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中文摘要：
本文利用2003—2007年中国上市公司的面板数据和动态面板GMM估计方法，考察了中国金融发展对企业融资约束的影响。结果发现，中国上市公司普遍存在融资约束；金融发展有助于降低企业的融资约束水平，民营上市公司的融资约束较国有上市公司得到更加明显的缓解；金融中介的发展在缓解企业融资约束中的作用远比股票市场发展的作用大。
英文摘要：
This paper conducts a dynamic panel analysis of the impacts of financial development on corporate financing constraints using panel data from Chinese listed firms during the period 2003 -2007. The results show that ： （ 1 ） Financing constraints does exist in listed finns of China ; （2） Financial development has reduced firm＇s financing constraints, and financing constraints in the listed firms controlled by private individuals is more obviously mitigable than that of listed firms controlled by the state ; （ 3 ） The functions of financial intermediation development in the relief of financing constraints is much larger than that of stock market development.
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