我国中小企业信贷约束问题研究

发布时间：2018-04-08 08:18

本文选题：中小企业信贷约束　切入点：影响因素　出处：《哈尔滨工程大学》2012年博士论文

【摘要】：尽管中小企业在国民经济和社会发展中具有不可替代的地位，但在获取正规金融资金支持方面却处于“强位弱势”的状态，其信贷需求难以得到金融机构的有效供给，以资金缺口形式表现出来的信贷约束延迟了企业个体的成长计划、也阻碍了中小企业群体的转型升级、甚至影响到宏观金融稳定与经济增长。2008年以来的国际金融危机与2010年以来紧缩货币政策下，中小企业的现实表现足以证明信贷约束的危害。为此，国家近年来采取了多项举措以减少中小企业面临的融资障碍，银行也在不断加大中小企业信贷服务的投入与力度，可我国的中小企业依然受到较其他国家更为严重的信贷约束。这个在现实中非常突出的问题，在理论上却缺少系统的基础研究和足够的经验证据。因此，本文把我国中小企业信贷约束问题确立为研究主题，围绕着这个命题，构建了中小企业信贷约束的理论模型，梳理了引致中小企业信贷约束的要素与原因，在此基础上逐一提出治理机制和相应的对策建议。本文的工作既丰富了中小企业融资理论，又为企业提高融资能力、银行改善供给效率、政府进行科学决策提供了指导和依据。本文的主要工作及创新如下：定义了中小企业信贷约束的概念并拓展了其内涵，辨析了信贷约束、信贷配给与信贷歧视三个近似的概念；总结了我国中小企业信贷约束的现实表现，分析了中小企业信贷约束的微观影响与宏观危害。构建了中小企业信贷约束的理论模型。在资本结构和金融中介等理论分析框架下，论证了企业信贷需求的原因与银行信贷供给的优势；通过信贷需求与供给函数的分析，说明了企业有效信贷需求与银行有效信贷供给的决定因素。在此基础上，运用信贷配给理论，解释了逆向选择与道德风险条件下中小企业供给型信贷约束的形成；运用交易成本理论，推导了需求型信贷约束的产生。梳理了中小企业信贷约束的关键影响因素和多重形成原因。首先从企业层面，理论分析了企业所处地域、所在行业，产权特征、生命周期、规模，企业家特征、治理结构、银企关系、财务特征共九个方面与中小企业信贷约束的关系，并利用因子分析与多元回归分析进行了实证检验；其次，剖析了银行的监管要求、信贷管理、治理结构，以及银行的规模歧视、所有制歧视与信用能力歧视如何促成了中小企业信贷约束，并定量研究了银行信贷供给变化对中小企业信贷的约束效用；而后，定性分析了制度环境中的银行业结构、社会信用与法律保护对中小企业信贷约束的作用机理，并利用面板数据固定效应模型考察了它们对中小企业信贷约束与发展的影响。构建了中小企业信贷约束的治理体系。以信息共享机制缓解信贷市场上的信息不对称，以增信机制治理企业信用不足、以声誉机制弥补制度环境目前的缺陷、以信贷技术创新机制弱化银行管理体制的阶段性约束。整个治理体系与第3、4、5、6章所反映的问题和得出的结论紧密相扣，并定性与定量分析相结合说明了每种机制的作用原理，从而不仅实现了本研究逻辑结构上的完整与对称，，也保证了治理体系的理论基础和有的放矢。提出了缓解中小企业信贷约束的对策建议。本文最后所提出的每一项政策建议都与前文的分析过程和结果相互呼应，使得政策有针对性、建议有可行性。本文的研究得到几个比较重要政策含义：一是金融机构应该重视信贷产品与服务的适用性，特别是要通过技术和管理创新降低企业融资成本，避免银企“供需错位”；二是应在提高银行系统运行效率的前提下有序调整银行业结构，国家应通过“改造而不是新设”现有中小金融机构、“引导而不是放开”民间金融来优化金融体系；征信系统应采取“先分散后统一”的设立模式和“政府与市场并行”的运行模式；政府对担保行业要引导不主导；中小企业信贷供给增加不能通过行政手段实现，解决问题的重点在于融资环境的完善。
[Abstract]:Although small and medium - sized enterprises play an irreplaceable role in the development of national economy and social development , the credit demand of small and medium - sized enterprises ( SMEs ) is difficult to obtain the effective supply of financial institutions , and the credit constraints of small and medium - sized enterprises ( SMEs ) have delayed the growth plan of SMEs .

The concept of credit constraint of small and medium - sized enterprises is defined and its connotation is expanded , and the concepts of credit restriction , credit rationing and credit discrimination are analyzed .
The present situation of credit constraints of small and medium - sized enterprises in China is summarized , and the micro - effects and macro - hazards of credit constraints in small and medium - sized enterprises are analyzed .

The theory model of credit constraint of small and medium - sized enterprises is constructed . Under the framework of the theoretical analysis of capital structure and financial intermediation , the reasons of enterprise credit demand and the advantages of bank credit supply are demonstrated .
Based on the analysis of credit demand and supply function , the determinants of effective credit demand and effective credit supply in banks are explained . Based on this , credit rationing theory is applied to explain the formation of supply - type credit constraints of small and medium - sized enterprises under adverse selection and moral hazard conditions .
The production of demand - type credit constraint is derived by using transaction cost theory .

This paper analyzes the key influencing factors and causes of the credit constraints of small and medium - sized enterprises . First , from the enterprise level , the paper analyzes the relationship between the region , the industry , the property right characteristics , the life cycle , the scale , the entrepreneur characteristics , the governance structure , the bank - enterprise relation and the financial characteristic of the enterprise , and makes an empirical test on the factor analysis and the multiple regression analysis .
Secondly , it analyzes how banks ' regulatory requirements , credit management , governance structure , and bank scale discrimination , ownership discrimination and credit ability discrimination contribute to the credit restriction of small and medium - sized enterprises , and quantitatively study the restrictive effect of bank credit supply changes on the credit of small and medium - sized enterprises ;
Then , the role of banking structure , social credit and legal protection on the credit constraint of small and medium - sized enterprises was analyzed qualitatively , and the effect of them on the credit restriction and development of small and medium - sized enterprises was investigated by using panel data fixed effect model .

The paper constructs the governance system of credit restriction in the small and medium - sized enterprises . The information sharing mechanism is used to mitigate the information asymmetry in the credit market , and the credit mechanism is used to remedy the shortcomings of the system environment . The whole governance system is closely linked with the problems and conclusions drawn from the chapters 3 , 4 , 5 and 6 . The whole governance system is combined with the quantitative analysis to explain the function principle of each mechanism , thus not only realizing the completeness and symmetry of the logic structure of the study , but also ensuring the theoretical foundation and the targeted setting of the governance system .

The paper puts forward some countermeasures to alleviate the credit constraints of small and medium - sized enterprises . Each policy proposal put forward in the end of this paper is related to the analysis process and the result of the previous paper , which makes the policy more specific and feasible . The research of this paper has some important policy implications : firstly , financial institutions should pay attention to the applicability of credit products and services , especially through technology and management innovation to reduce the financing cost of enterprises , and avoid the " supply and demand dislocation " of silver enterprises ;
Second , the banking structure should be adjusted in order to improve the running efficiency of the banking system .
Credit system should adopt the mode of " first dispersion and unification " and the operation mode of " government and market parallel " ;
The government does not guide the security industry ;
The increase of credit supply in small and medium - sized enterprises cannot be realized through administrative means , and the focus of the problem lies in the improvement of the financing environment .

【学位授予单位】：哈尔滨工程大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.4;F276.3

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