改革开放四十年来，中国企业取得了长足进步，但“融资难、融资 贵”问题仍是制约企业发展的重要瓶颈之一。通过减轻借贷双方的信 息不对称问题，征信系统建设有助于缓解企业融资约束，因此受到越 来越多的关注。近年来，国内外学者对征信的研究取得了较为丰硕的 成果，但现有实证研究多集中在宏观层面上考察征信系统对银行信贷 的影响，鲜有文献从微观层面上考察对企业的影响。本文旨在通过使 用分层线性模型，来讨论征信系统对企业融资约束的影响，希望能够 拓宽现有研究视角，为相关政策制定提供理论依据。 本文遵循逻辑推理到实证检验再到政策建议的行文思路。在梳理 大量国内外文献的基础上，分析了征信系统影响企业融资约束的微观 作用机理，并以此提出研究假设。然后基于世界银行企业调研项目数 据，以2010到2014年69个国家36425家企业为研究样本，使用分层线 性模型（HLM）进行实证检验，并得出了以下结论，（1）完善的征信 系统能显著缓解企业融资约束；（2）在征信系统更完善的国家，中小II 企业及信息透明度较低的企业融资约束更低；（3）在缓解企业融资约 束问题上，债权人保护与征信系统具有显著的互补作用；（4）公共征 信系统和私营征信系统在缓解企业融资约束方面存在相互抑制的作 用。 关键词，征信系统，融资约束，分层线性模型，债权人保护 论文类型，应用基础研究III RESEARCH OFTHE INFLUENCE OF CREDIT INFORMATION SYSTEMS ON CORPORATE FINANCING CONSTRAINTS ABSTRACT Over the past 40 years of reform and opening up, Chinese enterprises have made great progress. However, the problem of financing difficulties and high financing costs is still one of the important bottlenecks which hinder the development of enterprises. By alleviating asymmetry information problems between the borrower and the lender, the construction of credit reporting systems can help alleviate corporate financing constraints. Therefore, more and more people have begun to pay attention to it. In the recent years, domestic and foreign scholars have made fruitful achievements in the studyof credit reporting systems. But the existing empirical research mostlyfocuses on the impact of credit reporting systems on bank credits at the macro level and there are few papers examine the impact on the enterprises from the micro level. This paper aims to discuss the impact of credit reporting systems on corporate financing constraints by using the hierarchical linear model which would broaden the perspective of existing research and provide a theoretical basis for formulating relevant policies. First we make the hypothesis by logical reasons and then make empirical tests. Finallywe make policyrecommendations. On the basis of reviewing a lot of literatures, this paper analyzes the micro-action mechanism of credit reporting systems affecting corporate financing constraints, and then proposes research hypotheses. Based on the data from World Bank’s enterprise surveys, we take 36425 companies in 69 countries from 2010 to 2014 as study samples and use the hierarchical linear model(HLM) to make empirical testing. The results show as follows: (1) The credit reporting systems can significantly alleviate corporate financing constraints; (2) In countries with better credit reporting systems, SEMs and companies with lower information transparency have lower financing constraints; (3) On the issue of alleviating corporate financingIV constraints,creditorprotectionandcreditreportingsystems arecomplementary;(4)The public credit agency and the private credit bureaus have mutual restraining effects in alleviating corporate financing constraints. KEYWORDS: Credit Reporting Systems; Financing Constraints; Hierarchical Linear Model; Creditor Protection TYPE OFDISSERTATION / THESIS: Application Fundamentals浙江工业大学硕士学位论文 征信系统对企业融资约束的影响研究——基于多国数据的跨层分析 V 目 录 1 绪论 ..............................................1 1.1 研究背景与研究意义......................................1 1.1.1 研究背景......................................................................................1 1.1.2 研究意义......................................................................................2 1.2 研究思路与框架..........................................3 1.3 可能的创新点............................................3 1.4 论文结构安排............................................4 2 文献综述 ..........................................5 2.1 征信系统相关研究........................................5 2.1.1 征信系统相关概念及其测度......................................................5 2.1.2 征信理论研究..............................................................................6 2.1.3 征信模式国际比较......................................................................8 2.1.4 征信机制....................................................................................12 2.2 融资约束相关研究.......................................13 2.2.1 融资约束的概念........................................................................13 2.2.2 融资约束的测度........................................................................14 2.2.3 融资约束的影响因素................................................................15 2.3 征信系统的影响研究.....................................17 2.3.1 文献计量分析............................................................................17 2.3.2 征信系统对银行信贷的影响....................................................19 2.3.3 征信系统对企业融资的影响....................................................21 2.4 文献评述...............................................22 3 理论分析与研究假设................................23 3.1 征信系统与企业融资约束.................................23 3.2 企业规模、透明度与融资约束.............................24 3.3 征信系统与债权人保护的交互效应.........................25 3.4 公共与私营征信系统交互效应.............................26 4 研究设计 .........................................27 4.1 样本选取与数据来源.....................................27浙江工业大学硕士学位论文 征信系统对企业融资约束的影响研究——基于多国数据的跨层分析 VI 4.2 核心变量选取与说明.....................................27 4.2.1 被解释变量的测度....................................................................27 4.2.2 核心解释变量的度量................................................................28 4.2.3 控制变量介绍............................................................................28 4.3 研究方法介绍...........................................30 5 实证结果与分析 ...................................32 5.1 变量的描述性统计.......................................32 5.2 变量的相关性检验.......................................33 5.3 模型设定与实证结果分析.................................34 5.3.1 空模型与随机系数模型............................................................34 5.3.2 以截距作为结果的模型............................................................37 5.3.3 跨层交互模型............................................................................39 5.4 稳健性检验.............................................41 6 结论与建议 .......................................44 6.1 研究结论...............................................44 6.2 政策建议...............................................45 6.3 研究局限与展望.........................................46