融资约束、公司治理与技术资本配置——来自中国高端装备制造业上市公司经验证据

Financing Constraints, Corporate Governance and Technical Capital Allocation------Evidence from Chinese Listed High-end Manufacturing Companies

摘要:

融资约束是影响企业技术资本配置的关键因素，由于代理问题的存在，公司治理也会影响技术资本配置的水平。本文选取2009-2013年度中国A股高端装备制造业上市公司作为研究样本，对基于公司治理的融资约束、技术资本与公司绩效的关系进行检验。检验结果显示：（1）技术资本配置与公司市场绩效显著正相关，与会计绩效显著负相关。公司治理对技术资本与市场绩效的关系有明显的促进作用，而对技术资本与会计绩效的关系促进作用不明显。（2）技术资本配置存在融资约束，配置水平依赖于企业的内部现金流的高低。公司治理和融资约束均会影响技术资本配置对内部现金流的依赖程度。（3）外部融资方面，企业首选外部股权融资，其次是外部债权融资。公司治理水平影响技术资本配置对外部股权融资额的依赖程度；融资约束程度影响技术资本配置对外部债权融资额的依赖程度。（4）融资约束程度与技术资本配置显著负相关，公司治理影响融资约束对技术资本配置的程度。

关键词:公司治理;融资约束;技术资本配置;绩效

Abstract:

Financing constraints is the key factor to influence Technical Capital Allocation, because of agency problem; corporate governance will also affect the level Technical Capital Allocation. We chose research data that came from Chinese listed high-end manufacturing firms’ 2009-2013 years’ records and tested the relationship between financing constraints and technical capital allocation based on corporate governance. Results show that :(1) the relationship are significantly positive between technical capital and market performance; the relationship between technical capital and finance performance are significantly negative. Corporate governance has moderating effects on both market performance and technical capital, no obvious effects on both finance performance. (2)Technical capital allocation existed certain financing constraints problems and relied on internal cash flow. Corporate governance and financing constraints all affected the degree of reliance internal cash flow. (3)In terms of external financing, enterprises preferred external equity financing to external debt financing. Corporate governance influence technology capital allocation's dependence on external equity finances; Financing constraints affect the technology capital allocation dependent on external debt financing. (4)Financing constraints and technical capital was significantly negative. Corporate governance affected the degree on both.

Key words:Corporate Governance; Financing Constraints; Technical Capital Allocation; Performance