中小银行发展与中小企业融资约束——新结构经济学最优金融结构理论视角下的经验研究

发布时间：2018-01-02 04:28

本文关键词：中小银行发展与中小企业融资约束——新结构经济学最优金融结构理论视角下的经验研究　出处：《财经研究》2014年01期 　论文类型：期刊论文

【摘要】：要素禀赋结构决定了中小企业是中国当前最优产业结构中的主要企业类型,中小企业存在融资约束也已然成为各界共识。然而遗憾的是,束缚中小企业发展的瓶颈至今没有突破。文章基于新结构经济学最优金融结构理论视角,以欧拉方程投资模型为基础,利用2006-2011年中小企业板上市公司数据和一阶差分GMM估计方法,系统考察了中小银行发展对于缓解中小企业融资约束的重要性。研究发现,银行中介与金融市场的比例构成、金融发展和贷款利率浮动这三个因素对中小企业融资约束具有重要影响的判断无法获得经验证据的支持,而中小银行发展则显著降低了企业投资对现金流的敏感性,有效缓解了中小企业融资约束。同时,稳健性检验表明,中小企业投资对现金流的敏感性源于融资约束而非代理冲突。文章的政策含义是,与推动总量上的金融发展及放松利率管制相比,以发展中小银行为核心内容的金融结构改革应在中国金融改革中占优先地位。
[Abstract]:Factor endowment structure determines the small and medium-sized enterprise is the main enterprise China current optimal industrial structure in the type of small and medium-sized enterprises financing constraints has become the consensus of all walks of life. Unfortunately, the bottleneck of development of small and medium-sized enterprises has no breakthrough. Based on the new economic structure from the perspective of optimal financial structure theory, the Euler equation for investment model based on the SME board listed companies data in 2006-2011 and first-order differential GMM estimation method, investigated the development of small and medium-sized banks to ease the financing of small and medium-sized enterprises of importance. The study found that the proportion of bank intermediary and financial market structure, financial development and lending rates of these three factors have important influence on financing constraints small and medium-sized enterprises unable to obtain the judgment evidences, and the development of small and medium-sized banks reduced the investment cash flow sensitivity Emotional, effectively alleviate the financing constraints of small and medium-sized enterprises. At the same time, the robustness test showed that the sensitivity of the small and medium sized enterprises investment cash flow from financing constraints and non agency conflicts. The policy meaning of this paper is to promote, compared with the total amount of the financial development and the relaxation of interest rate controls, financial structure reform in the development of small and medium-sized banks as the core content should be take first place in China financial reform.

【作者单位】：浙江工商大学金融学院;
【基金】：教育部人文社会科学研究规划基金课题(13YJA790138) 教育部省部共建人文社会科学重点研究基地浙江工商大学现代商贸研究中心课题(13JDSM14YB) 浙江省哲学社会科学规划项目(11ZJQN056YB)
【分类号】：F832.4;F276.3
【正文快照】： 一、引言中小企业以灵活的运行机制和较强的市场适应能力成为了推动中国经济社会发展的重要力量。而与此不协调的是,由于投资项目难以获得足够的外部融资支持,融资约束成为横亘在中小企业面前的一个重要问题。在讨论中小企业融资约束问题时,传统观点把问题的焦点放在资金需求

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