6839 
8533现有关于资本账户开放的经济影响的研究大多着眼于宏观层面，且忽略了企业的异质性。文章以企业微观融资机制为切入点，利用2000−2013年63个国家（地区）的11 621家上市公司的数据，运用有序逻辑回归方法构建了衡量企业融资约束的SA指数，进而考察了资本账户开放对企业融资约束的影响及其作用机制。研究发现：（1）总体而言，一国（地区）的资本账户开放度越高，越有助于缓解企业融资约束，且这种缓解作用主要是通过金融信贷、商业信用和股权融资三种融资渠道实现的。（2）各国（地区）的资本丰裕程度不同，使得资本账户开放对企业融资约束的作用在不同类型国家（地区）存在明显差异，资本账户开放有利于缓解中等偏下收入国家（地区）的企业融资约束，而不利于缓解中等偏上收入国家（地区）的企业融资约束。（3）由于信息不对称问题的存在，大企业更容易在资本账户的开放中获得金融信贷、商业信用和股权融资，因此资本账户开放对融资约束的缓解作用在大企业中更加明显。以上研究结论既丰富了有关资本账户开放的经济效益理论，也为处于不同经济发展水平的国家（地区）是否应加快推进资本账户开放提供了一定的经验依据。
资本账户开放对企业融资约束的影响及其作用机制研究
摘要
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引用本文
罗子嫄, 靳玉英. 资本账户开放对企业融资约束的影响及其作用机制研究[J]. 财经研究, 2018, 44(8): 101-113.
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