“一带一路”倡议会缓解上市公司融资约束吗?
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摘要
"一带一路"倡议为国内企业提供了新的战略机遇,同时对其投融资能力提出了挑战。企业作为"一带一路"建设的主力军,可以为评估"一带一路"的实施效果提供短期经验证据。以2010—2017年上市公司为研究样本,采用PSM-DID方法研究"一带一路"对企业融资约束的影响。结果表明,"一带一路"缓解了上市公司的融资约束,并且在融资可获得性较差的上市公司中更为显著;此外,"一带一路"会通过增加政府补贴、提高银行贷款水平和商业信用水平来缓解企业融资约束。因此,政府在制定和完善经济政策时要充分考虑地区异质性特征,通过推进"一带一路"的实施来更好地解决企业"融资难"的问题,充分调动微观经济主体的积极性,以保证政策的有效实施。
The Belt and Road Initiative provides new strategic opportunities and challenges of investment and financing capabilities for domestic companies. As the main force of the Belt and Road construction, enterprises can provide short-term empirical evidence for evaluating the implementation effect of the Belt and Road. This paper takes the listed companies from 2010 to 2017 as the research sample and uses the PSM-DID method to study the impact of the Belt and Road Initiative on corporate financing constraints. The results show that the Belt and Road Initiative eases financing constraints of listed companies, and this role is more prominent in listed companies with poor financing availability. In addition, the Belt and Road Initiative will alleviate enterprises by increasing government subsidies, raising bank loan levels and commercial credit levels.Therefore, the government should fully consider regional heterogeneity when formulating and improving economic policies, and better solve the problem of "financing difficulty" of enterprises by promoting the implementation of the Belt and Road Initiative, and fully mobilize the initiative of microeconomic subjects to ensure the effective implementation of policies.
The Belt and Road Initiative provides new strategic opportunities and challenges of investment and financing capabilities for domestic companies. As the main force of the Belt and Road construction, enterprises can provide short-term empirical evidence for evaluating the implementation effect of the Belt and Road. This paper takes the listed companies from 2010 to 2017 as the research sample and uses the PSM-DID method to study the impact of the Belt and Road Initiative on corporate financing constraints. The results show that the Belt and Road Initiative eases financing constraints of listed companies, and this role is more prominent in listed companies with poor financing availability. In addition, the Belt and Road Initiative will alleviate enterprises by increasing government subsidies, raising bank loan levels and commercial credit levels.Therefore, the government should fully consider regional heterogeneity when formulating and improving economic policies, and better solve the problem of "financing difficulty" of enterprises by promoting the implementation of the Belt and Road Initiative, and fully mobilize the initiative of microeconomic subjects to ensure the effective implementation of policies.
引文
[1]MODIGLIAN,MILLER M H.The cost of capital,corporation finance and the theory of investmient[J].American economic review,1959,49(4):261-297.
[2]吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):156-173.
[3]KAPLAN S,ZINGALES L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly journal of economics,1997,112(1):169-215.
[4]于蔚,汪淼军,金祥荣.政治关联和融资约束:信息效应与资源效应[J].经济研究,2012(9):125-139.
[5]姜付秀,张晓亮,蔡文婧.CEO的财务经历有利于缓解企业融资约束吗[J].经济理论与经济管理,2018(7):74-87.
[6]尹筑嘉,曾浩,毛晨旭.董事网络缓解融资约束的机制:信息效应与治理效应[J].财贸经济,2018(11):112-127.
[7]魏志华,曾爱民,李博.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.
[8]李连军,戴经纬.货币政策、会计稳健性与融资约束[J].审计与经济研究,2016(1):75-82.
[9]齐杨,江雯倩,王浩宇.不同货币政策工具对企业融资约束及绩效的影响研究[J].宏观经济研究,2017(8):44-58.
[10]张西征,刘志远,王静.政府管制负担、融资约束与企业增长——基于企业调查数据的经验分析[J].当代经济科学,2012(4):95-102,127-128.
[11]赵子铱,张馨月.互联网金融发展能缓解中小企业的融资约束吗?[J].东岳论丛,2018(10):34-42.
[12]梁榜,张建华.中国普惠金融创新能否缓解中小企业的融资约束[J].中国科技论坛,2018(11):94-105.
[13]李泉,郭一凡,孟方方.影子银行能缓解中小企业融资约束吗?——来自现金—现金流敏感性和面板门槛模型的实证检验[J].哈尔滨商业大学学报(社会科学版),2018(3):38-48.
[14]LIN C,MA Y,XUAN Y.Ownership structure and financial constraints:Evidence from a structural estimation[J].Journal of financial economics,2011,102(2):416-431.
[15]LUO Q,LI H,ZHANG B .Financing constraints and the cost of equity:Evidence on the moral hazard of the controlling shareholder[J].International review of economics & finance,2015,36:99-106.
[16]WATTS R L.Conservatism in accounting part I:explanations and implications[J].Accounting horizons,2003,17(3):207-221.
[17]BAGNOLI M,WATTS S G.Conservative accounting choices[J].Management science,2005,51(5):786-801.
[18]姜付秀,石贝贝,马云飙.信息发布者的财务经历与企业融资约束[J].经济研究,2016(6):83-97.
[19]邓建平,曾勇.金融关联能否缓解民营企业的融资约束[J].金融研究,2011(8):78-92.
[20]徐梁.基于中国与“一带一路”国家比较优势的动态分析[J].管理世界,2016(2):170-171.
[21]杨柏,陈伟,林川,等.“一带一路”战略下中国企业跨国经营的文化冲突策略分析[J].管理世界,2016(9):174-175.
[22]张述存.“一带一路”战略下优化中国对外直接投资布局的思路与对策[J].管理世界,2017(4):1-9.
[23]严佳佳,辛文婷.“一带一路”倡议对人民币国际化的影响研究[J].经济学家,2017(12):83-90.
[24]李兵,颜晓晨.中国与“一带一路”沿线国家双边贸易的新比较优势——公共安全的视角[J].经济研究,2018(1):183-197.
[25]陈胜蓝,刘晓玲.公司投资如何响应“一带一路”倡议?—基于准自然实验的经验研究[J].财经研究,2018(4):20-33.
[26]王雯,杨蓉.“一带一路”倡议对中国制造业企业国际化程度的影响——基于双重差分模型的估计[J].企业经济,2018(11):70-77.
[27]孙焱林,杨彬,覃飞.“一带一路”倡议提升了我国企业创新能力吗——基于上市公司数据的实证研究[J].经济研究参考,2018(20):22-30,60.
[28]刘琦.“一带一路”倡议与企业绩效:关系与机制研究[J].区域金融研究,2018(9):23-29.
[29]杜东英,汤晓建,李玮.“一带一路”战略提升了企业价值吗?——来自“一带一路”概念股上市公司的经验证据[J].财会通讯,2017(32):16-18,129.
[30]施东辉.上市公司与“一带一路”建设[J].中国金融,2017(9):57-59.
[31]JOHNSON S,MITTON T.Cronyism and capital controls:evidence from Malaysia[J].Journal of financial economics,2003,67(2):351-382.
[32]卢盛峰,陈思霞.政府偏袒缓解了企业融资约束吗?——采自中国的准自然实验[J].管理世界,2017(5):51-65,187-188.
[33]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.
[34]ALMEIDA H V,WOLFENZON D .A theory of pyramidal ownership and family business groups[J].The journal of finance,2006,61(6):2637-2680.
[35]张伟华,毛新述,刘凯璇.利率市场化改革降低了上市公司债务融资成本吗?[J].金融研究,2018(10):106-122.
[36]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].经济科学出版社,2011.
[37]TAKALO T,TANAYAMA T.Adverse selection and financing of innovation:is there a need for R&D subsidies?[J].Journal of technology transfer,2010,35(1):16-41.
[38]翟淑萍,白素文,白冠男.富豪榜会降低公司融资约束吗?——基于媒体关注的视角[J].金融论坛,2018(11):50-67.
[39]杨兴全,曾义,吴昊旻.货币政策、信贷歧视与公司现金持有竞争效应[J].财经研究,2014(2):133-144.
[40]王生年,徐亚飞.融资约束、会计稳健性与股权融资成本[J].现代财经(天津财经大学学报),2016(11):64-75.
[41]HU C,LIU Y J,POULSEN A,et al.Valuing diversity:CEOs’ career experiences and corporate investment[J].Journal of corporate finance,2015,30(C):11-31.
[42]ALTIA .How sensitive is investment to cash flow when financing is frictionless?[J].The journal of finance,2003,58(2):707-722.
[43]连玉君,苏治,丁志国.现金-现金流敏感性能检验融资约束假说吗?[J].统计研究,2008(10):92-99.
(1)《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动》中涵盖了18个省、自治区、直辖市,其中,丝绸之路经济带包括新疆、重庆、陕西、甘肃、宁夏、青海、内蒙古、黑龙江、吉林、辽宁、广西、云南、西藏13个省、自治区和直辖市,21世界海上丝绸之路包括上海、福建、广东、浙江、海南5个省和直辖市。
[2]吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):156-173.
[3]KAPLAN S,ZINGALES L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly journal of economics,1997,112(1):169-215.
[4]于蔚,汪淼军,金祥荣.政治关联和融资约束:信息效应与资源效应[J].经济研究,2012(9):125-139.
[5]姜付秀,张晓亮,蔡文婧.CEO的财务经历有利于缓解企业融资约束吗[J].经济理论与经济管理,2018(7):74-87.
[6]尹筑嘉,曾浩,毛晨旭.董事网络缓解融资约束的机制:信息效应与治理效应[J].财贸经济,2018(11):112-127.
[7]魏志华,曾爱民,李博.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.
[8]李连军,戴经纬.货币政策、会计稳健性与融资约束[J].审计与经济研究,2016(1):75-82.
[9]齐杨,江雯倩,王浩宇.不同货币政策工具对企业融资约束及绩效的影响研究[J].宏观经济研究,2017(8):44-58.
[10]张西征,刘志远,王静.政府管制负担、融资约束与企业增长——基于企业调查数据的经验分析[J].当代经济科学,2012(4):95-102,127-128.
[11]赵子铱,张馨月.互联网金融发展能缓解中小企业的融资约束吗?[J].东岳论丛,2018(10):34-42.
[12]梁榜,张建华.中国普惠金融创新能否缓解中小企业的融资约束[J].中国科技论坛,2018(11):94-105.
[13]李泉,郭一凡,孟方方.影子银行能缓解中小企业融资约束吗?——来自现金—现金流敏感性和面板门槛模型的实证检验[J].哈尔滨商业大学学报(社会科学版),2018(3):38-48.
[14]LIN C,MA Y,XUAN Y.Ownership structure and financial constraints:Evidence from a structural estimation[J].Journal of financial economics,2011,102(2):416-431.
[15]LUO Q,LI H,ZHANG B .Financing constraints and the cost of equity:Evidence on the moral hazard of the controlling shareholder[J].International review of economics & finance,2015,36:99-106.
[16]WATTS R L.Conservatism in accounting part I:explanations and implications[J].Accounting horizons,2003,17(3):207-221.
[17]BAGNOLI M,WATTS S G.Conservative accounting choices[J].Management science,2005,51(5):786-801.
[18]姜付秀,石贝贝,马云飙.信息发布者的财务经历与企业融资约束[J].经济研究,2016(6):83-97.
[19]邓建平,曾勇.金融关联能否缓解民营企业的融资约束[J].金融研究,2011(8):78-92.
[20]徐梁.基于中国与“一带一路”国家比较优势的动态分析[J].管理世界,2016(2):170-171.
[21]杨柏,陈伟,林川,等.“一带一路”战略下中国企业跨国经营的文化冲突策略分析[J].管理世界,2016(9):174-175.
[22]张述存.“一带一路”战略下优化中国对外直接投资布局的思路与对策[J].管理世界,2017(4):1-9.
[23]严佳佳,辛文婷.“一带一路”倡议对人民币国际化的影响研究[J].经济学家,2017(12):83-90.
[24]李兵,颜晓晨.中国与“一带一路”沿线国家双边贸易的新比较优势——公共安全的视角[J].经济研究,2018(1):183-197.
[25]陈胜蓝,刘晓玲.公司投资如何响应“一带一路”倡议?—基于准自然实验的经验研究[J].财经研究,2018(4):20-33.
[26]王雯,杨蓉.“一带一路”倡议对中国制造业企业国际化程度的影响——基于双重差分模型的估计[J].企业经济,2018(11):70-77.
[27]孙焱林,杨彬,覃飞.“一带一路”倡议提升了我国企业创新能力吗——基于上市公司数据的实证研究[J].经济研究参考,2018(20):22-30,60.
[28]刘琦.“一带一路”倡议与企业绩效:关系与机制研究[J].区域金融研究,2018(9):23-29.
[29]杜东英,汤晓建,李玮.“一带一路”战略提升了企业价值吗?——来自“一带一路”概念股上市公司的经验证据[J].财会通讯,2017(32):16-18,129.
[30]施东辉.上市公司与“一带一路”建设[J].中国金融,2017(9):57-59.
[31]JOHNSON S,MITTON T.Cronyism and capital controls:evidence from Malaysia[J].Journal of financial economics,2003,67(2):351-382.
[32]卢盛峰,陈思霞.政府偏袒缓解了企业融资约束吗?——采自中国的准自然实验[J].管理世界,2017(5):51-65,187-188.
[33]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.
[34]ALMEIDA H V,WOLFENZON D .A theory of pyramidal ownership and family business groups[J].The journal of finance,2006,61(6):2637-2680.
[35]张伟华,毛新述,刘凯璇.利率市场化改革降低了上市公司债务融资成本吗?[J].金融研究,2018(10):106-122.
[36]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].经济科学出版社,2011.
[37]TAKALO T,TANAYAMA T.Adverse selection and financing of innovation:is there a need for R&D subsidies?[J].Journal of technology transfer,2010,35(1):16-41.
[38]翟淑萍,白素文,白冠男.富豪榜会降低公司融资约束吗?——基于媒体关注的视角[J].金融论坛,2018(11):50-67.
[39]杨兴全,曾义,吴昊旻.货币政策、信贷歧视与公司现金持有竞争效应[J].财经研究,2014(2):133-144.
[40]王生年,徐亚飞.融资约束、会计稳健性与股权融资成本[J].现代财经(天津财经大学学报),2016(11):64-75.
[41]HU C,LIU Y J,POULSEN A,et al.Valuing diversity:CEOs’ career experiences and corporate investment[J].Journal of corporate finance,2015,30(C):11-31.
[42]ALTIA .How sensitive is investment to cash flow when financing is frictionless?[J].The journal of finance,2003,58(2):707-722.
[43]连玉君,苏治,丁志国.现金-现金流敏感性能检验融资约束假说吗?[J].统计研究,2008(10):92-99.
(1)《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动》中涵盖了18个省、自治区、直辖市,其中,丝绸之路经济带包括新疆、重庆、陕西、甘肃、宁夏、青海、内蒙古、黑龙江、吉林、辽宁、广西、云南、西藏13个省、自治区和直辖市,21世界海上丝绸之路包括上海、福建、广东、浙江、海南5个省和直辖市。