融资约束对制造业产出的抑制性影响分析

融资约束究竟会对中国制造业产出带来多大的抑制效应,一直是学术界关注的问题。分别从企业外部融资利息支出占现金流的比重、内源资金积累的自由现金流和由企业资产和成立年限构建的SA指数这三个维度,考察我国制造业面临的融资约束及其对企业产出的影响。实证结果显示,融资约束抑制了我国制造业的产出水平。利息支出占现金流比重的增加将导致我国制造业产出下降;同时,企业产出与自身积累的自由现金流显著正相关;而SA指数每增加一个单位将导致企业产出下降1.15%。分行业来看,融资约束对企业产出的制约在技术密集型行业表现得尤为显著,对于其中的典型行业——通信设备、计算机及其他电子设备制造业,产出的下降比例最高;分所有制来看,融资约束对国有企业产出的抑制效应虽然为负,但并不显著,而融资约束却能显著降低民营企业的产出水平。

The Restraining Effect of Financing Constraints on China's Manufacturing Output

How much the financing constraint will have a restraining effect on China's manufacturing output has always been an important issue for the academic community.This paper examines the financing constraints faced by China's manufacturing industry and their impact on enterprise output from three dimensions:the proportion of interest expenditure to cash flow in external financing,free cash flow accumulated by endogenous funds and SA index constructed by enterprise assets and years of establishment.It is found that financing constraints restrain the output level of manufacturing industry in China.The increase of interest expenditure as a proportion of cash flow will lead to the decline of manufacturing output in China.At the same time,the output of enterprises is positively correlated with the free cash flow accumulated by themselves,and every increase of SA index will lead to a decrease of 1.15%.In terms of different industries,the restriction of financing constraints on enterprise output is particularly significant in technology-intensive industries.For the typical industries,communication equipment,computer and other electronic equipment manufacturing,the decline rate is the highest.In terms of ownership,although the restraint effect of financing constraints on the output of state-owned enterprises is negative,it is not significant,but financing constraints can significantly reduce the output level of private enterprises.