银企关系对中小企业融资约束影响性研究

发布时间：2018-05-06 23:19

本文选题：银企关系 + 关系型贷款　；参考：《贵州财经大学》2017年硕士论文

【摘要】：中小企业作为我国经济主体中的一部分,对扩大就业、科技创新、增加国家税收、促进国民经济的发展都有着不可替代的作用。而融资困难阻碍了中小企业的发展,进而影响了中小企业的贡献力量,从而阻碍了我国经济的发展。中小企业的主要资金来源是银行贷款,融资困难的原因就在于银行与企业之间的信息不对称,银行不愿意放款给中小企业。中小企业虽然具有不可估量的发展潜力,但是因其无法提供透明的硬信息、经营风险较高、抗外部金融环境风险能力弱等缺点,在信息不对称这样一种环境下这些缺点被放大,使得银行贷款给中小企业成为一种风险投资,因此银行宁愿选择低利率贷款给大型企业得到稳定的利润,也不愿意冒着高风险高利率贷款给中小企业。在为中小企业寻找更好的融资来源上存在着困难的现实情况下,减少银企之间的信息不对称,改善银行对中小企业的放款态度才是解决中小企业融资困难的现实途径。本文以研究银企关系为出发点,检验银行与企业之间关系程度的加深能否缓解中小企业的融资困境。在衡量银企关系的变量上,本文选择了银行与企业之间成功交易的贷款次数和企业建立的关系银行家数来衡量,一般来说,银行与企业之间交易次数越多关系越亲密,企业建立的关系银行家数越少二者关系越稳定。在检验融资约束程度上,本文选择了现金现金流敏感性模型来检验企业的融资约束情况。基于深圳证券交易所中小企业板上市公司2008年至2015年的银行贷款数据和企业特征数据,本文对银企关系能否缓解中小企业融资约束进行实证检验。检验结果表明:我国中小企业融资确实存在约束;以银企之间成功交易的贷款次数代表的银企关系能够缓解中小企业融资约束;建立的关系银行家数越多,企业面临的融资约束情况越严重。
[Abstract]:As a part of the main economic body of our country, small and medium-sized enterprises play an irreplaceable role in expanding employment, scientific and technological innovation, increasing national tax revenue and promoting the development of national economy. The difficulty of financing hinders the development of SMEs and the contribution of SMEs, thus hindering the development of our economy. The main source of capital for small and medium-sized enterprises is bank loans. The difficulty of financing lies in the information asymmetry between banks and enterprises, and banks are unwilling to lend to small and medium-sized enterprises. Although small and medium-sized enterprises have inestimable development potential, due to their inability to provide transparent hard information, high operating risks and weak ability to resist risks in the external financial environment, these shortcomings are magnified in such an environment as asymmetric information. Bank loans to small and medium-sized enterprises become a kind of venture capital, so banks prefer to choose low interest rate loans to large enterprises to obtain stable profits, rather than risk high interest rate loans to small and medium-sized enterprises. It is difficult to find a better source of financing for small and medium-sized enterprises. To reduce the information asymmetry between banks and enterprises and to improve the lending attitude of banks to SMEs are the practical ways to solve the financing difficulties of SMEs. Based on the study of the relationship between banks and enterprises, this paper examines whether the deepening of the relationship between banks and enterprises can alleviate the financing difficulties of small and medium-sized enterprises. In terms of the variables to measure the relationship between banks and enterprises, this paper chooses the number of loans successfully traded between banks and enterprises and the number of relationship bankers established by enterprises. Generally speaking, the more transactions between banks and enterprises, the closer the relationship between banks and enterprises. The smaller the number of relationship bankers, the more stable the relationship. In order to test the degree of financing constraints, this paper chooses the cash flow sensitivity model to test the financing constraints of enterprises. Based on the bank loan data and enterprise characteristic data from 2008 to 2015, this paper makes an empirical test on whether the relationship between banks and enterprises can ease the financing constraints of SMEs. The results show that: the financing of SMEs in China does exist constraints; the relationship between banks and enterprises represented by the number of loans successfully traded between banks and enterprises can ease the financing constraints of SMEs; The more serious the financing constraints faced by enterprises.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F275

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