金融集聚对企业融资约束的影响研究——以长三角区域企业为例
A Study of the Impact of Financial Agglomeration on Corporate FinancingConstraints—Taking Enterprises in the Yangtze River Delta Region as an Example

文章探讨了金融集聚对企业融资约束的影响，选取长三角区域企业2014~2023年的面板数据作为实证研究的样本，首先通过采用排序逻辑回归方法，构建了企业融资约束的指标并发现融资约束是一个广泛存在的问题，但其在不同企业之间的程度存在明显的差异。利用城市金融发展水平来衡量金融集聚，使用固定效应模型作为基准模型进行回归，然后选取了微观企业层面的所有权性质进行异质性检验，最后利用中介效应和调节效应对二者关系进行机制检验。研究表明，金融集聚对长三角区域企业融资约束的影响呈U型关系，这一结论在考虑替换度量指标以及考虑内生性等问题后依旧稳健。同时，异质性分析发现，当长三角区域企业是非国有产权属性时，金融集聚对融资约束的加剧更显著。研究发现，金融集聚通过金融规模的扩大导致市场的过度竞争，对企业的融资产生逆向挤出效应；但金融集聚也可以通过改善金融资源配置效率，提高资金供求双方的匹配效率，使资金供求双方对接更顺利，降低交易成本和融资成本，改善企业的融资约束。调节效应则显示，长三角区域企业的审计质量越高，越有利于融资约束的缓解。基于此，相关部门应继续推进区域金融集聚水平向更高层次发展，合理配置金融资源，实施有差异的金融政策，同时制定相关政策鼓励企业加大技术创新投入与人才引进力度。此外，各地政府还应加大对实体企业的投入，并引导资源向实体企业流入，加速实体企业的现代化转型。该研究扩展了现有关于金融集聚与企业融资约束之间关系的研究，且为企业缓解融资约束以及政府在制定金融产业政策时提供了参考。
The article explores the impact of financial agglomeration on corporate financing constraints, and selects the panel data of enterprises in the Yangtze River Delta region from 2014 to 2023 as the sample for empirical research. Firstly, by adopting the sorted logistic regression method, it constructs the indicators of corporate financing constraints and finds that financing constraints are a widespread problem, but there are obvious differences in their degree among different enterprises. Using the level of urban financial development to measure financial agglomeration, using the fixed-effects model as the benchmark model for regression, and then selecting the micro-enterprise level of the nature of the ownership and the enterprise registered in the province, as well as the size of the enterprise size and other indicators for the test of heterogeneity, and finally using the mediation effect and the moderating effect of the mechanism of the relationship between the two tests. The study shows that the impact of financial agglomeration on corporate financing constraints in the YRD region has a U-shaped relationship, a finding that remains robust after considering the replacement of metrics and taking into account issues such as endogeneity. Meanwhile, the heterogeneity analysis finds that the exacerbation of financing constraints by financial agglomeration is more significant when firms in the YRD region are non-state-owned property attributes. It is found that financial agglomeration leads to excessive competition in the market through the expansion of financial scale, and produces a reverse crowding-out effect on the financing of enterprises; however, financial agglomeration can also improve the financing constraints of