在资本市场不完善的中国，企业融资约束一直是各个企业关心的问题，根据 2012
年世界银行投资环境的调查报告，我国约 75%的民营企业将企业融资约束视作企
业发展的主要障碍。如何解决企业融资约束，使企业顺利成长发展，是近代学者、
企业和政府头疼的问题。近年来，具有金融机构工作经历的成员进入企业担任高
管的现象频繁发生，似乎暗示着这类高管具有特殊的能力，有助于企业经营发展

企业高管处于企业关系网络的中心，不仅其任何一项决策对企业发展有所影响，
而且其本身的特定经历和人物特征也能影响企业的成长。国内外学者认为其具备
的关系资源能给企业带来价值，可能是解决企业融资问题的有效渠道

本文通过考察高管金融背景的作用，试图研究它对企业融资约束的影响，并
探索其发挥作用的微观机制。鉴于此，本文选取了中国沪、深股票市场 2008-2014
年所有的 A 股上市公司样本，通过 Excel 和 Stata 进行数据的整理和匹配，建立
了上市公司高管金融背景数据库。通过 Stata 进行描述分析、相关分析和回归分
析，采取现金-现金流敏感性模型验证了高管金融背景与企业融资约束的关系，
并寻找高管金融背景对企业融资约束的微观机制，对其进行了论证。研究结果发
现，与具有高管金融背景的企业相比，其他无高管金融背景的企业需要从企业营
业现金流中提取更多预防的储备资金，其现金-现金流敏感性更高，企业融资约
束程度更高；由于高管金融背景的存在，相对于其他企业来说，该企业的信息不
对称程度更低；依据信号传递理论，发现了高管金融背景的信息效应，具有高管
金融背景的企业能向外界传递企业利好的信息，降低逆向成本，降低信息不对称
程度，进而使现金-现金流敏感性降低，缓解企业融资约束；在分离高管金融背
景信息效应的情况下，高管金融背景同时具有资源效应，表明高管金融背景对企
业获取资源能力的有所提升，使企业融资约束得到缓解。最后本文就研究结果提
出相应的对策和建议，缓解企业融资约束关键在于缓解企业与资金供给方的信息
不对称程度,以及提高企业获取资源的能力。该研究实证论证了高管金融背景缓
解企业融资约束的信息效应和资源效应，丰富了关系融资的相关理论，为企业融
资问题的解决提供一条更明确的道路

关键词：融资约束；金融背景；信息效应；资源效应II
Abstract
As early as the end of the 19th century, the publication of the 《Corporate
Finance》 marked the birth of enterprise financial management. Enterprise financial
management paid attention to the raising of funds at that time. Until now, enterprise
financing problem is still the focus of the company. Due to the imperfect capital
market in China, enterprise financing constraint has been concerned for lots of
enterprises. According to the World Bank Investment Climate Survey in 2012, there
were about 75% of the private enterprises in our country to treat financing constraints
as a main obstacle in the development process. How can we do to help the enterprise
solve financing problem to develop rapidly, which is always the headaches of the
modern scholars, the enterprise and government. In recent years, more and more
people with the working experience in financial institutions have come into
enterprises as executives frequently. This phenomenon means that these executives
who have special ability in financing can improve the enterprise operation and
development. Executives who are in at the center of the enterprise own specific
experiences and characters to affect the growth of the enterprise. The domestic and
foreign scholars also believe that the resources of relationship in society can bring
value to the enterprise. It may be the effective way of solving the Enterprise
financing.
In this paper, we study the effect of the financial background of the executives,
trying to study its impact on corporate financing constraints, and exploring its role in
the micro mechanism. In view of this, we select all the samples of A –share listed
company between 2008 and 2014 from Shanghai and Shenzhen stock market in China,
sorting and matching data by Excel and Stata, and built the financial background
database on the listed company executives .We made descriptive analysis, correlation
analysis and regression analysis by Stata, taking the cash-cash-flow-sensitivity model
to verify the relationship between the executives of financial background and
corporate financing constraints, looking for the micro mechanism of financial
background of executives on the enterprise financing constraints, and carrying on the
related demonstration. The results show that ,compared with the enterprise of the
financial background of executives, others need to extract more prevention reserve
funds from the enterprise operating cash flow, the cash flow sensitivity of cash isIII
higher, the degree of financing constraints is higher; because of executives of
financial background, compared with other enterprises, the degree of the asymmetry
information in the enterprise is lower; according to signal transmission theory, we find
the information effect of executives of financial background ,namely, the financial
background of the enterprise executives can deliver good business information to the
outside, reducing reverse cost, reducing the degree of the asymmetry information, and
then reducing the cash flow sensitivity of cash, finally alleviating the financing
constraints; in the case of separation of the effect of information on executives of
financial background , executives of financial background also own the effect of
resources, and showing that the financial background of enterprise executives can
enhance the ability of getting resources, and to ease the financing constraints. Finally,
this paper gives some corresponding countermeasures and suggestions on the results
of the study, and alleviating the degree of the asymmetry information between
enterprises and the supply of funds, and to improve the ability of enterprises to obtain
resources are quit important to ease the financing constraints of enterprises. The
empirical research demonstrates that the information effect and the effect of the
resources of which executives’ financial background alleviate the financing
constraints, enriching the theory of relationship financing, and providing a more
specific way to solve the financing problems of enterprises.
Keywords: Financing Constraints; Financing Backgrounds; Information Effect;
Resource EffectIV
目 录
摘要....I
Abstract..........II
第 1 章 引言....1
1.1 选题背景及意义..........1
1.2 国内外研究现状..........2
1.2.1 企业融资约束成因及其影响分析...........2
1.2.2 高级管理者金融背景的作用.......4
1.3 研究方法与研究内容..5
1.3.1 研究方法...5
1.3.2 研究内容...6
1.4 本文创新及不足..........7
1.4.1 可能的创新点.......7
1.4.2 研究不足之处.......7
第 2 章 相关理论概述8
2.1 企业融资约束理论概述..........8
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