摘要
民营企业作为我国经济增长的重要动力，在推动就业、技术创新和市场活力方面发挥着不可替代的作用，但其在融资过程中面临的约束问题却长期制约其发展。本研究以民营企业融资约束为切入点，探讨其对财务战略选择的影响机制，并通过构建理论模型与实证分析相结合的方法，深入剖析融资约束如何驱动企业调整资本结构、投资决策及风险管理策略。研究基于2010年至2022年间我国A股上市民营企业的面板数据，采用系统广义矩估计（SYS-GMM）方法进行回归分析，结果表明：融资约束显著影响民营企业的财务战略选择，具体表现为降低资本支出、增加短期负债比例以及强化现金流储备行为。此外，研究发现企业规模、行业属性及地区金融发展水平对这一关系具有调节效应。本研究的创新点在于将融资约束与财务战略选择置于动态权衡框架下进行分析，揭示了民营企业在资源受限条件下的适应性行为特征。研究不仅丰富了融资约束理论的实证证据，还为企业优化财务决策提供了实践指导，同时为政策制定者缓解民营企业融资难题提供了参考依据。
关键词：民营企业融资约束；财务战略选择；资本结构；投资决策；现金流管理
Abstract
Private enterprises, as a crucial driving force for economic growth in China, play an irreplaceable role in promoting employment, technological innovation, and market vitality. However, the financing constraints they face have long been a limiting factor in their development. This study focuses on the financing constraints of private enterprises and investigates their impact mechanisms on financial strategy choices. By integrating theoretical modeling with empirical analysis, it delves into how financing constraints drive adjustments in capital structure, investment decisions, and risk management strategies. Based on panel data from A-share listed private enterprises in China between 2010 and 2022, this study employs the System Generalized Method of Moments (SYS-GMM) for regression analysis. The results indicate that financing constraints significantly influence the financial strategy choices of private enterprises, specifically manifested in reduced capital expenditures, increased proportions of short-term liabilities, and enhanced cash flow reserve behaviors. Additionally, the study finds that firm size, industry characteristics, and regional financial development levels exert moderating effects on this relationship. The innovation of this research lies in analyzing financing constraints and financial strategy choices within a dynamic trade-off fr amework, revealing adaptive behavioral features of private enterprises under resource-constrained conditions. This study not only enriches the empirical evidence of financing constraint theory but also provides practical guidance for enterprises to optimize their financial decisions, while offering reference for policymakers addressing the financing challenges of private enterprises.
Keywords：Private Enterprise Financing Constraints; Financial Strategy Selection; Capital Structure; Investment Decision; Cash Flow Management
目 录
摘要 I
Abstract II
一、绪论 1
(一) 民营企业融资约束的研究背景 1
(二) 财务战略选择的理论与实践意义 1
(三) 国内外研究现状综述 1
(四) 本文研究方法与结构安排 2
二、融资约束对民营企业的影响分析 2
(一) 融资约束的定义与衡量方法 2
(二) 融资约束对民营企业资本结构的影响 3
(三) 融资约束下的企业投资行为特征 3
三、民营企业财务战略的选择机制 4
(一) 财务战略的基本框架与分类 4
(二) 融资约束下财务战略的适应性调整 5
(三) 不同生命周期阶段的财务战略选择 5
四、缓解融资约束的财务策略优化路径 6
(一) 内部资金积累与自我融资能力提升 6
(二) 外部融资渠道拓展与风险管理 6
(三) 政策支持与民营企业融资环境改善 7
结 论 8
参考文献 9
