金融发展对能源产业融资约束的影响研究

摘要/Abstract

摘要：

世界能源市场复杂多变，国际能源形势错综复杂，我国能源产业发展面临着众多挑战。从金融发展视角出发，寻找解决制约能源产业发展融资约束问题的方法。以我国2008—2012年沪深两市A股能源类上市公司为研究样本，构建投资—现金流敏感性检验模型和现金—现金流敏感性检验模型，采用普通最小二乘法分析金融发展对能源产业融资约束的影响机理。研究结果表明：1）整体而言，中国能源产业存在着显著的融资约束问题；2）金融发展可以有效地缓解能源企业的融资约束，在那些金融较为发达、市场化程度较高的地区，融资约束程度明显较低，在货币发行量较大的年份，融资约束程度也明显较低；3）相比区域差异，宏观金融环境的变化对能源企业融资约束的缓解作用更为明显。

关键词: 金融发展, 融资约束, 能源产业, 投资—现金流敏感性, 现金—现金流敏感性

Abstract:

China's energy is confronting challenges in a changeable world energy market and complicated situation. This paper aims at approaches to the constraints of energy industry's financing. Based on the Shenzhen and Shanghai's Stock Market's listed A energy companies in 2008—2012, this paper establishes investmentcash sensitivity model and cashcash sensitivity model, applies OLS to analyzes the mechanism of financial development to energy industry's financing, and shows an outstanding financing constraint in China's energy industry, which can be effectively resolved by financial development. In the areas where has a developed and higher marketing, financing constraints become less, so does when currency is largely issued. A change of the macroscopic financial environment could mitigate the constraints more than regional difference.

Key words: financial development, financing constraint, energy industry, investment cash sensitivity, cash cash sensitivity

中图分类号:

F206

兰强，赵鹏大. 金融发展对能源产业融资约束的影响研究[J]. 资源与产业, 2014, 16(5): 122-128.

LAN Qiang, ZHAO Peng-da. CONSTRAINTS OF FINANCIAL DEVELOPMENT TO ENERGY INDUSTRY’S FINANCING[J]. Resources & Industries, 2014, 16(5): 122-128.

参考文献

[1]吕鹏, 张志杰. 我国资源型企业困境及可持续发展研究[J].资源与产业, 2013,15(5): 33-37
[2]Modigliani F, Miller M H. The cost of capital, corporation finance and the theory of investment［J］. The American Economic Review, 1958, 48(3): 261-297
[3]King R G, Levine R. Finance and growth: schumpeter might be right[J].The Quarterly Journal of Economics,1993,108(3):717-737
[4]〗Hassan M K, Sanchez B, Yu J. Financial development and 〖JP〗economic growth: new evidence from panel data[J]. The Quarterly Review of Economics and Finance, 2011,51(1): 88-104
[5]McLean R D, Zhang Tianyu, Zhao Mengxin. Why does the law matter? investor protection and its effects on investment, finance, and growth[J]. The Journal of Finance, 2012, 67(1): 313-350
[6]Beck T, Maksimovic V. Financing patterns around the world: the role of institutions[M]. Washington: World Bank, 2002
[7]Guzman, M G. Bank structure, capital accumulation and growth: a simple macroeconomic model[J]. Economic Theory, 2000, 16(2): 421-455
[8]Love L. Financial development and financial constraints: international evidence from the structural investment model[R]. Washington: World Bank, 2001
[9]代光伦,邓建平, 曾勇. 金融发展、政府控制与融资约束[J].管理评论, 2012(5): 21-29
[10]沈红波, 寇宏, 张川. 金融发展、融资约束与企业投资的实证研究[J].中国工业经济, 2010(6): 55-64
[11]解维敏, 方红星. 金融发展、融资约束与企业研发投入[J].金融研究, 2011(5): 171-183
[12]樊纲, 王小鲁, 朱恒鹏. 中国市场化指数: 各地区市场化相对进程2011年报告[M].北京: 经济科学出版社,2011
[13]Fazzari S, Hubbard R G, Petersen B C. Financing constraints and corporate investment [Z]. Cambridge: National Bureau of Economic Research, 1988
[14]Vogt S C. The cash flow/investment relationship: evidence from US manufacturing firms[J]. Financial Management, 1994, 23(2): 3-20
[15]Colombo M , Croce A, Guerini M. The effect of public subsidies on firmsinvestmentcash flow sensitivity: transient or persistent? [J]. Research Policy, 2013, 42(9): 1605-1623
[16]Pindado J, Requejo I, Torre C. Family control and investmentcash flow sensitivity: empirical evidence from the Euro zone[J]. Journal of Corporate Finance, 2011, 17(5): 1389-1409
[17]Campello M, Graham J R, Harvey C R.The real effects of financial constraints: evidence from a financial crisis[J].Journal of Financial Economics, 2010, 97(3): 470-487
[18]Duchin R, Ozbas O, Sensoy B A.Costly external finance, corporate investment, and the supreme mortgage credit crisis[J]. Journal of Financial Economics, 2010, 97(3): 418-435
[19]Goldsmith R W. Financial structure and development[M]. New Haven: Yale University Press, 1969
[20]麦金农. 经济发展中的货币与资本[M]. 上海. 上海人民出版社, 1997
[21]张军, 金煜. 中国的金融深化与生产率关系的再检测: 1987—2001[J].金融研究, 2002(11): 34-45
[22]Wang Qian, Wong T J, Xia Lijun. State ownership, 〖JP〗the institutional environment, and auditor choice: evidence fromChina[J]. Journal of Accounting and Economics, 2008, 46(1): 112-134
[23]李扬, 王国刚, 刘煜辉. 中国城市金融生态环境评价(2005)[M]. 北京: 人民出版社, 2005 [24]Almeida H, Campello M, Weisbach M S. The cash flow sensitivity of cash[J]. The Journal of Finance, 2004, 59(4): 1777-1804 [25]Bolton P, Chen Hui, Wang Neng. A unified theory of Tobins q, corporate investment, financing, and risk management[J]. The Journal of Finance, 2011, 66(5): 1545-1578 [26]Faulkender M, Flannery M J, Hankins K W. Cash flows and leverage adjustment[J]. Journal of Financial Economics, 2012,103(3): 632-646 [27]Durbin J, Watson G S. Testing for serial correlation in least squares regression: I［J］.Biometrika, 1950, 37(3/4): 409-428 [28]Durbin J, Watson G S. Testing for serial correlation in lest squares regression: Ⅱ［J］.Biometrika, 1951, 38(1/2): 159-177