论文部分内容阅读
运用中小企业板制造业上市公司2008—2013年的相关数据,以冲突解决机制与管理者机会主义假说架构起利益相关者满足度对融资约束的影响机制,并以现金—现金流敏感性作为研究模型。实证结果表明:中小企业的利益相关者满足程度处于较弱状态;中小企业存在较为明显的融资约束,比较依赖于内源融资;企业可以通过提升利益相关者满足度来缓解企业的融资约束,即支持冲突解决机制假说,企业重视与利益相关者的利益共享可以缓解信息不对称与“委托—代理”冲突从而带来外源融资的便捷。
Using the data of SME manufacturing listed companies from 2008 to 2013, we use the conflict resolution mechanism and opportunistic hypothesis of managers to construct the mechanism of the impact of stakeholder satisfaction on financing constraints, and take the cash-cash flow sensitivity as a research object model. The empirical results show that the satisfaction degree of SMEs is weaker; SMEs have more obvious financing constraints and more dependence on internal financing; enterprises can alleviate the financing constraints of enterprises by raising the degree of stakeholder satisfaction, that is, To support the hypothesis of conflict resolution mechanism, enterprise attaches importance to the sharing of interests with stakeholders to ease the conflict between information asymmetry and “delegate-agent ” so as to facilitate the external financing.