中文摘要：

当前中国经济已经取得了举世瞩目的成就,我国企业在推动经济高速增长的同时,却普遍面临着严峻的生存风险,这严重威胁了我国经济的可持续发展和就业的稳定。企业的生存和发展离不开资金,而我国企业却大多面临着严重的外部融资约束问题,由此,笔者基于中国工业企业微观数据,利用Cox比例风险模型实证分析了外部融资约束对我国企业生存风险的影响。研究结果表明：外部融资约束确实加剧了我国企业的生存风险,这一结论在多角度稳健性检验后依然成立;进一步的分析发现这种影响因企业类型不同而表现出明显的差异性,外部融资约束对我国民营、中小型及资本密集型企业生存风险的影响显著大于国有、大型及劳动密集型企业。基于此,笔者认为我国政府应加速金融市场发展,大力拓宽企业融资渠道,以有效缓解企业外部融资约束问题,从而在微观层面上促进企业提升市场竞争力,在宏观层面上则保持我国经济稳定快速发展。

英文摘要：

China has made remarkable achievements in the economic development, our firms promote rapid economic growth, but generally face serious survival risk, this is a serious threat to the sustainable de- velopment of economy and the stability of employment of China. The fund is necessary for survival and develop- ment of the firms, while our firms generally face serious external financing constraints problem. Using the Chi- nese industrial firms micro data, this paper empirically analyzes the impact of external financing constraints on firm survival risk with Cox proportional hazard model. The result shows that external financing constraints indeed increase Chinese firms survival risk, and this conclusion still holds after many angles robustness test; Further analysis shows that this impact vary distinctly with the firm types, and the impact in private firms, medium and small-sized firms and capital intensive firms is more significant than in state firms, large firms and labor intensive firms. Therefore, our government should accelerate the development of financial market, greatly broaden financing channels for firms, in order to effectively alleviate the problem of firm external finan- cing constraints, it can encourage firms to improve the market competitiveness at the micro level, and main- tain the steady and rapid economic development at the macro level.