社会资本、民间金融与中小企业融资

发布时间：2018-01-28 02:54

本文关键词： 社会资本民间金融中小企业融资　出处：《投资研究》2017年07期 　论文类型：期刊论文

【摘要】：本文在理论和实证分析基础上,研究了社会资本在中小企业融资中产生作用的理论机制,民间金融与正规金融在中小企业融资中的作用及两者的关系。研究发现:无论从全国层面还是地区层面,正规金融对各类型企业的影响均起到主导作用,对大、中、小型企业的影响依次递减;正规金融和民间金融对中部地区小型企业的影响最大,其次是东部地区,而对西部地区小型企业影响较小。中小企业与民间金融之间的"社会关系"降低了两者之间的信息不对称程度,同时"社会关系"也起到了抵押品功能,替代实物抵押,增加了中小企业从民间金融获取信贷的可得性;民间金融依靠基于内疚感的道德机制、基于交易者之间重复博弈的声誉机制和基于强迫的第三方治理机制等约束机制降低中小企业信贷违约率。就两者的关系而言,在小企业融资市场中,民间金融与正规金融呈现出互补关系,在地区层面上,互补性按中、东、西部地区依次递减,在企业层面上,按小、中、大型企业依次递减。
[Abstract]:In this paper, based on the theoretical and empirical analysis, studied the theory of mechanism of social capital play a role in the financing of small and medium-sized enterprises in the relationship between informal finance and formal finance in the financing of small and medium-sized enterprises in the role of the study found that: both national level and regional level, the impact of formal finance on all types of enterprises have played a dominant the role of large, in effect, small and medium enterprises is decreasing; the impact of formal finance and private finance of small enterprises in central region is the largest, followed by the eastern region, but it has little effect on small and medium enterprises in the western region. Between small and medium-sized enterprises and private finance "social relations" reduces the degree of information asymmetry between the two, at the same time "social relations also played a collateral function, instead of physical collateral, increase the small and medium-sized enterprises to obtain credit from private finance availability; private finance rely on guilt based on Moral mechanism, reputation mechanism between traders repeated game and constraint force of the third party governance mechanisms based on small and medium enterprises to reduce credit default rate. Based on the relationship between them is that in the small business financing market, private finance and formal finance showing a complementary relationship, at the regional level, according to the complementarity in the East, the western region is decreasing, at the enterprise level, according to the small and large enterprises, in descending order.

【作者单位】：中国建设银行战略规划部;中国农业银行北京市分行;
【基金】：国家社会科学基金重大项目“防范系统性和区域性金融风险研究——基于金融适度分权的视角”(13&ZD030);国家社会科学基金项目“中小金融机构发展和监管”(12BJY152)
【分类号】：F276.3;F832
【正文快照】： 一、引言中小企业及县域经济是中国经济的未来及新的增长点,也是我国经济增长方式由要素驱动转为效率驱动和创新驱动的关键。但近年来,随着外部经济形势的恶化与我国经济结构的转型,中小企业及县域经济融资难问题进一步恶化,高利贷这个千年难题又死灰复燃,并引发了温州民间金

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