银行竞争对制造业上市公司融资约束的影响研究*

本文研究了银行竞争程度的变动对制造业上市公司融资约束大小的影响。本文将我国制造业A股上市公司作为样本，建立多元回归模型验证银行竞争形势的加剧是否会影响企业所面临的融资约束。本文认为制造业A股上市公司面临显著的融资约束，而且银行竞争与企业所面临的融资约束之间呈现U型关系，即随着银行竞争的加剧，融资约束呈现先放松后收紧的趋势。

THE INFLUENCE OF BANKING COMPETITIONON FINANCING CONSTRAINTS OF LISTEDMANUFACTURING COMPANIES

 This paper studies the influence of market competition in the banking industry on the financing constraints of listed manufacturing companiesTaking listed companies in the manufacturing industry as samples, this paper establishes a multiple regression model to verify whether the intensification of the banking competition will affect financing constraints faced by enterprisesThis article concludes that listed companies in the manufacturing industry face significant financing constraintsThe banking industry competition and financing constraints have a U shaped relationship, namely as the banking competition intensifies, financing constraints firstly become looser but then become tighter