我國(guó)服務(wù)業(yè)企業(yè)融資約束與融資模式研究——基于服務(wù)業(yè)上市企業(yè)面板數(shù)據(jù)的實(shí)證分析

摘要： 服務(wù)業(yè)對(duì)國(guó)民經(jīng)濟(jì)增長(zhǎng)至關(guān)重要,中國(guó)服務(wù)業(yè)企業(yè)采用的融資模式所引發(fā)的融資約束問(wèn)題嚴(yán)重制約了中國(guó)服務(wù)業(yè)的發(fā)展。使用我國(guó)服務(wù)業(yè)上市企業(yè)2013～2017年的面板數(shù)據(jù),先從現(xiàn)金—現(xiàn)金流敏感性角度對(duì)我國(guó)服務(wù)業(yè)企業(yè)是否存在融資約束進(jìn)行了檢驗(yàn),再利用KZ指數(shù)對(duì)我國(guó)服務(wù)業(yè)企業(yè)所采用的融資模式是否有效進(jìn)行驗(yàn)證。研究結(jié)果表明:我國(guó)服務(wù)業(yè)企業(yè)存在明顯的融資約束;內(nèi)部融資對(duì)緩解服務(wù)業(yè)企業(yè)融資約束效果不顯著;短期債務(wù)融資與長(zhǎng)期債務(wù)融資均會(huì)惡化服務(wù)業(yè)企業(yè)的融資狀況;股權(quán)融資對(duì)服務(wù)業(yè)企業(yè)緩解融資約束效果明顯。
As the largest industry in China, the service industry is vital to the growth of the national economy. The financing constraints caused by the financing models have seriously restricted the development of China's service industry.Therefore, it is necessary to conduct an in-depth study of the above issue. The article uses the panel data of China's service industry listed companies from 2013 to 2017. Firstly, from the perspective of cash-cash flow sensitivity, the paper analyzes whether there are financing constraints in China's service industry enterprises, and then uses the KZ index to verify whether the financing models adopted by China's service industry enterprises are effective. Research indicates that China's service industry enterprises have obvious financing constraints;Internal financing is not significant for mitigating financing constraints of service companies;Both short-term debt financing and long-term debt financing will make the financing situation of service companies worse;Equity financing has obvious effects on easing financing constraints for service companies.