金融发展对中小企业融资约束影响的研究

发布时间：2018-03-11 15:17

本文选题：金融发展　切入点：中小企业　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：长期以来,国内外学者对于中小企业存在融资约束的原因主要从企业规模、负债等自身内在特点予以阐释。随着金融发展在社会经济发展中的作用日益凸显,学者们在研究中小企业融资约束动态变化的基础上,越来越关注金融发展这一重要变量,两者之间的关系归纳起来有如下两种观点:一是金融发展可以减缓中小企业融资约束;二是金融发展对缓解中小企业融资约束问题作用不显著。金融发展作为现代经济增长的核心要素,与中小企业之间存在密切的联系。近年来,虽然我国政府为了有效解决中小企业融资需求的难题,加大了对中小企业的发展支持力度,融资约束现象已有所改善。但是,金融发展在减缓中小企业的融资约束上是否起到良好的效果还需要进一步研究。因此,本文的研究可以为中小企业和金融机构更加科学地决策提供实证依据和数据支持,具有一定的理论意义和实践意义。为研究我国中小企业融资约束问题,首先梳理国内外关于融资约束的相关文献,然后对金融发展、融资约束等核心概念进行界定,接着对金融发展以及融资约束有关的理论进行分析,并在理论的指导下对金融发展与融资约束的关系进行假定;其次,利用2008到2015年中国上证与深证中小企业板块上市公司数据以及金融发展相关数据,选用现金—现金流敏感性模型进行实证分析金融发展对中小企业融资约束的缓解效应,以期解决中小企业融资约束问题为我国中小企业不断发展壮大提供稳定的资金支持。在实证分析的模型中可以看到金融发展与现金流的交叉变量、金融中介发展与现金流的交叉变量、金融市场发展与现金流的交叉变量系数均为负,为说明金融发展对中小企业的融资约束的作用需结合显著水平进一步研究。经研究得到如下结论:一是我国中小企业普遍受到融资约束的影响,在模型中现金—现金流敏感系数为正值,并且通过了显著性检验;二是金融发展对缓解融资约束具有显著作用;三是金融机构的发展对中小企业的融资约束具有显著缓解作用,而股票市场发展的缓解作用并不显著。最后,根据实证分析得出的结论,探索性的提出了缓解当前中小企业所面临的融资约束问题的有关建议。
[Abstract]:For a long time, scholars at home and abroad have explained the reasons for the financing constraints of SMEs mainly from the internal characteristics of enterprise size, debt, etc. With the increasingly prominent role of financial development in the social and economic development, On the basis of studying the dynamic change of SME financing constraints, scholars pay more and more attention to the important variable of financial development. The relationship between them can be summarized as follows: first, financial development can slow down the financing constraints of SMEs; Second, financial development has not played a significant role in alleviating the financing constraints of SMEs. As a core element of modern economic growth, financial development is closely related to SMEs. In order to effectively solve the problem of financing needs of SMEs, the Chinese government has increased its support for the development of SMEs, and the phenomenon of financing constraints has been improved. Whether financial development plays a good role in alleviating the financing constraints of SMEs needs further study. Therefore, the research in this paper can provide empirical basis and data support for SMEs and financial institutions to make more scientific decisions. In order to study the financing constraints of small and medium-sized enterprises in China, this paper firstly combs the relevant literature on financing constraints at home and abroad, and then defines the core concepts of financial development, financing constraints, etc. Secondly, the relationship between financial development and financial constraints is assumed under the guidance of the theory. Based on the data of listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2015, and the related data of financial development, this paper chooses the cash-cash flow sensitivity model to empirically analyze the mitigation effect of financial development on the financing constraints of SMEs. In order to solve the problem of financing constraints for SMEs to provide stable financial support for the continuous development and growth of SMEs. In the empirical analysis model, we can see the cross-variables between financial development and cash flow. The cross variable coefficient between financial intermediary development and cash flow, financial market development and cash flow is negative. In order to explain the effect of financial development on the financing constraints of SMEs, it is necessary to further study the effects of financial development on the financing constraints of SMEs. The conclusions are as follows: firstly, SMEs in China are generally affected by financial constraints. In the model, the sensitivity coefficient of cash-cash flow is positive, and has passed the significance test; second, the financial development has a significant role in alleviating the financial constraints; third, the development of financial institutions has a significant role in alleviating the financing constraints of SMEs. The mitigation effect of stock market development is not significant. Finally, according to the conclusion of empirical analysis, this paper puts forward some suggestions to alleviate the financing constraints faced by SMEs.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F276.3;F832

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