关键词: 企业储蓄, 产权性质, 净利润, 融资约束

Abstract: From the perspective of property rights, this paper studies Chinese corporate sector’s saving rate using the data of Chinese listed firms from 2002 to 2012. We find that the non-state-owned listed firms’ saving rate was significantly higher than the state-owned listed firms. One important reason is that non-state-owned listed firms’ net profit grows rapidly in recent years; at the same time, the financing constraints of non-state-owned listed firms significantly increase the company saving rate. Furthermore, we use cash holdings rate as a proxy variable of corporate saving rate, the conclusion is the non-state-owned listed firms’ cash holding rate is also significantly higher than state-owned listed firms.

Key words: Corporate Saving, Property Rights, Net Profit, Financing Constraints