金融聚集对企业融资约束的影响及机制研究

文章探讨了金融聚集对企业融资约束的影响,发现金融聚集对企业的融资约束产生正向的缓解作用。研究样本包括2009年至2019年A股上市公司,通过采用排序逻辑回归方法,构建了企业融资约束的指标并发现融资约束是一个广泛存在的问题,但其在不同企业之间的程度存在明显的差异。利用区域熵指数来衡量中国31个省、市、自治区的金融聚集水平,结果显示,除了经济较为发达的地区之外,宁夏和青海在中西部地区的金融聚集水平相对较高。采用固定效应模型进行的实证检验证实了金融聚集对缓解企业融资约束的积极作用。从机制上分析,金融聚集能通过减少信息不对称,从而有助于缓解企业融资约束。另外,更深入的分析表明,保险行业的聚集对缓解企业融资约束的影响尤为显著。该研究扩展了现有关于金融聚集与区域经济发展之间关系的研究,而且为企业缓解融资约束以及政府在制定金融产业政策时提供了参考。

Study on the Impact and Mechanism of Financial Agglomeration on Corporate Financing Constraints

The article investigates the impact of financial agglomeration on corporate financing constraints and finds that financial agglomeration has a positive alleviating effect on the financing constraints of enterprises. The research sample includes A-share listed companies from 2009 to 2019. By adopting the ordered logistic regression method, an index of corporate financing constraints was constructed, and it was found that financing constraints are a widely prevalent issue, but there is a significant difference in its intensity among different enterprises. The regional entropy index is used to measure the level of financial agglomeration in 31 provinces, municipalities, and autonomous regions in China. The results show that, apart from economically developed areas, Ningxia and Qinghai have relatively high levels of financial agglomeration in the central and western regions. Empirical verification using a fixed effects model confirms the positive role of financial agglomeration in alleviating corporate financing constraints. Mechanism analysis shows that financial agglomeration can help alleviate corporate financing constraints by reducing information asymmetry. Additionally, a more in-depth analysis shows that the agglomeration of the insurance industry has a particularly significant impact on alleviating corporate financing constraints. This study expands existing research on the relationship between financial agglomeration and regional economic development, and provides a reference for enterprises to alleviate financing constraints and for the government in formulating financial industry policies.