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论文编号：	11743
作者编号：	2120182939
上传时间：	2020/6/20 11:38:58
中文题目：	资管新规对企业融资约束的影响研究
英文题目：	Research on the Influence of the New Regulation of Asset Management on Corporates'' Financing Constraints
指导老师：	陆宇建
中文关键字：	资管新规；融资约束；现金—现金流敏感性
英文关键字：	the New Regulation of Asset Management；corporate financing constraints；cash-cash flow sensitivity
中文摘要：	随着我国资管业务如火如荼开展，公司融资渠道得到丰富，但同时也显现出 监管、风险防控等诸多问题。基于此，2018 年 4 月 27 日人民银行等四部委联合 出台《关于规范金融机构资产管理业务的指导意见》（以下简称“资管新规”），以 规范资管业务。另一方面，受银行信贷这一主流融资方式条件较为严苛等因素影 响，我国企业发展受到了一定程度的融资约束。在我国经济转型背景下，政府通 过一定的财政政策、货币政策等引导经济发展，这些政策也会进而作用于企业。 已有大量学者研究货币政策、产业政策等宏观政策对微观企业的影响，资管新规 颁布所产生的融资“阵痛”是可以预期的，本文将目光聚焦于资管新规，探讨其 对于企业融资约束的政策效应以及对于不同类型企业融资约束的影响差异。 为了研究资管新规对公司融资约束的影响，本文选取资管新规正式稿颁布 前后各六个季度 A 股上市公司的季报数据作为样本，通过现金—现金流敏感性 模型，检验公司是否存在融资约束。本文进一步从实际控制人产权性质、公司规 模、企业所处行业、企业所处地区及企业生命周期五个角度对样本进行划分，研 究资管新规对不同类型公司的融资约束的影响。 研究发现，我国上市公司普遍存在融资约束，资管新规的实施加剧了公司受 到的融资约束程度，其中，民营企业、中小企业、处于东部地区等金融发展水平 较高的地区的企业以及成长期企业表现出更强的融资约束，而大型企业、国有企 业、处于西部地区的企业以及成熟期企业并未受到显著影响。行业角度，资管新 规起到了一定的融资引流作用，其加剧了煤炭、水泥、平板玻璃、多晶硅等产能 过剩行业的融资约束，但未对钢铁和房地产行业产生显著影响。
英文摘要：	With the rapid development of China's asset management business, companies’ financing channels have been enriched, but at the same time, many problems have accused such as supervision, risk prevention and control. Based on this, the guidance on regulating the asset management business of financial institutions (hereinafter referred to as “the New Regulation of Asset Management”) was issued to regulate the asset management business. On the other hand, the development of enterprises in China is restricted to a certain extent by the factors such as the severe conditions of bank credit which is the mainstream financing mode. Under the economic background of China, the government guides the economic development through certain fiscal policies and monetary policies, which will finally affect the enterprises. A large number of scholars have studied the impact of macro policies such as monetary policy and industrial policy on micro enterprises. This paper focuses on the New Regulation of Asset Management and discusses the effects of this policy on corporate financing constraints. In order to study the impact of the New Regulation of Asset Management on corporates’ financing constraints, this paper selects the quarterly report data of Chinese A-share listed companies before and after the promulgation of the New Regulation of Asset Management as samples, and tests whether there exist financing constraints by using the cash-cash flow sensitivity model. Furthermore, this paper divides the samples from five aspects: the nature of property rights of the enterprise’s actual controller, the scale of the enterprise, the industry in which the enterprise is located, the area in which the enterprise is located and the life cycle of the enterprise, in order to study the impact of the New Regulation of Asset Management on the financing constraints of different companies. It is found that there are generally financing constraints in Listed Companies in China. The implementation of the New Regulation of Asset Management intensifies the degree of financing constraints that companies are subject to. Among them, private enterprises, small and medium-sized enterprises, enterprises in the east area of China Abstract III and enterprises in the growing period show stronger financing constraints, while large enterprises, state-owned enterprises, enterprises in the west area of China and enterprises in the mature period are not significantly affected. From the perspective of industry, the New Regulation of Asset Management plays a role of financing drainage, which aggravates the financing constraints of overcapacity industries such as coal cement, flat glass and polysilicon, but has no significant impact on the steel and real estate industries.
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