债务融资、商业信贷与中小企业投资——来自非上市制造业企业的证据
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财经研究 2011 年 第 37 卷第 03 期, 页码：137 - 145
摘要
参考文献
摘要
文章利用中国4 522家非上市中小企业的财务数据,运用面板分析方法考察了内部资金和外部资金对中小企业投资的影响,并检验了各种融资因素对中小企业投资的贡献度。通过对不同所有制中小企业投资受融资因素影响的比较分析,文章认为中小企业投资受债务资金约束,而且所有制因素在一定程度上制约了中小企业的融资,不过商业信贷可以在一定程度上替代银行贷款而缓解中小企业的融资难问题。
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[2]鲁丹,肖华荣.银行市场竞争结构、信息生产和中小企业融资[J].金融研究,2008,(5):107-113.
[3]卢峰,姚洋.金融压抑下的法治、金融发展与经济增长[J].中国社会科学,2004,(1):42-55.
[4]Allen F,M Qian,J Qian.Law,finance and economic growth in China[J].Journal ofFinancial Economics,2005,77:57-116.
[5]Beck T,A Demirguc-Kunt.Small and medium-size enterprises:Access to finance as agrowth constraint[J].Journal of Banking and Finance,2006,30:2931-2943.
[6]Beck T,A Demirguc-Kunt,L Laeven,V Maksimovic.The determinants of financingobstacles[J].Journal of International Money and Finance,2006,25:932-952.
[7]Devereux M,F Schiantarelli.Investment,financial factors and cash flow:Evidence fromU.K.panel data[A].Hubbard R G.Asymmetric,information,corporate finance and in-vestment[C].Chicago:University of Chicago Press,1990.
[8]Fazzari S M,R G Hubbard,B C Petersen.Financing constraints and corporate invest-ment[J].Brookings Papers on Economic Activity,1988,19:141-206.
[9]Firth M,C Lin,P Liu,S M L Wong.Inside the black box:Bank credit allocation in Chi-na’s private sector[J].Journal of Banking and Finance,2009,33:1144-1155.
[10]Goergen M,L Renneboog.Investment policy,internal financing and ownership concen-tration in the UK[J].Journal of Corporate Finance,2001,7:257-284.
[11]Hoshi T,A Kashyap,D Scharfstein.Corporate structure,liquidity and investment:Evi-dence from Japanese industrial groups[J].Quarterly Journal of Economics,1991,106:33-60.
[12]Kalecki M.The principle of increasing risk[J].Economica,1937,4(16):440-447.
[13]Petersen M,R G Rajan.Trade credit:Theories and evidence[J].Review of FinancialStudies,1997,10:661-691.
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郭丽虹, 马文杰. 债务融资、商业信贷与中小企业投资——来自非上市制造业企业的证据[J]. 财经研究, 2011, 37(3): 137–145.
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