[1]孔一超,周 丹.融资约束、企业特质波动以及企业绩效的关系研究——基于我国A股制造业上市公司的实证检验[J].金融教育研究,2019,(04):29-37.
　KONG Yichao,ZHOU Dan.Research on the Relations among Financing Constraints,Firm Characteristics Fluctuation and Firm Financial Performance ——An Empirical Study of A-share Manufacturing Listed Companies in China[J].,2019,(04):29-37.
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融资约束、企业特质波动以及企业绩效的关系研究——基于我国A股制造业上市公司的实证检验()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2019年04期
页码:
29-37
栏目:
金融论坛
出版日期:
2019-08-10

文章信息/Info

Title:
Research on the Relations among Financing Constraints,Firm Characteristics Fluctuation and Firm Financial Performance ——An Empirical Study of A-share Manufacturing Listed Companies in China
文章编号:
2095-0098(2019)04-0029-09
作者:
孔一超;  周 丹
浙江财经大学 金融学院,浙江 杭州 310018
Author(s):
KONG Yichao;  ZHOU Dan
School of Finance,Zhejiang University of Finance and Economics,Hangzhou,Zhejiang 310018,China
关键词:
制造业;  融资约束;  企业特质波动;  企业绩效
Keywords:
manufacturing;  financing constraints;  corporate traits;  corporate performance
分类号:
F832.42
文献标志码:
A
摘要:
以我国沪深A股制造业上市企业为研究样本,结合2011年至2017年的财务数据,对特质波动、融资约束与企业绩效之间的关系以及特质波动对融资约束与企业绩效关系的影响进行实证研究。结果表明,特质波动以及融资约束的上升会对我国制造企业绩效产生显著的负向作用; 其中,在国有制造业企业中特质波动的绩效抑制作用更大。进一步研究发现,特质波动上升会导致融资约束和企业绩效的负相关关系增强,融资约束对经营绩效的负面作用明显。
Abstract:
Based on the financial data of Shanghai and Shenzhen A-share listed manufacturing enterprises from 2011 to 2017,this paper makes an empirical study on the relationship between idiosyncratic volatility,financing constraints and corporate performance,and the impact of idiosyncratic volatility on the relationship between financing constraints and corporate performance.The results show that the volatility of traits and the rise of financing constraints will have a significant negative impact on the performance of manufacturing enterprises in China,and the restraint of the volatility of traits is even greater in state-owned manufacturing enterprises.It is further found that the rise of volatility will lead to the enhancement of the negative correlation between financing constraints and corporate performance,and the more obvious the negative effect of financing constraints on business performance.

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备注/Memo

备注/Memo:
收稿日期:2018-10-12
基金项目:江西省社会科学规划重大招标项目(16WTZD12)
通讯作者:周 丹(1978-),男,湖北武汉人,博士后,副教授,研究方向为金融发展与金融风险管理。
更新日期/Last Update: 2019-08-10