企业储蓄率差异分析——金融发展的解释
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| Title | An Analysis of the Differences in Corporate Savings Rates
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| 作者 | 谢世清 莫太平 |
| Author | Xie Shiqing and Mo Taiping |
| 作者单位 | 北京大学经济学院 |
| Organization | School of Economics, Peking University |
| 作者Email | shiqing_xie@126.com,peace01234@126.com |
| 中文关键词 | 国民储蓄 企业储蓄率 金融发展 融资约束 |
| Key Words | Gross Savings; Corporate Savings Rate; Financial Development; Financing Constraints |
| 内容提要 | 过高的国民储蓄给我国带来了内外经济失衡等一系列问题，而作为三部门储蓄之一的企业部门储蓄长期居高不下是造成这一问题的主要原因。考虑到当前企业储蓄仍在累积攀升，本文对从RESSET和CCER数据库中获得的6796个上市企业样本进行分析，对影响单个企业储蓄率的因素以及金融发展给企业储蓄率带来的影响进行了实证研究，并得出三点主要结论：（1）企业硬指标中的企业规模、长期偿债能力和成长性对企业储蓄率产生影响，国有垄断、国有非垄断和私营企业之间的企业储蓄率存在较大差异；（2）金融发展总体上能够显著降低企业的储蓄率，不过对于不同类型的企业效果有所区别；（3）金融发展对部分硬指标给企业储蓄率带来的影响有转变作用，金融发展程度的加深逐渐减少短期偿债能力和盈利能力对企业储蓄率的影响。 |
| Abstract | High gross savings rate in China brings out a series of internal and external economic imbalances and corporate savings rate, as a part of three sector savings rates, contributes most to the problem. Given that Chinese corporate savings rate is still accumulating, this paper conducts an empirical analysis of the factors on a firm’s savings rate and the influences of financial development upon it, based on the data of 6796 listed firms collected from the RESSET and CCER databases. The investigation has the three following main findings: (1) a firm’s financial indices such as firm size, growth, capacity to satisfy its long-term obligations have influences on its saving decision. Besides, the firm’s ownership and monopoly types also make a difference; (2) financial development can generally reduce a firm’s savings rate, while the magnitude and significance depend on the firm’s ownership and monopoly types; (3) financial development decreases the influences of a firm’s capacity to satisfy its short-term obligations and profitability upon its savings rate. |
| 文章编号 | WP378 |
| 登载时间 | 2012-09-25 |
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