金融约束对上市公司投融资行为影响的研究

摘要

金融约束政策是改革开放以来我国宏观金融政策的集中体现，是现阶段我国企业所面临的宏观金融环境。投融资决策是公司经营管理问题中的重要层面，深受宏观金融环境的影响。因此，本文从金融约束的视角出发，研究我国上市公司的投融资行为。首先，介绍金融约束理论以及金融约束对上市公司投融资行为的影响机制；其次，运用主成分分析法，构建我国金融约束指数；最后，建立了关于金融约束指数与上市公司投融资行为的面板数据模型，得出结论。%Financial restriction policy has been the core reflection of macro-financial policy in China since the reform and opening up, and is the macro-financial environment facing Chinese enterprises at the present stage. Investment and financing decisions are an important aspect in enterprise operation and management, and are deeply influenced by macro-financial environment. This paper, from the perspective of financial restriction, researches the financing behavior in listed companies in China. Firstly, the paper introduces the influencing mechanism of financial restriction and its theory. Secondly, the paper builds financial restraint index with Principal Component Analysis. Finally, the paper builds panel data model about the financial restraint index and listed companies' financing behavior, workings out the conclusions.