产业集聚的外部性与企业融资行为

虽然不少文献都明确了产业集聚的外部性对企业的债务融资具有正向作用,但就产业集聚外部性如何系统性影响企业融资行为的研究较少。本文综合运用产业组织理论和公司金融理论,从理论和实证两个方面分析产业集聚与资本结构间的关系。理论分析发现,产业集聚与资本结构在权衡理论框架和优序融资理论框架下呈现出不同的关系。实证结果则发现产业集聚与资本结构负相关,更多的支持了优序融资理论。原因在于,我国制造业企业的债务融资存在较高的交易成本,"信息不对称"问题严重,使得企业融资的首要选择是内部融资。

Industrial Cluster Externality and Enterprise Financing Behavior

Although it proves that industrial cluster externality has positive effect on debt financing in most paper,the research on enterprise systematical financing behavior is rare.This paper analyzes the industrial clusters and capital structure by the way of theory and empirical study.The theoretical analysis finds that the relationship between the both is different by the analysis of the trade-off theory and pecking order theory.The empirical study result finds more support of the pecking order theory,and shows that industrial cluster is negative related to capital structural.It makes inter financing preference that transaction cost is high in the debt financing,asymmetric information problem is serious.