��̬��Ȩ��ս��˲�ҵ��Ч��

ժҪ ��2009��2014��ҹ��ս��˲�ҵ385��й�˾Ϊ�о��,̽��˽��̬��Թ��С��ǹ��й�˾��Ч�ʵ�Ӱ�졣�о��,�ǹ��й�˾��Ч��ڹ��й�˾,��Ԥ��й�˾��Ч�ʳʷǶԳƵ�U�͹�ϵ,��ǹ��й�˾��Ч��ǷǶԳ��U�͹�ϵ,��Ԥ�̶Ȳ�ͬ,��ڷ��ˮƽ�ͳ��Ļ�״��Բ�ͬ��Ȩ��ʹ�˾��Ч�ʵ�Ӱ��Ҳ��ͬ��й�˾��Ч�ʵ��ҪӰ��Ԥ��

	Service

	�ѱ��Ƽ��
	��ҵ��
	��ù��
	Email Alert
	RSS
	��
	��
	��

�ؼ���� ս��˲�ҵ ��Ч�� Ԥ ��ڷ�չ

Abstract�� Incorporating ownership and financial ecological environment into the investigation of financing efficiency, this research used data of 385 companies listed during 2009-2014 as samples, and empirically studied the impact of financial ecological environment on the financing efficiency of state-owned and non-state-owned listed companies. The results show that the financing efficiency of non-state-owned listed companies is significantly higher than that of state-owned listed companies, which is mainly influenced by government intervention. There is an asymetric inverted V-shaped relation between government intervention and financing efficiency of state-owned companies, and an asymetric V-shaped relation between government intervention and fiancing efficiency of non-state-owned companies. The more different the intervention degree of the government, the more different the influence mechanism which the financial development and credit culture exert on the financing efficiency of different types of companies. The major influencing factor for the financing efficiency of state-owned companies is government intervention.

Keywords�� Strategic Emerging Industry Financing Efficiency Government Intervention Financial Development

�ո�� 2017-05-11; �� 2017-05-11;

��:��ѧ��Ŀ(15BGL056);��ո�У��ѧ��ѧ�о��ص��Ŀ(2015ZDIXM008);��У��ҵ��ר��ʽ��Ŀ(NP2015302)

��߼��: ��(1981�� ),Ů,�㽭��,��ʿ�о��,��ʦ,��Ҫ��¹�˾��о�;��(1965�� ),Ů,��,��,��ʿ��ʦ,��Ҫ��²��ʱ��г��˾��ҵ��о��

��ñ��:

�� ,��.��̬��Ȩ��ս��˲�ҵ��Ч��[J]. ��þ�γ, 2017,3: 87-92

WANG Qiong, GENG Cheng-xuan.Financial Ecological Environment, Ownership and Financing Efficiency of Strategic Emerging Industry[J] Economic Survey, 2017,V34(3): 87-92

��ӱ��:

http://www.jjjw.org/CN/ �� http://www.jjjw.org/CN/Y2017/V34/I3/87

	��Ԫ,�ƿ�.2007.��Ԥ��Ԫ��Ӫ�빫˾ҵ��[J].��(1):92-97.
	��,��Խ��.2015.��С��ҵ��г��Ч��о�[J].��ù��(10):42-51.
	���,��,��.2014.ս��˲�ҵ��й�˾��Ч��о��Ա��Ϊ��[J].��о�(6):74-82.
	��,��.2011.��Լ��ծ��빫˾ҵ��[J].��о�(5):61-73.
	��ϲ,��ΰǿ,��׳,��.2015.�ⲿ��Ȩ��й�˾Ͷ��Ч��[J].�Ͽ��,18(1):25-36.
	��ܿ��,��,�ѽ�.2012.��Ͷ��,�ֻ��ں�Ͷ��ڶ��ҹ��ҵ��Ȩ�ƶȵķ��[J].��о�(1):43-50.
	��ΰ.2013.��֧��ս��˲�ҵ��չ��ڻ��о�[J].�Ƽ��о�,33(17):6-19.
	��,��½�.2015.��С��Ԥ��ʱ��Ч��[J].��о�(6):117-130.
	��.2005.��й�Ȩ��й�˾��ЧӰ��U��ߺ��ɶ��[J].��о�(10):48-58.
	��.2012.�й��չս��˲�ҵ��ս��ѡ��[J].��ѧ(9):65-69.
	��ļ�,��ɽ.2014.�ҹ�Ǳ�ھ��Ľ��ط��չ��[J].�ӱ��ó��ѧѧ��(6):80-84.
	��,��ɭ.2015.��Ԥ��˾��ҵ��[J].��۾��о�(12):106-114.
	κ־��,��,�.2014.��̬��ҵ��Լ��й��й�˾��ʵ֤�о�[J].��о�(5):73-80.
	��ӱ�.2015.��ҵ˫��Ч��ʧ��о�[J].��ÿ�ѧ (1):1-10.
	�Ų��.2015.�ƶȻ��й�˾�ʱ��Ч�ʵĹ�ϵ[J].�ƻ��¿�(17):9-13.
	BUSHMAN R M,PIOTROSKI J D,SMITH A J.2004.What determines corporate transparency?[J].Journal of Accounting Research,42(2):207-252.
	KHURANA I K, PEREIRA R.2006.Financial development and the cash flow sensitivity of cash[J].Journal of Financial and Quantitative Analysis,41(4):787-808.
	LAPORTA R,DESILANES F L,SHLEIFER A,et al.1996.Law and finance[Z].Harvard Institute of Economic Research Working Papers.
	LUITEN EEM,BLOK K.2003.Stimulating R&D of industrial energy-efficient technology;the effect of government intervention on the development of strip casting technology[J].Energy Policy,31(13):1339-1356.
	VANACKER T R,MANIGART S.2010.Pecking order and debt capacity considerations for high-growth companies seeking financing[J].Small Business Economics,35(1):53-69.
	YU W,ZHENG Y.2011.Government regulation,corporate board,and firm value:Evidence from China[J].Journal of International Financial Management and Accounting,25(2):182-208.