摘要
由于信息不对称、委托代理问题和交易费用等的存在,使得企业外部资本与内部资本并不是完全可替代的,从而导致融资约束。宏观经济不确定、宏观政策变动以及政府过度干预会进一步加剧企业面临的融资约束。融资约束的存在使得企业投资偏离最优水平,制约了企业业绩的提升和经济的发展。本文通过梳理国内外相关文献,对融资约束的计量方式进行了系统评价,总结了缓解融资约束的举措,主要包括增加现金持有、内部资本市场、商业信用、机构投资者、关系网络及金融发展;然后,对现有文献的研究现状及研究不足进行了总结,最后,从利益相关者视角提出了缓解融资约束的研究展望。
Because of the existence of information asymmetry, principal-agent problems and transaction cost, it is not entirely fungible between the external capital and the internal capital of enterprises, which is leading to financing constraints. The macro economic uncertainty, the fluctuation of macro policy and the excessive government intervention will further aggravate financing constraints. The existence of financing constraints makes enterprise investment deviate from the optimal level, restricts the improvement of enterprise performance and the development of economy. This paper combs the related literature, systemically reviews the forms of measurement of financing constraints, and summarizes measures of easing financing constraints that include increasing cash holdings, internal capital markets, commercial credit, institutional investors, network, and financial development. And then we summarize the present research situation and the insufficiency of existing literatures. Finally from the perspective of stakeholders, we propose the research prospects of financing constraints.
出处
《财务研究》
2015年第3期16-26,共11页
Finance Research
基金
国家自然科学基金项目(71372111
71172099
71302003)
关键词
融资约束
利益相关者
集体选择
financing constraints
stakeholders
collective choice
