中文摘要：

本文利用我国制造业上市公司2004-2009年面板数据研究融资约束对企业技术效率提升的影响。通过对传统衡量融资约束的指标（公司规模、杠杆率和公司年龄）及依据投资一现金流敏感性模型估计的融资约束变量进行分析，发现融资约束对于公司技术效率的提高具有显著抑制作用。采用自然实验缓解内生性问题后得出了相同的结论。此外，与国有上市公司相比，融资约束的缓解对于民营上市公司技术效率的提升起到更大程度的促进作用。本文结果表明，降低资本及信贷市场的信息不对称性，解决中小企业广泛面临的融资约束，对提高企业技术效率，促进国内产业转型升级具有重要意义。

英文摘要：

This paper studies the impact of financial constraint on technical efficiency with the data from Chi- nese A - share manufacture firms between 2004 and 2009. Using both traditional measures of financial con- straint （firm size, leverage and firm age） and the measurement estimated from the investment -cash flow mod- el, we find that the financial constraint significantly impedes the technical efficiency improvement. By a natural experiment to tackle the endogeneity problem, our main conclusions still hold. Moreover, compared to state owned enterprises, the relief of financial constraint plays a larger positive role in raising technical efficiency for private firms. Our results imply that, reducing information asymmetry existing in financial markets to alleviate financial constraints faced by small - middle firms could help the improvement of technique efficiency and the upgrading of Chinese industry production.