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融资约束是我国企业发展的重要制约因素。本文基于1999-2007年期间新成立制造企业数据,通过构建离散时间生存分析模型研究了融资约束对我国企业生存的影响,研究表明,新成立企业退出市场的风险会随企业融资约束的增大而提高,还进一步发现金融信贷存在着“年限摩擦”和“制度摩擦”的歧视现象,但“规模摩擦”在文中并未得到经验支撑。
Financing constraints is an important factor in the development of Chinese enterprises. Based on the data of newly established manufacturing enterprises during 1999-2007, this paper studies the impact of financing constraints on the survival of Chinese enterprises by constructing a discrete-time survival analysis model. The research shows that the risk of newly established enterprises leaving the market will increase with the increase of financing constraints However, it is further found that there is a discrimination phenomenon of “age friction” and “system friction” in financial credit. However, “scale friction” has not been supported by the experience in the text.