A Study of the Impacts of Financial Development on Corporate Financing Constraints
利用2003-2007年中国上市公司面板数据，发现金融发展能缓解企业融资约束，且对民营控股公司效果更明显，其中金融中介发展的作用大于股票市场发展。
This paper conducts a dynamic panel analysis of the impacts of financial development on corporate fi- nancing constraints using panel data from Chinese listed firms during the period 2003 ~ 2007. The results show that; (1) Financing constraints does exist in listed firms of China; (2) Financial development has reduced firm's financing constraints, and financing constraints in the listed firms controlled by private individuals is more obviously mitigable than that of listed firms controlled by the state; (3) The functions of financial intermedia- tion development in the relief of financing constraints is much larger than that of stock market development.