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宏观金融政策是影响企业投融资行为的重要因素,金融约束是现阶段中国企业所面临的最主要的宏观金融环境。在金融约束政策框架下,用2004-2013年数据对A股公司的投融资行为进行实证研究,并通过编制的金融约束指数可以看出,中国的金融约束政策是松紧波动的;金融约束政策对国有上市公司和非国有上市公司所产生的政策效应存在差异。这种差异客观上会带来不同产权属性的上市公司投融资行为上的非效率差异,以及不公平性。因此,需要逐步放松政策约束。
Macro-financial policy is an important factor that affects the investment and financing behavior of enterprises. Financial constraints are the most important macro-financial environment facing Chinese enterprises at this stage. Under the framework of financial restraint policy, we use the data of 2004-2013 to conduct an empirical study on the investment and financing behavior of A-share companies, and we can see from the compiled financial restraint index that China’s financial restraint policy is volatile; the policy of financial restraint The policy effects produced by state-owned listed companies and non-state-owned listed companies are different. This difference will objectively bring inefficiencies in the investment and financing behaviors of listed companies with different property rights and unfairness. Therefore, the need to gradually relax the policy constraints.