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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 corporate investment and financing behavior, those financed by financing tend to use internal funds for investment, for which the need to retain profits. The short-term financing bills broaden the financing channels, helping to ease the corporate financing constraints, thereby affecting the corporate savings behavior. Based on the data of Chinese A-share listed companies, the article studies the impact of changes in financing constraints on the corporate savings caused by the implementation of short-term financing bills. The empirical results show that the implementation of short-term financing bills has changed the corporate savings behavior, so that the proportion of corporate retained profits in net profit decreased by about 6.8%.