内外融资条件、融资约束与企业绩效——来自京津冀地区企业调查的新证据*

基于独特的京津冀地区企业调查数据和克服内生性的结构方程模型，本文对融资约束的成因及影响进行了实证分析。分析结果表明，企业自身条件和外部市场环境均对融资约束有重要影响，且企业自身条件对融资约束的影响更强。总的融资约束指标对企业绩效的影响不显著。在区分融资约束的不同维度后，本文发现，融资可得性提高显著促进了企业绩效提升，融资频率增加却降低了企业绩效，而融资获得速度（等待时间）对企业绩效没有统计上的显著影响。进一步的分析表明，无论是正规融资渠道，还是非正规融资渠道，上述结论仍然成立。利用多种政策提高企业的管理水平，改善企业的自身条件，是缓解融资约束的最有效办法。

FINANCING CONDITIONS,FINANCING CONSTRAINTS AND FIRM PERFORMANCE——New Evidence from Enterprise Survey in Beijing Tianjin Hebei Region#br#

Based on the unique enterprise survey data of Beijing Tianjin Hebei region and the structural equation model to overcome the endogeneity, this paper makes an empirical analysis on the causes and effects of financing constraints The empirical results show that both the enterprises internal conditions and the external market environment have important influence on the financing constraints, but the impact of internal conditions is more pronounced The total effect of the financing constraint on the performance of the firm is not significant After distinguishing the different dimensions of the financing constraints, we find that the increase in financing access significantly contributes to the improvement of firm performance The financing frequency is harmful, while the waiting time of financing has no statistically significant impact The further analysis shows that the above conclusion holds whether it is a formal financing channel or an informal financing channel The use of a variety of policies to improve the management level of enterprises and improve their own conditions is the most effective way to ease the financing constraints