商业信用缓解中小企业融资约束的效应研究

发布时间：2018-07-31 10:10

【摘要】：我国企业经营过程中,普遍受到融资约束困扰。但受融资约束影响最大的主体往往不是大型上市公司,而是资产相对较轻,可用抵押物较少,又缺乏高等级信用担保的中小企业。商业信用是否能有效够缓解中小企业的融资约束?其通过什么样的途径和效应发挥作用?这些效应在不同类型企业间效果是否存在显著差异?这些问题,在以往的研究中缺乏深入探讨。着眼于上述疑问,本文对商业信用缓解融资约束的不同效应展开了如下研究：本文首先,对商业信用缓解融资约束的机理进行分析,结合信息不对称理论、委托代理理论和信贷配给理论、买方市场理论,分别探索商业信用缓解融资约束的两个效应：商业信用替代银行借款缓解融资约束效应和商业信用通过增强企业竞争力与银行借款.产生互补效应。其次,根据投资-现金流敏感性理论,以及前人研究成果,构造面板数据计量模型。并用固定效应方法和中国工业企业数据库2004-2009年的中小企业数据,对上述替代效应和互补效应进行了实证检验。计量结果表明,我国中小企业普遍受到显著的融资约束困扰,而商业信用能够通过上述效应对融资约束进行缓解。两种效应在不同类型企业的表现方面,小型企业替代效应较强,而中型企业具有更强互补效应；非国有企业替代效应更强,国有企业互补效应更佳；中西部地区企业获得资金困难,商业信用替代效应与互补效应都较强；出口企业具有较强的替代效应,而非出口企业互补效应更强。最后,本文提出建设多元化金融、开放金融市场等政策建议,为实体经济稳步转型提供理论支持。
[Abstract]:In the course of business operation, Chinese enterprises are generally troubled by financing constraints. However, the main body most affected by financing constraints is not large listed companies, but small and medium-sized enterprises with relatively light assets, less available collateral and lack of high grade credit guarantee. Is commercial credit effective enough to ease the financing constraints of small and medium-sized enterprises? What channels and effects do they play a role in? Are these effects significantly different among different types of firms? These problems, in the past research lack of in-depth exploration. In view of the above questions, this paper has carried out the following research on the different effects of the commercial credit ease financing constraint: firstly, this paper analyzes the mechanism of the commercial credit ease financing constraint, combining with the information asymmetry theory, Principal-agent theory and credit rationing theory, buyer's market theory, This paper explores the two effects of commercial credit to ease financing constraints: commercial credit replaces bank borrowing to ease financing constraint and commercial credit enhances the competitiveness of enterprises and bank borrowing. Produce complementary effects. Secondly, according to the investment-cash flow sensitivity theory and previous research results, the panel data measurement model is constructed. Using the fixed effect method and the data of Chinese industrial enterprise database from 2004 to 2009, this paper makes an empirical test on the substitution effect and complementary effect. The measurement results show that SMEs in China are generally troubled by significant financing constraints, while commercial credit can ease the financing constraints through the above effects. In the performance of different types of enterprises, the substitution effect of small enterprises is stronger, while that of medium-sized enterprises is stronger, that of non-state-owned enterprises is stronger, and that of state-owned enterprises is better. It is difficult for the enterprises in the central and western regions to obtain funds, and the substitution effect and complementary effect of commercial credit are both strong, while the export enterprises have stronger substitution effect, and the complementary effect of non-export enterprises is stronger. Finally, this paper puts forward some policy suggestions, such as constructing diversified finance and opening up financial market, to provide theoretical support for the steady transformation of real economy.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F276.3;F832.4

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