基于银行业结构视角的小微企业融资可得性研究

发布时间：2017-12-27 05:33

本文关键词：基于银行业结构视角的小微企业融资可得性研究　出处：《中央财经大学》2016年博士论文　论文类型：学位论文

【摘要】：在中国经济“新常态”的大背景下,小微企业迎来了“大时代”。小微企业在国民经济和社会发展中的重要地位不言而喻:就业的主渠道、技术创新的生力军、经济发展的重要力量、税收的主要贡献者、便民服务的主力军等等。无论从我国当前还是从长远经济社会的发展来看,都需要把促进小微企业的健康发展作为重要的基本国策。然而当前,我国经济社会的“正金字塔”和金融服务的“倒金字塔”已经形成了鲜明的对比,处在经济社会下层数量众多的小微企业获得的金融服务严重不足。银行在我国的金融体系中处于主导地位,银行体系是小微企业的主要外部融资来源,银行业结构的调整直接影响着金融服务的布局和小微企业的融资可得性。本论文将着眼于此,深入探讨什么样的银行业结构才能更好地促进小微企业获得金融服务,这个问题的解决能够使人们对未来社会的可持续性和包容性增长产生一定的信心,有利于金融向“好的金融”发展,成为推动实现平等社会这个宏伟目标的重要力量。论文总共八章。第一章是导论,界定了研究对象,搭建了研究框架。第二章是理论基础及文献综述,第三章是世界主要发达国家银行业结构及其支持小微企业融资的国际经验及启示,第四章是中国的实践,回顾了银行业结构的变迁及小微企业融资变化情况。第五章、第六章和第七章则分别从实证层面具体考察了银行业规模结构、市场结构以及股权结构对小微企业融资可得性的影响。第八章结合实证结果和国际经验提出了一些针对性的政策建议。第二章首先简要论述了理论基础。金融结构理论,开创了现代金融发展理论的先河;信贷配给理论,从宏观角度上回答了小微企业信贷融资所受到的诸如金融抑制、信息不对称等的外部冲击和影响;产业组织理论,从中观角度回答了一个行业的集中度与竞争度对小微企业融资可得性的影响;公司治理理论,从微观角度的股权结构回答了商业银行给小微企业的放贷行为和根本动力。其次,从企业自身因素和企业外部因素两个方面对小微企业融资可得性的影响因素的经典文献做了梳理和评述。这些为提高小微企业融资可得性奠定了坚实的理论基础。第三章是银行业结构与小微企业融资的国际借鉴。挑选了市场主导体系国家的代表美国,以及银行主导体系国家的代表德国和日本,重点介绍了各国的银行业结构以及银行业对小企业的金融支持,希望在分析我国的银行业结构变迁和小微企业融资变化之后,得到相应的启示。第四章是我国银行业的结构变迁和小微企业的融资变化情况。通过银行业规模结构、市场结构、股权结构等多角度刻画了银行业结构的演进历程,深入分析了在这些结构变迁的同时,揭示出各种类型金融机构即大型商业银行、股份制商业银行、城市商业银行等对小微企业融资的支持和变化情况。第五章为银行业规模结构与小微企业融资可得性实证分析。采用世界银行对中国企业的投融资环境的调查数据,运用二元离散probit模型,使用融资可得性的直接衡量方法考察了银行业的总体规模和平均规模对小微企业包括贷款、账户和透支等金融服务的影响。结果表明,银行业各类金融机构在给中小企业提供不同的融资时,各有优势,但其他类金融机构的作用没有显现。银行总体规模比例过大不利于小微企业获得贷款,金融机构的平均规模越小越有利于为小企业提供更好的融资。第六章为银行业市场结构与小微企业融资可得性的实证分析。采用hhi(赫芬达尔—赫希曼指数)来衡量银行业的集中度,从我国31个省市发展不平衡的区域差异化角度,运用面板数据考察了各省2010年-2014年hhi指数的变化与不同验证了其对各省小微企业融资可得性的影响,并且用各省中小银行的市场占比进行了稳健性检验。结果表明,hhi指数与小微企业融资负相关且显著,说明银行业集中度越低,小微企业的融资可得性越高,即中小银行的建立有利于小微企业融资可得性的提高,但是,hhi指数与经济发展水平的交互项系数为负,说明经济发达地区的市场集中度的降低弱化了这种影响,即应该加强中西部地区中小银行的建立,降低经济较落后地区的银行业市场集中度,提高小微企业融资可得性的作用才最明显。第七章是银行业股权结构与给小微企业放贷行为的实证分析。由于我国的商业银行从国有垄断“一股独大”转制而来,从银行治理的股权结构视角对这一问题进行深入研究具有非常重要的现实意义。国内外学者都认为股权性质和股权集中度对银行的信贷行为有显著的影响,本章选择了5家大型国有控股商业银行、12家股份制商业银行和22家城市商业银行做样本,使用各家银行2010-2014年的股权结构作为各行小微企业贷款占比的解释变量,考察股权性质和股权集中度对其小微企业贷款行为的影响。结果显示,第一大股东持股比例以及国有股和外资股的比例大小均对其给小微企业的贷款行为具有显著影响。第八章为银行业结构调整更进一步促进小微企业融资提出相应的政策建议。首先通过对不同金融系统的国家银行业为小微企业信贷融资服务的实践活动得到相应的启示,借鉴世界主要发达国家的经验,并结合实证分析结果,针对我国小微企业融资银行业结构存在的问题提出相应的政策建议。由于小微企业融资可得性的提高是一项系统工程,最后,为保证目标的实现,又提出了一些其他配套措施。通过上述研究,得出以下主要结论:1、银行的总体规模过大不利于小企业融资可得性的提高。第五章通过把银行规模细分为总体规模和平均规模,利用世界银行对中国的调查数据,使用二元probit模型考察了银行业各类金融机构对中小企业金融服务的影响。使用账户、信贷透支和贷款来衡量金融服务的可得性。研究发现,银行总体规模与小企业金融服务显著负相关;农村金融机构在为小企业贷款方面发挥着重要作用,银行业其他类金融机构的作用没有显现。2、银行业市场结构区域发展不均衡使得小微企业融资可得性明显不同。我们用hhi指数来衡量我国银行业市场结构,发现银行业集中度越低越有利于提高小微企业融资可得性。但是考虑到区域经济发展水平差异化的因素后发现,这种正效应在经济发展水平高的地区会明显下降。虽然引入了各省互联网普及率这个解释变量,但是结果却并不显著。肯定的说,互联网金融有它自身的优势:如突破传统银行服务中时间与空间的局限,能够随时随地为客户提供金融供给、容纳了海量客户,规模经济凸显,单个客户边际服务成本足够低等。也为小微企业拓宽了融资渠道,降低信息不对称性。但是p2p平台“跑路”现象频发,使得互联网金融的风险凸现,也给金融监管带来很多新的难题,这个可以作为进一步的研究方向。当前,就银行业金融机构而言,各省互联网普及率并没有成为影响其小微企业融资可得性的重要因素。3、股权结构多元化是提高小微企业融资可得性的根本动力。股权结构是影响我国商业银行信贷行为的重要因素。使用股权集中度、股权制衡度z指数和股权性质来衡量商业银行股权结构,对各行小微企业贷款余额占比进行回归分析,发现商业银行的股权结构对小微企业的信贷行为有重要的影响。第一大股东持股比例对小微企业贷款余额的占比的影响是负的。即第一大股东持股比例不易过高。国有股和外资股对小微企业贷款余额的占比的影响都是正的。这个结论暗含着商业银行的股权结构多元化是提高小微企业贷款可得性的重要路径。4、银行业结构改革的技术实现路径。2015年政府工作报告中明确指出“推动具备条件的民间资本依法发起设立中小型银行等金融机构,成熟一家、批准一家,不设限额”。但是,本研究对该政策的一个提醒就是要注意平衡银行业区域竞争水平,重点关注银行业集中度依然很大的地区,促进银行业市场竞争区域平衡化,缩小不同地区小微企业贷款难易差异。在中小银行的建立和发展中,要注意推动中小银行专业化经营。专业化中小银行的发展能够促进我国银行业结构的多样化和分散化,增强银行同业的市场竞争能力和金融创新水平,有效防范融资体系的系统性风险。在现代公司治理方面,继续积极引导民间资本、外国资本进入银行业,完善我国商业银行股权结构。本研究的特色和创新主要体现在四个方面:第一,尝试从银行业的“结构全貌”来系统考察小微企业融资可获得性的内涵和外延。本研究从供给侧改革的角度,站在银行业金融机构的立场上,选取了银行业结构变迁的视角来分析小微企业融资问题。构建了基于结构观的小微企业融资正规金融服务的理论框架。动态考察了银行业市场结构变迁、规模结构变迁和股权结构变迁对小微企业融资可得性的影响,提出了有利于提高小微企业融资可得性的正规金融发展方向。第二,在银行业规模结构的实证分析中,第一次创新性的把规模细分为总体规模和平均规模两个方面,加深了对银行业金融机构规模的理论探析。并且通过把银行业金融机构分为银行、农村金融机构和其他三大类,发现其他类金融机构的作用没有充分显现。第三,在银行业市场结构的实证分析中,结合中国各地区经济发展不平衡的实际,不但从区域经济差异化的视角展开研究,并且由于近年来互联网金融的迅速发展,创新性的把各省的互联网普及率作为解释变量纳入模型中。第四,创新性的从商业银行治理的微观机制——股权结构的角度,解释了为小微企业服务做出主要贡献的大型商业银行、股份制商业银行和城市商业银行的行为。发现大股东持股比例对小微企业贷款余额占比的影响显著,且为负。第一大股东持股比列和第二大股东持股比例之比、国有股和外资股的影响也均显著,且为正效应。暗含的结果是银行业股权结构多元化有利于提高小微企业的融资可得性。论文虽从银行业结构的视角对小微企业融资可得性进行了全面的研究,但是由于我国的小微金融研究尚处起步阶段,所以从实证的角度讲,研究的时间序列不是很长。虽然对银行业的各类结构进行了深入的研究,但是却没有构建出理论模型去量化银行业各类金融机构的系数,这些都是本研究的局限。近年来,以互联网为代表的信息技术高速发展并开始向金融领域渗透,一种不同于商业银行传统金融服务的互联网金融模式应运而生。互联网金融以其独特的优势对传统的以银行为主的融资模式带来很大挑战,对小微企业来说,成为其传统融资方式的有益补充。结合大数据互联网金融的时代背景,探索一条能够破解小微企业融资悖论的有效解决路径,将是我们后续研究的努力方向。
[Abstract]:In the context of the "new normal" of China's economy, small and micro enterprises have come to a "great age". The importance of small and micro enterprises in the national economy and social development is self-evident: the main channel of employment, the vital force of technological innovation, the important force of economic development, the main contributors of Taxation, the main force of convenient services, etc. Both in China and from the long-term economic and social development, we need to promote the healthy development of small and micro enterprises as an important basic national policy. However, at present, China's economic and social "positive Pyramid" and the "inverted Pyramid" of financial services have been in stark contrast. Banks play a leading role in the financial system of our country. The banking system is the main external financing source for small and micro businesses. The adjustment of banking structure directly affects the layout of financial services and the availability of financing for small and micro businesses. This paper will focus on this, discuss what kind of banking structure in order to better promote access to financial services Small and micro businesses, to solve this problem can make growth sustainable and inclusive of future society has a certain degree of confidence, is conducive to financial to the "good financial development, become an important force in promoting the implementation of the the grand goal of social equality. There are eight chapters in this paper. The first chapter is the introduction, defined the research object and set up the research framework. The second chapter is the theoretical basis and literature review. The third chapter is the world's main developed countries' banking structure and its international experience and inspiration to support small and micro businesses' financing. The fourth chapter is China's practice. It reviews the changes of banking structure and the financing changes of small and micro businesses. In the fifth chapter, the sixth chapter and the seventh chapter, we empirically analyze the impact of the banking scale structure, market structure and ownership structure on the financing availability of small and micro businesses from the empirical level. The eighth chapter puts forward some pertinent policy suggestions combined with the empirical results and international experience. In the second chapter, the theoretical basis is briefly discussed. The financial structure theory, pioneered the development of modern financial theory precedent; the theory of credit rationing, from a macro perspective to answer the Small and micro businesses such as credit financing by financial repression, the information asymmetry of the external impact and influence; the theory of industrial organization, from the point of view to answer an industry concentration and degree of competition Small and micro businesses financing availability effect; the theory of corporate governance, ownership structure from the micro perspective the answer of commercial banks to small and micro enterprise lending behavior and the fundamental driving force. Secondly, the classic literature on the factors affecting the availability of small and micro enterprises' financing is reviewed and reviewed from two aspects of the enterprise itself and the external factors. These have laid a solid theoretical foundation for improving the availability of small and micro enterprises' financing. The third chapter is the international reference of the banking structure and the financing of small and micro enterprises. On behalf of pick up the market leading system of the country and the United States, on behalf of the state bank leading system of Germany and Japan, focuses on the financial support of the banking structure and the banking world for small businesses, in the hope that the analysis of banking industry structure change in China and Small and micro businesses financing after the change, the corresponding enlightenment. The fourth chapter is the structural changes of China's banking industry and the changes in the financing of small and micro enterprises. By way of bank size structure, market structure, ownership structure and characterization of evolution of the banking structure, in-depth analysis of the changes in these structures at the same time, reveals various types of financial institutions or large commercial banks, joint-stock commercial banks, City Commercial Bank of Small and micro businesses to support the financing and changes. The fifth chapter is the empirical analysis of the scale structure of the banking industry and the availability of small and micro enterprises. The world bank for investment and financing environment of the survey data Chinese enterprises, with two yuan of discrete probit model, the use of financing can affect include loans, accounts and overdraft and other financial services of banks directly investigated the methods of measuring the overall size and the average size of Small and micro businesses. The results show that the various financial institutions of the banking industry have their own advantages in providing different financing for small and medium-sized enterprises, but the role of other financial institutions does not appear. The overall size of a large proportion of bad banks in small and micro enterprises to obtain loans, the average size of financial institutions is more conducive to better provide for small business financing. The sixth chapter is an empirical analysis of the market structure of the banking industry and the availability of financing for small and micro enterprises. Using HHI (Hofendal Hirshman index) to measure the concentration of the banking industry, from the perspective of 31 provinces and the unbalanced development of regional differences in China, using panel data to investigate the changes of the 2010 -2014 HHI index and verify the availability of the different effects on the Small and micro businesses financing, and by the small and medium sized banks the market share of the robustness test. The results show that the HHI index and Small and micro businesses financing is negatively related, that bank concentration is low, Small and micro businesses financing availability is high, the small and medium-sized banks to establish Small and micro businesses financing availability increases, however, the HHI index and the level of economic development of the interaction coefficient that is negative, economically developed areas of market concentration, weakening the influence, which should strengthen the establishment of small and medium-sized banks in the Midwest, reduce the economic backwardness of the banking industry market concentration, improve the availability of Small and micro businesses financing effect is most obvious. The seventh chapter is the empirical analysis of the banking ownership structure and the lending behavior to small and micro enterprises. Because China's commercial banks are transformed from state-owned monopoly to "single dominant", the in-depth study of this issue from the perspective of ownership structure of bank governance has a very important reality.
【学位授予单位】：中央财经大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.4;F275

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