中文摘要：

本文考察了信任对企业投资行为的影响,并从融资约束的角度分析其影响路径。实证中以2001—2009年上海A股上市公司作为研究对象,发现我国企业普遍面临融资约束问题,而信任可以起到缓解融资约束的作用。以企业投资-现金流敏感性作为对融资约束的衡量,社会信任水平每提高1%,,企业投资-现金流敏感性下降0.035,9%,。此外,我们结合企业所有权性质及所在地区市场化程度的考察发现,信任对国有企业融资约束的影响并不显著,而对非国有企业融资约束的缓解效果则很明显;在市场化程度低的地区信任对企业融资约束的缓解作用更明显。本文的结论有助于理解信任这一非正式制度对微观企业行为的影响机理,对微观企业治理与宏观政策制定都有重要的意义。

英文摘要：

We study the impact of trust on corporate investment, and analyze the influence path through the financing constraint. We use the corporate data from 2001-2009 to do our empirical study, and find that corporates are facing financing constraint in China and trust can release it. When the social trust level increases every 1%, the corporate investment- cash flow sensitivity will decrease 0.059%. Here, the investment-cash flow sensitivity is used as the proxy of the financing constraint. Besides, when the nature of property right is considered, the impact of trust on the financing constraint is not obvious in the state-owned corporates, but obvious in the non-state-owned corporates. Our conclusions are helpful to understand the influence mechanism of trust--an important informal institution--on the micro enterprise behavior, and are meaningful to the micro enterprise governance and macro policy establishment.