目录
摘 要 4
ABSTRACT 5
引言
1.1研究背景 6
1.2研究意义 6
1.3研究内容 7
第二章 文献综述 8
2.1股权性质差异研究概况 8
2.2股权性质差异对融资的影响 9
2.3融资约束的度量 10
2.4文献评述 11
第三章 分析框架与数据来源 12
3.1研究内容及思路 12
3.2研究假设 12
3.3数据来源 13
3.4模型设定与变量定义 14
第四章 实证结果与分析 17
4.1实证结果 17
4.2相关性分析 18
4.3多重共线性检验 19
4.4实证检验与分析 20
第五章 研究结论与政策建议 23
参考文献 24
致 谢 26
股权性质对企业融资约束的影响研究
摘 要
融资难往往是中小企业面临的一个重要问题，其根源往往在于信用困境。融资约束作为企业融资结构理论的重要组成部分，经常成为众多学者研究资本市场的重要对象。为了客观衡量企业融资约束的程度，许多经济学家开发了不同的指标来衡量它。目前主要指标有:现金流量敏感性系数、现金现金流量敏感性系数、KZ指数、WW指数等指标。由于操作的风险，银行倾向于坚持谨慎原则进行风险控制，如考虑企业的最终所有权的性质，企业的规模、现金流与当期资本存量的比例和其他因素。本文研究的是股权性质，即不同国有股权和私有股权这一性质的差异对企业所受融资约束程度的影响。本文的研究样本选取自2019年的中证500和创业板指数的成分股。剔除了金融、保险、证券行业和部分主业为国防、核工业等特殊行业的上市企业，共计515个，包括地方国有企业141个，民营和外资企业286个，央企88个。本文根据这些数据和重新估计的KZ指数，进行了OLS回归。本文研究最终发现，与民营企业和外资企业相比，地方国有企业和中央企业的融资约束程度较低。结论表明，我国的上市企业仍然受到来自银行、机构等投资者的股权性质歧视，建立一个公平的金融市场任重道远。 *51今日免费论文网|www.51jrft.com +Q: ￥351916072$ 

THE IMPACT OF EQUITY HETEROGENEITY ON CORPORATE FINANCING CONSTRAINTS
ABSTRACT
Financing difficulty is often a big problem faced by small and mediumsized enterprises, which is often rooted in the credit dilemma. As an important component of the theory of enterprise financing structure, financing constraint often becomes an important object for many scholars to study the capital market.
In order to objectively measure the degree of financing constraint of an enterprise, many economists have developed different indicators to measure it. At present, the main indicators are: cash flow sensitivity coefficient, cash cash flow sensitivity coefficient, KZ index, WW index and other indicators. In this paper, KZ index is used as a standard to measure the degree of financing constraints of enterprises.
After research, the author found that due to the risk of operation, banks tend to adhere to the principle of prudence in risk control, such as considering the nature of the final ownership of the enterprise, the size of the enterprise, the proportion of the cash flow in assets and other factors. This paper mainly studies the influence of equity heterogeneity on corporate financing constraints. Empirical evidence shows that, due to the influence of political association and other factors, when the nature of enterprise equity belongs to the state or the central government, the degree of financing constraint is often lower than that of private enterprises.

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