中文摘要：

本文从大股东代理问题角度入手，分析了我国企业集团控股股东股权结构与上市公司融资约束水平之间的关系。实证研究结果表明：集团控股的上市公司融资约束水平显著高于非集团控股的上市公司；自然人集团控股的上市公司比国有集团控股的上市公司面临更大的融资约束问题。

英文摘要：

Based on agency theory, the paper investigates the relationship between ownership structure and financial constraint, level of list- ed companies in Chinese group corporation. Empirical evidence shows that financial constraint level of fisted companies in group corporation is significantly higher than that in ungroupa cotlaoration; listed companies owned by individual group corporation are facing more serious financial constraint than that owned by state.