根据企业投融资行为理论，受到融资约束的企业倾向于使用内部资金进行投资，为此需要留存利润。而短期融资券拓宽了融资渠道，有助于缓解企业融资约束，进而影响企业储蓄行为。文章利用中国A股上市公司数据，研究了短期融资券推行所引起的融资约束变化对企业储蓄的影响。实证结果表明，短期融资券的推行改变了企业的储蓄行为，使企业留存利润占净利润的比重约降低了6．8%。%According to the theory of investment and financing behavior, the financially constrained enterprises are inclined to invest through internal funds, so they need to retain their profits. The shortterm financing bonds have widened the financing channel, thus easing corporate financing constraints and affecting corpo rate savings. This paper uses the data of Chinese Ashare listed companies to in vestigate the effect of the changes in financing constraints induced by the issuance of shortterm financing bonds on corporate savings. The empirical results reveal that the issuance of shortterm financing bonds changes corporate savings, and de creases the ratio of corporate retained profits to net profits by about 6.8 %.
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