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在系统梳理上市公司融资约束理论的基础上,本文通过整理近年来不同行业上市公司数据构建Logistic模型以对上市公司融资约束程度进行判别,进而构建融资约束FZ指数。研究发现:我国上市公司普遍存在着融资约束的问题,并且融资约束存在着行业差异,其中以制造业受到的融资约束最大,资源类、技术类的企业受到的融资约束相对较小。为有效缓解企业面临的融资约束水平,应该从提高净资产收益率、流动性、营业收入水平和降低财务松弛程度角度入手。
Based on systematically combing the theory of listed companies’ financing constraints, this paper constructs Logistic model to identify the degree of financing constraints of listed companies by sorting out the data of listed companies in different industries in recent years, and then constructs the financing constrained FZ index. The study finds that the listed companies in our country generally have the problem of financing constraints, and there are industry differences in the financing constraints. Among them, the manufacturing industry is subject to the largest amount of financing constraints, and the resources-based and technology-type enterprises are subject to relatively small financing constraints. In order to effectively alleviate the level of financing constraints faced by enterprises, we should start with improving the return on net assets, liquidity, operating income and reducing the degree of financial slack.