本文实证研究了上市公司集团化运营对融资约束的影响以及其作用机制,研究发现:第一,集团化运营有助于缓解融资约束;第二,相比而言,民营企业通过集团化运营缓解融资约束的程度的程度比国有企业的程度更高。本文的研究表明,在我国构建企业集团能够有助于缓解民营企业的“融资难”的问题。 This paper empirically studies the impact of listed companies’ group operations on financing constraints and their mechanism of action. The findings are as follows: First, the group operations help to ease the financing constraints; second, compared with the collective operations of private enterprises to ease The degree of financing constraints is higher than that of state-owned enterprises. The research in this paper shows that building enterprise groups in our country can help ease the problem of “financing ” of private enterprises.