金融民主化、公司所有权性质与融资约束

文章旨在剖析金融民主化发展水平对上市公司融资约束程度的影响,从而为金融发展对所有权性质不同的上市公司融资约束的提升作用提供证据。通过构建金融民主化发展指数,并基于2008-2012年我国大陆31个省、自治区、直辖市的金融数据及各地A股上市公司的研究样本进行了实证研究,研究发现:相对于金融民主化发展水平较低的地区,金融民主化发展水平较高的地区上市公司融资约束程度更小;随着金融民主化进程的推进,国有控股上市公司融资约束缓解程度低于民营上市公司。

Democratization of Finance,Nature of Ownership and Financing Constraint

This paper examines the impacts of financial democratization on the degree of financing constraint of listed compa-nies in order to provide evidence for different ownerships of listed companies having different degrees of financing constraint with financial development. The paper makes an empirical study on the financial data from 31 provinces, autonomous re-gions and municipalities and research samples from different A-share listed companies in mainland China during the year of 2008 to 2012. The results show that the degree of financing constraint of listed companies is smaller in the regions with the higher development level of financial democratization, compared with the regions with the lower development level of finan-cial democratization. The degree of ease of financing constraint of state-controlled listed companies is lower than private list-ed companies with the advancement of financial democratization process.