小微企业融资议价能力研究

发布时间：2018-12-15 06:05

【摘要】：基于浙江小微企业的微观数据,本文使用双边随机前沿分析方法估算银企双方的议价能力及其对最终融资价格的影响效应,证明议价能力强弱直接决定最终融资价格。结果表明:(1)银企议价能力对于融资价格形成的综合影响为正,讨价还价将形成一个相对于公允价格更高的价格,平均而言最终的融资价格比公允价格高出了19.61%;(2)年度效应分析发现,"小微企业-银行"议价净剩余有逐年递减趋势,但融资价格几乎都高于公允价格19.5%以上,换言之,利率市场化改革对提高小微企业的相对议价能力的作用并不明显;(3)聚焦浙江区域金融改革创新试点发现,在金融改革地区,小微企业的议价能力有所提升,在融资谈判中实现了"自保"效果,但银行"主导"最终融资价格状况并没有发生根本改变。本文的政策含义是:单纯依靠利率市场化改革,通过市场调节无法解决小微企业融资问题,政府需进一步建立多层次、多元化的小微企业金融服务体系,积极拓展小微企业融资渠道,总结推广浙江金融改革"先行先试"经验。
[Abstract]:Based on the micro data of Zhejiang small and micro enterprises, this paper estimates the bargaining power of both banks and enterprises and its effect on the final financing price by using the method of bilateral stochastic frontier analysis, and proves that the bargaining power directly determines the final financing price. The results are as follows: (1) the comprehensive influence of the bargaining power of banks and enterprises on the formation of financing price is positive, and bargaining will form a higher price than fair price, and the final financing price is 19.61 higher than fair price on average; (2) the annual effect analysis shows that the net surplus of bargaining price of "small and micro enterprise-bank" has a decreasing trend year by year, but the financing price is almost higher than the fair price by more than 19.5%, in other words, The effect of interest rate marketization reform on improving the relative bargaining power of small and micro enterprises is not obvious. (3) focusing on the regional financial reform and innovation in Zhejiang, it is found that in the financial reform area, the bargaining power of the small and micro enterprises has been improved, and the self-protection effect has been achieved in the financing negotiations. But the bank'dominant 'final financing price situation has not fundamentally changed. The policy implication of this paper is: simply relying on the reform of market-oriented interest rate, through market regulation can not solve the financing problem of small and micro enterprises, the government needs to further establish a multi-level, diversified financial service system of small and micro enterprises. Actively expand the financing channels of small and micro enterprises, sum up and promote Zhejiang financial reform "first" experience.
【作者单位】：浙江工业大学中国中小企业研究院;中小微企业转型升级协同创新中心;
【基金】：国家社科基金青年项目“互联网背景下众筹扶贫模式及保障机制研究”(批准号:16CSH014)(2016年9月-2019年9月);国家社科基金项目“中小企业连环倒闭风险传递与防范机制的国际比较研究”(项目编号:14BJY084)(2014年6月-2017年6月) 国家自然科学基金项目“中国企业海外研发组合网络、知识逆向传导机制与本土整合创新研究”(项目编号:71373241)(2014年1月-2017年12)
【分类号】：F275;F276.3;F832.4

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