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文章利用工业企业1997—2004年的面板数据,对中国工业企业投资中的融资约束问题进行了研究,发现中国企业中年轻企业或非国有企业都存在融资约束。进一步作者利用开工时间和控股权,对融资约束情况作了交叉的先验分类,把企业分成国有老企业、国有新企业、非国有老企业、非国有新企业四类,对这四类企业的回归分析发现,开工时间长或国有控股的企业,不受融资约束,而非国有新企业却明显受到融资约束。这一经验结论准确反映了我国贷款中推行的担保制度对投资活动的影响。
Based on the panel data of industrial enterprises from 1997 to 2004, the article studies the financing constraints of Chinese industrial enterprises’ investment and finds that there are financing constraints for young enterprises or non-state-owned enterprises in Chinese enterprises. Furthermore, the author makes use of the start-up time and the controlling right to make a priori classification of the restriction of the financing. The author divides the enterprises into four types: state-owned old enterprises, new state-owned enterprises, non-state-owned old enterprises and non-state- Regression analysis found that start-up time or state-controlled enterprises, free from financing constraints, rather than the state-owned new enterprises are obviously subject to financing constraints. This empirical conclusion accurately reflects the impact of the guarantee system implemented in China’s loans on investment activities.