Social ScienceElectronic Publishing,2012,56(8):1512-1529.
[17]LAMONT O,POLK C,SAá-REQUEJO J.Financial Con-straints and Stock Returns[J].Review of Financial Stud-ies,2001,14(2):529-554.
[18]ALMEID H,CAMPELL M,WEISBACH M.The Cash FlowSensitivity of Cash[J].Journal of Finance,2004,59:1777-1804.
[19]潘俊,王亮亮,吕雪晶,等.金融生态环境、内部资本市场与公司现金策略[J].管理评论,2015,27(5):58-69.
[2]HANNAN M T,FREEMAN J.The population ecology of or-ganizations[J].American Journal of Sociology,1977,82(5):929-964.
[3]BECK T,AUGUSTO T.The Basic Analytics of Access to Fi-nancial Services[J].Financial Market,2007,16(2):79-117.
[4]王琼,耿成轩.金融生态环境、产权性质与战略性新兴产业融资效率[J].经济经纬,2017,34(3):87-92.
[5]DANI R.Coordination Failures and Government Policy:LAModel with Application to East Asia and Eastern Europe[J].Journal of International Economics,1996,40:1-21.
[6]ELBANNAN M A.Quality of Internal Control over Finan-cial Reporting,Corporate Governance and Credit Ratings[J].International Journal of Disclosure and Governance,2009,6(2):127-149.
[7]WANG Q,GENG C X.Research on Financing Efficienciesof Strategic Emerging Listed Companies by Six-Stage DEAModel[J].Mathematical Problems in Engineering,2017(1):1-8.
[8]程小可,杨程程,姚立杰,等.内部控制、银企关联与融资约束——来自中国上市公司的经验证据[J].审计研究,2013(5):80-86.
[9]谢军,黄志忠.区域金融发展、内部资本市场与企业融资约束[J].会计研究,2014(7):75-81.
[10]钱明,徐光华,沈弋,等.社会责任信息披露、会计稳健性与融资约束——基于产权异质性的视角[J].会计研究,2016(5):9-17.
[11]吴琼,陈亮,王如松.生态城市指标体系与评价方法[J].生态学报,2005,25(8):2090-2095.
[12]王书玉,卞新民.江苏省阜宁县生态经济系统综合评价[J].生态学杂志,2007(2):239-244.
[13]孙晓,刘旭升,李锋,等.中国不同规模城市可持续发展综合评价[J].生态学报,2016,36(17):5590-5600.
[14]李飞鹏.基于Malmquist指数与多边形图示法的勘察设计行业评价研究[D].天津:天津大学,2013.
[15]KAPLAN S N,ZINGALES L.Do Investment-Cash FlowSensitivities Provide Useful Measures of Financing Con-straints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[16]BROWN J R,MARTINSSON G,PETERSEN B C.Do Fi-nancing Constraints Matter for R&D?[J].Social ScienceElectronic Publishing,2012,56(8):1512-1529.
[17]LAMONT O,POLK C,SAá-REQUEJO J.Financial Con-straints and Stock Returns[J].Review of Financial Stud-ies,2001,14(2):529-554.
[18]ALMEID H,CAMPELL M,WEISBACH M.The Cash FlowSensitivity of Cash[J].Journal of Finance,2004,59:1777-1804.
[19]潘俊,王亮亮,吕雪晶,等.金融生态环境、内部资本市场与公司现金策略[J].管理评论,2015,27(5):58-69.