金融发展对中国中小板上市公司融资约束的影响

从投资-现金流的敏感性角度出发,利用我国中小企业板上市公司在 2004-2014年的数据为研究样本,通过建模实证研究金融发展对中国中小板上市公司融资约束瓶颈的影响程度.结果表明,中国中小上市公司的投资与其内部现金流有着显著的正向关系;金融发展能够缓解中小上市公司的融资约束现象,且金融发展程度越高,对中小板上市公司的融资瓶颈约束缓释效果越强,即减缓了企业的投资-现金流敏感性.

A Study of Influence of the Financial Development Level on China'sSMEs Financing Constraints

The paper uses the data of small and medium sized enterprises listed on the Chinese securities markets during 2004-2014 as the study sample, empirically studies the financial development level of China''s SMEs financing constraints degree of influence from the angle of investment cash flow sensitivity. The results show that: there is a significant positive relationship between investment and internal cash flow of SMEs in China; financial development can alleviate the financing constraints of SMEs, and the higher the level of financial development, the greater the degree of financing constraints, that is, to reduce the investment cash flow sensitivity.