中文摘要：

融资约束、金融市场化改革以及金融扭曲是否影响企业资本劳动比,这是事关中国经济增长的核心问题。在构建有效测度中国背景下企业融资约束的代理变量——企业运营资本投资敏感性指标WKS的基础上,本文的重要发现是：（1）融资约束是制约中国制造业企业资本劳动比提高的重要因素。在小规模、年轻及未获得政府补贴的企业中,这种制约效应表现得更为突出;（2）与其他所有制企业相比,民营企业中融资约束对企业资本劳动比的制约效应更为显著;（3）现阶段金融体系的市场化改革及金融扭曲对民营企业资本劳动比造成更强的制约效应,表现为在那些金融市场化进程越快或金融扭曲程度越深的地区中,民营企业资本劳动比所受到融资约束的制约效应越强。以上发现意味着,政府干预所造成的金融发展滞后以及金融扭曲,已经对中国民营企业生产方式转变及产业升级形成了障碍效应。必须通过推进金融体系深度改革,来释放促进民营企业可持续发展的内生动力。

英文摘要：

It is a key question that matters China＇s economic growth whether financial constraints,market-oriented financial reforms and financial distortion affect enterprises＇k-l ratio.Based on effective construction of suitable proxy variables measuring financial constraints of Chinese enterprises,our paper finds that：（1）Financial constraint restrains the improving process of k-l ratio in Chinese manufacturing industries,and behaves more prominent in enterprises which are small,young or lack of governmental subsidy;（2）Compared with other ownership enterprises,this restrained effect performs more severe in private enterprises;（3）Furthermore,current market-oriented financial reform and financial distortion bring about more restrained effect on private enterprises.The conclusions of this paper imply that the underdevelopment of financial development and financial distortion caused by government intervention have hindered the process of production transformation and industrial upgrading for private enterprises.Only by pushing forward further financial system reforms can the economy releases endogenous power of sustainable development in private enterprises.