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论文编号：	8426
作者编号：	2120142478
上传时间：	2016/6/12 8:59:28
中文题目：	金融发展、融资约束与全要素生产率——基于中国主板上市公司的实证研究
英文题目：	Financial development, Financing constraints and Total factor productivity——Based on China’s Main board listing Companies
指导老师：	覃家琦
中文关键字：	金融发展程度；融资约束；全要素生产率
英文关键字：	Financial development degree；Financial constraints；TFP
中文摘要：	我国各地金融机构近些年得到了蓬勃发展，金融市场化水平也在逐步提高。已有研究表明金融发展水平的提高能够促进经济的增长，其中绝大部分研究选择从宏观层面入手，本文旨在剖析宏观金融发展对微观经济实体融资约束与全要素生产率的影响，从而为金融发展对经济增长的促进作用提供微观证据。 本文首先从理论上探索金融发展、融资约束以及全要素生产率三者之间的关系，之后采用定性研究与定量研究相结合的方法，以2009年~2014年沪深主板上市公司作为研究样本，研究金融发展程度作用于企业融资约束并进而影响企业全要素生产率的作用机制，通过一系列实证研究，完成了对本文逻辑链条金融发展水平—融资约束—全要素生产率提高的验证。本文的研究结论是：一，中国上市企业普遍存在融资约束，金融发展程度的提高能够显著降低企业面临的融资约束程度；二，企业融资约束的存在能够降低企业的全要素生产率水平；三：金融发展程度由于对融资约束的缓解使得企业全要素生产率提高。文中涉及的三个研究对象，金融发展程度、融资约束与全要素生产率，对于其中任意两者的研究都已有学者进行了深入拓展，但是 将三者联系起来并进行互动关系的研究还存在空白，因此本文的研究能够丰富现有文献。通过研究金融发展与经济主体——企业投融资行为之间的关系一方面有利于宏观政策制定者的理解，另一方面对于企业经营者来说，也有利于其抓住金融发展的机遇合理安排企业投融资行为，引导企业良性发展。
英文摘要：	In recent years, financial institutions in China have developed rapidly, and the level of financial market has been gradually improved. Studies have shown that the improvement of the level of financial development can promote economic growth, which the majority choose to study from macro point of view, this paper aims to analyze the effects of macro financial development to the microeconomic entity financing constraints and total factor productivity, so as to provide a microscopic evidence for the role of financial development to economic growth. Firstly,the paper explores the relationship between financial development, financing constraints and total factor productivity by the theory. Then study the degree of financial development as for corporate financing constraints and thus affect the mechanism of total factor productivity of enterprises, using the method of combination of qualitative analysis and quantitative analysis on the samples of Shanghai and Shenzhen Stock Exchange main board listed companies in 2009-2014. After a series of empirical studies, this paper completerd the whole demonstration on the logic chain of financial development, financing constraints - total factor productivity verification. The conclusion of this paper is that China listed companies generally exist financing constraints and the level of financial development improvement can significantly reduce the degree of financing constraints of the enterprises; secondly, the existence of financing constraints can reduce the level of total factor productivity; thirdly, financial development level can improve the total factor productivity of enterprises improve via the ease of financial constraints. This paper studies three research object, the degree of financial development, financing constraints and total factor productivity, for which either are scholars were further expand, but the reseach of three obgects’s links and interaction are few, this study can enrich the existing literature. Understanding of the study of financial development and economic subjects, the relationship between enterprise financing behavior on the one hand to macroeconomic policy makers, on the other hand for enterprise managers, to seize the opportunity of financial development reasonable arrangements for corporate investment and financing behavior, and guide healthy development of the enterprise.
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