证券市场导报Issue(6)：42-50,9.
高新区建设有助于降低中小企业融资约束吗?——来自"新三板"挂牌企业的经验证据
摘要
Abstract
The construction and development of country-level high-tech industrial zone is an important way to facilitate economic growth and is a reform of science and technology innovation system. How to promote enterprise growth is of great significance to improve local economic growth quality and protect the real economy as well as stable development. Based on industrial agglomeration theory, we use listed firms from NEEQ as a research sample to do empirical analysis on the relation between national high-tech industrial zone development and enterprise financing constraints which is measured by investmentcash flow sensitivity. We find that the construction of high-tech industrial zone is conducive to the alleviation of corporate financing constraints and is more pronounced in the case of private enterprises, small enterprises and firms from regions with weaker financial development. We provide firm-level evidence of the economic consequences of high-tech industrial zone in terms of financing constraints and also provide several corresponding policy recommendations to the regulators.关键词
高新区/"新三板"/中小企业/融资约束Key words
high-tech industrial zone/new three board (NEEQ)/small and medium-sized enterprises (SME)/financing constraints分类
管理科学引用本文复制引用
孙翯,张文松,孟为..高新区建设有助于降低中小企业融资约束吗?——来自"新三板"挂牌企业的经验证据[J].证券市场导报,2018,(6):42-50,9.基金项目
国家社会科学基金重点项目"网络时代企业转型升级的机理、路径和对策研究"(17AGL006) （17AGL006）
北京交通大学基本科研业务费人文社科专项项目"一带一路战略下企业转型升级的机理、路径与对策研究"(2017JBZD01) （2017JBZD01）
北京交通大学基本科研业务费"外部约束机制、关联方交易与内部资本市场资源配置关系研究"(2015YJS097) （2015YJS097）
