融资约束、国有股权和投资行为的再检验——基于Threshold+Panel模型的分析.pdfVIP

融资约束、国有股权与投资行为的再检验1 ——基于Threshold Panel 模型的分析 王少平 彭方平 （华中科技大学经济学院湖北武汉 430074 ） 摘 要 ：本文运用门槛面板数据模型，对我国上市公司融资约束、国有股权 等与投资行为的关系进行了实证研究，得到了诸多不同现有研究文献的结论。研 究结果表明，我国上市公司在融资约束问题上存在明显的阀值效应，非国有控股 企业面临更高的融资门槛；负债融资对国有控股投资公司投资行为有抑制作用， 而对非国有控股公司投资没有抑制作用；托宾 Q 值对上市公司的投资有显著的 影响，而且呈现非线性。基于上述研究结论，本文进一步给出了政策建议。 关 键 词 ： 融资约束 面板数据 阀值效应 中图分类号： F830.59 文献标识码：A Analysis on Financing Constraints,State Ownership and Corporate Investment : Based on Threshold Panel Model Wang Shaoping Peng Fangping (Economics School of Huazhong University of Science and Technology WuHan 430074) Abstract: Based on Chinas listed companies ,this paper empirically investigates the relationship among the financing constraints、state ownership 、corporate investment and so on by applying Threshold Panel Model，and draws some conclusions that differ from the exsiting study. The results show as follows.Firstly ,there is a significant threshold effect on the financing constraints, and non-state-owned-holding corporates are sbujected to a higher financing threshold than state-owned-holding ones are. Secondly,debt financing is one mechanism for overcoming the overinvestment problem suggesting a negative relationship between debt and investment for corporates with state-owned-holding but not for ones with non-state-owned-holding. Thirdly, Tobins Q has a signif icant effect on corporate investment,and there is a nonlinear relationship between them. Finally this paper provides some policy advice based on the results as above. key words : Financing Constraints; Panel Data; Threshold Effect 1本文受国家自然科学基金和国家社科基金（05BJY012 ）资助 1 JEL Classification: