我国影子银行发展对小微企业融资的影响研究

发布时间：2018-05-14 00:29

本文选题：影子银行 + 小微企业融资　；参考：《湘潭大学》2015年硕士论文

【摘要】：近年来,小微企业在我国国民经济中的地位逐年上升,现已成为我国助力经济高速增长、推动经济结构调整和转型、提供多样化就业岗位的“轻骑兵”。然而由于小微企业在治理结构、财务制度、管理机制、自身规模、抗风险能力等方面相较于大中型企业而言更为薄弱,融资难问题一直是遏制小微企业发展的“瓶颈”。全球金融危机之后,影子银行在国际金融领域粉墨登场,从2010年开始,我国影子银行规模迅速增长。据相关统计,2013年末我国影子银行的资金总规模已达到37.7万亿元,约占GDP的66%。国内外学者普遍认为影子银行的飞速发展,一方面促进了全球金融市场的繁荣,另一方面也威胁到了全球金融体系健康运行。通过对我国近年来影子银行发展的研究,我们可以发现,影子银行的发展对小微企业融资将产生影响。具体来说,会影响小微企业的融资成本、融资渠道以及融资环境。利用基于2010年至2014年的时间序列数据,选取我国影子银行规模、央行规定的1年期贷款利率、小微企业贷款余额占银行各项贷款余额比率以及货币供应量M1作为观测指标,构建VAR模型进行实证研究。研究结果表明,影子银行的发展对我国小微企业融资是一把“双刃剑”:一方面,影子银行作为我国传统金融机构的补充,能促进小微企业融资渠道多元化并为其提供应急性资金,能部分弥补宏观调控带来的流动性风险;另一方面,我国影子银行规模的扩展,将在一定程度上削弱商业银行信用创造的功能,抑制货币供给量的增加,同时挤占小微企业的资金来源,加大小微企业融资成本和向银行融资的难度。而银行短期贷款利率上升,将在短期内提高小微企业的融资成本,长期将推进利率市场化的进程,改善小微企业融资环境。由此可见,我们应该进一步引导和规范影子银行的发展,在发挥影子银行在小微企业融资中积极作用的同时,有效的控制其规模与风险,保障我国金融系统的稳健运行。首先,需推进小微企业征信系统建设,规范影子银行的信息披露制度,通畅资金的对接通道,以解决信息不对称问题;其次,应加快非银行金融机构增长,完善金融结构布局;再次,应明确民间借贷的监管主体,引导其健康发展;最后,通过鼓励金融创新,探索多样化的金融产品和服务,加强小微企业融资的金融支持力度。在我国影子银行的监管方面,需树立功能性的监管理念,在此基础上完善金融监管法规体系和信息披露制度,这是影子银行健康发展的必由之路。
[Abstract]:In recent years, the status of small and micro enterprises in China's national economy has increased year by year, and has become a "light cavalry" to help the rapid economic growth, promote the economic restructuring and transformation, and provide diversified employment positions. However, small and micro enterprises are weaker than large and medium-sized enterprises in the aspects of governance structure, financial system, management mechanism, their own scale and their ability to resist risks, so the problem of financing is always the "bottleneck" to curb the development of small and medium-sized enterprises. After the global financial crisis, shadow banking appeared in the international financial field. Since 2010, the scale of shadow banking in China has increased rapidly. According to relevant statistics, the total scale of shadow banks in China reached 37.7 trillion yuan at the end of 2013, accounting for 66% of GDP. Scholars at home and abroad generally believe that the rapid development of shadow banking, on the one hand, promote the prosperity of global financial markets, on the other hand, threaten the healthy operation of the global financial system. Through the research on the development of shadow banking in China in recent years, we can find that the development of shadow banking will have an impact on the financing of small and micro enterprises. Specifically, it will affect the financing cost, financing channel and financing environment of small and micro enterprises. Based on the time series data from 2010 to 2014, the size of shadow banks in China, the interest rate of one-year loans set by the central bank, the ratio of loans balance of small and micro enterprises to various loan balances of banks and money supply M1 are selected as the observation indicators. To construct VAR model for empirical research. The results show that the development of shadow banking is a "double-edged sword" for the financing of small and micro enterprises in China. On the one hand, shadow banking is a supplement to the traditional financial institutions in China. It can promote the diversification of financing channels for small and micro enterprises and provide them with emergency funds, which can partly compensate for the liquidity risks brought by macroeconomic control. On the other hand, the expansion of the scale of shadow banks in China, To some extent, it will weaken the function of credit creation of commercial banks, restrain the increase of money supply, at the same time, squeeze out the source of funds of small and micro enterprises, increase the financing cost of small and micro enterprises and the difficulty of financing to banks. But the bank short-term loan interest rate rises, will raise the small and micro enterprise financing cost in the short term, will promote the interest rate marketization process in the long term, will improve the small and micro enterprise financing environment. Therefore, we should further guide and standardize the development of shadow banking, play an active role in the financing of small and micro enterprises, effectively control its scale and risk, and ensure the steady operation of our financial system. First of all, it is necessary to promote the construction of credit information system of small and micro enterprises, standardize the information disclosure system of shadow banks, and smooth the docking channels of funds to solve the problem of asymmetric information; secondly, we should speed up the growth of non-bank financial institutions and perfect the layout of financial structure. Thirdly, we should clarify the main body of private lending and guide its healthy development. Finally, by encouraging financial innovation and exploring diversified financial products and services, we should strengthen the financial support for financing of small and micro enterprises. In the aspect of the supervision of shadow bank in our country, we should set up the concept of functional supervision and perfect the legal system of financial supervision and the system of information disclosure on this basis, which is the only way for the healthy development of shadow bank.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F832.3

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