中小企业金融排斥的财务结构效应——来自我国中小企业板上市公司的微观证据

发布时间：2019-03-17 09:34

【摘要】：中小企业遭受的金融排斥可细分为地理排斥、评估排斥、技术条件排斥。本文以中小企业板上市公司为样本,构建了企业财务结构与金融地理排斥、评估排斥、技术条件排斥之间的关系模型,检验不同金融排斥对企业财务结构的影响。结果显示,金融评估排斥增加了中小企业内源融资与非银行融资的比重;而金融地理排斥与技术条件排斥使得企业短期债务率提高,债务短期化程度加重,降低了企业财务的稳健性与可持续性。改善中小企业财务结构,一方面需要从缓解金融排斥入手,增加中小企业担保机制,加强金融机构建设,推进信息化云平台建设;另一方面,需要规范、适度鼓励非金融机构的发展,拓宽企业融资渠道,并提高企业资产担保能力,提升信誉,增强企业的内涵竞争力。
[Abstract]:Financial exclusion suffered by small and medium-sized enterprises can be subdivided into geographical exclusion, assessment exclusion, and technical exclusion. In this paper, the relationship model between financial structure and financial geographical exclusion, evaluation exclusion and technical condition exclusion is constructed to test the influence of different financial exclusions on the financial structure of small and medium-sized enterprises listed companies. The results show that the rejection of financial evaluation increases the proportion of endogenous financing and non-bank financing of SMEs. Financial geographical exclusion and technical exclusion increase the rate of short-term debt of enterprises, aggravate the degree of short-term debt, and reduce the financial robustness and sustainability of enterprises. To improve the financial structure of small and medium-sized enterprises, on the one hand, it is necessary to alleviate the financial exclusion, increase the guarantee mechanism of small and medium-sized enterprises, strengthen the construction of financial institutions, and promote the construction of On the other hand, it is necessary to regulate, encourage the development of non-financial institutions appropriately, widen the financing channels of enterprises, and improve the ability of asset guarantee of enterprises, enhance the reputation, and enhance the competitiveness of the connotation of enterprises.
【作者单位】：中央财经大学金融学院;
【分类号】：F276.3

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