中国金融发展与企业融资约束的缓解_基于系统广义矩估计的动态面板数据分析

20096··2003～2007。F832A1007-2101200906-0022-06200911306JournalofHebeiUniversityofEconomicsandTradeNov.2009Vol.30No.6———510521●2009-03-24706020332007B0870300508XJ02-081970－。。Fazzarietal.1988[1]FHP、。、、。、。、ModiglianiMiller1958[2]、。、。Greenwaldetal.1984[3]、MyersMajluf1984[4]Myers1984[5]。BernankeGertler1989[6]Gertler1992[7]。、、。FHP1970～1984421。、。Hoshietal.1991[8]、Calomiris1994[9]Lamont1997[10]FHP。。22··。Paganoetal.1998[11]CullXu2003[12]。。RajanZingales1998[13]。Demirguc-KuntMaksimovic2002[14]。Love2001[15]。。2006[16]、2006[17]。GMM。、、Q。。QQQ。QQ。Q。2006[18]QQQ。QEricksonWhited2000[19]。BondMeghir1994[20]。。QQ。。IS!it=β0+β1IS!it-1+β2IS!2it-1+β3CFS!it-1+β4DS!it-1+ηi+νit11i、tI、。S。CF。D。ηiνit。BondMeghir1994β3。IS!it=β0+β1IS!it-1+β2IS!2it-1+β3CFS!it-1+β4DS!it-1+β5CFS!it-1*FD+β6CFS!it-1*FIN+2320096··1I/SCF/SD/S2125095030752125095030752125095030750.1990.1950.1980.1810.1660.1770.9260.9570.9340.3090.3230.3130.1770.2860.2110.8580.8130.846-0.105-0.001-0.105-0.227-0.000-0.227-0.023-0.080-0.0230.1990.1090.1040.1300.1170.1250.6770.7550.69606.36203.92006.36202.19006.48106.48010.69106.03110.691β7CFS!it-1*SIT+ηi+νit2Demirguc-KuntLevine1996[21]FINM2/GDP/GDPSTK/GDP、/GDP/FDFINSTK。、、β5、β6、β7。Laeven2003[22]β5、β6、β7。1、2、。ArellanoBond1991[23]GMM。。GMMGMMGMM。Windmeijer2005[24]GMMGMMBond2002[25]。GMMGMM。。GMM。GMMSargan。GMMBondetal.2001[26]GMMOLS。OLSGMMGMM。2003～2007STPTBH2003～20070100％615。CCER。2004～2008《》《》。1。、GMMGMMOLS。1OLS2I/St-1OLS0.6600.154I/St-1GMM0.315。。GMM24··32GMM0.314a12.75-0.065a-10.340.492a5.940.026a4.17-0.072a-4.110.084a12.650.0070.8240.90230750.311a12.83-0.062a-9.9015.015a5.190.020a3.32-5.501a-5.130.072a11.080.0060.8160.8990.314a12.75-0.065a-10.340.295a7.580.026a4.17-0.071a-4.110.084a12.650.0020.8010.8790.245a9.14-0.052a-8.140.457a5.150.021a3.07-0.031c-1.740.684a9.360.0050.7750.83121250.242a9.09-0.051a-7.949.354a2.830.020a2.94-3.357a-2.730.066a9.070.0090.7460.8290.245a9.14-0.052a-8.140.374a7.920.021a3.07-0.030c-1.740.068a9.360.0050.7750.8300.511a7.54-0.096a-3.460.772a3.290.0130.89-0.161a-3.140.092a5.210.0080.7230.8259500.532a8.13-0.087a-3.1921.569a3.24-0.006-0.40-7.963a-3.230.070a4.150.0010.7100.7950.511a7.54-0.096a-3.470.332a3.300.0130.88-0.159a-3.130.092a5.210.0020.7060.754I/St-1I/S2t-1CF/St-1D/St-1CF/St-1*FDCF/St-1*FINCF/St-1*STKConstantAR1AR2SarganTest。2GMMp0.914。。AR1AR2P0.0050.8351GMM。2GMM。21OLS、FE、GMM0.660a23.24-0.113a-15.050.175a6.960.013c1.800.024a3.040.36130750.567a18.16-0.096a-12.340.320a9.160.0111.430.015c1.670.35821250.910a12.43-0.161a-5.430.050a3.03-0.008-0.530.0261.340.4199500.154a4.02-0.043a-4.810.086a2.72-0.033a-2.710.177a13.350.22030750.112a2.69-0.035a-3.850.130a2.70-0.016-1.210.160a9.680.51221250.300a2.84-0.057b-2.380.071a3.17-0.108a-3.470.231a5.970.3589500.315a12.95-0.064a-10.310.164a7.490.023a3.810.079a12.290.0050.8350.91430750.245a9.18-0.052a-8.130.313a10.050.020a3.020.067a9.720.0030.8730.82621250.524a8.01-0.089a-3.340.048a4.140.0010.060.084a4.950.0020.7290.802950OLSFEGMMI/St-1I/S2t-1CF/St-1D/St-1ConstantAdj.R2AR1AR2SarganTest2、3GMMstata10.0“xtabond2”。Lag22AR1、AR2、SarganTestpta、b、c1%、5%10%。21。I/St-1I/S2t-11%5％BondMeghir1994CF/St-11%。。2001[27]。。、2520096··、。3GMM2。0。2006、2006。。、、。。。。。。。。2006“”。、、、。、。2003～2007。123。、。1FazzariS.M.HubbardR.G.andPetersonB.C.1988:FinancialConstraintsandCorporateInvestmentBrook－ingPapersonEconomicActivityVol.1:141~195.2ModiglianiF.andMillerM.1958:ThecostofcapitalcorporationfinanceandthetheoryofinvestmentAmericanEconomicReviewVol.48:261~297.3GreenwaldB.StiglitzJE.andWeissA.1984:Infor－mationalImperfectionsintheCapitalMarketandMacroeconomicFluctuationsTheAmericanEconomicReviewVol.48:194~199.4MyersS.C.andMajlufN.S.1984:CorporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothaveJournalofFinancialEco－nomicsVol.13:187~221.5MyersS.C.1984:ThecapitalstructurepuzzleJour－nalofFinanceVol.39:575~592.6BernankeB.andGertlerM.1989:Agencycostsnet26··FinancialDevelopmentandReliefofCorporateFinancingConstraintsinChina:BasedonDynamicPanelDatawithSystemGMMEstimationRaoHuachunAbstract:Financingrestraintsarethemajorblockforthedevelopmentofenterprisesandregionaleconomy.TheanalysisofthepaneldataanddynamicpanelofChina'slistedcompaniesduring2003-2007showsthatfinancingconstraintsareuniversalintheenterprises;thefinancialdevelopmenthelpstorelievetheconstraints,especiallyfortheprivateenterprises;financialintermediariesplayalargerrolethanstockmarketinrelievingtheconstraints.Keywords:financialdevelopment;financingconstraints;Eulerequationworthandbusinessfluctuations.AmericanEconomicReviewVol.79:14~31.7GertlerM.1992:Financialcapacityandoutputfluctua－tioninaneconomywithmulti-periodfinancialrelation－shipReviewofEconomicStudiesVol.59:455~4728HoshiKashyapandScharfstein.1991:Corporatestructureliquidityandinvestment:EvidencefromJapanesepaneldataQuarterlyJournalofEconomicsVol.106:33~60.9CalomirisC.andHubbardR.G.1994:TaxPolicyInternalFinanceandInvestment:EvidencefromtheUndis－tributedProfitsTaxof1936-1937JournalofBusinessVol.68:443~248.10LamontO.1997:CashFlowandInvestment:EvidencefromInternationalCapitalMarketsJournalofF