摘要
中小企业在我国经济发展中发挥着越来越重要的作用,但"融资难、融资贵、融资险"问题一直制约其发展。2018年的国务院会议以及2019年的政府工作报告中多次强调了这个问题,明确要求提高中小企业金融服务的可得性。针对这种现状,文章从银行竞争度视角出发,以2013-2017年新三板创新层中739家企业为样本,通过构建面板分位数模型,研究银行竞争度对处在不同分位(10、50、90)下中小企业融资约束的影响。结果表明:银行竞争度显著影响中小企业融资约束,且对不同分位的中小企业影响不同,通过提高银行竞争度,融资约束越严重的中小企业将受益越多。另外,上下游企业融资、短期融资比率以及宏观环境也是影响中小企业融资的重要因素。文章在实证分析的基础上,从降低市场门槛、引入外资银行等几个方面提出建议,为化解中小企业的融资困境提供依据。
SMEs play an increasingly important role in China’s economic development, but the problems of "financing difficulties, financing expensive, financing risk" have always restricted their development. The 2018 State Council meeting and the 2019 government work report have repeatedly emphasized this issue and explicitly demanded that the availability of financial services for SMEs should be improved. In view of this situation, this paper studies the financing constraints of SMEs from the perspective of banking competition. Based on the 739 enterprises in the innovation layer of 2013-2017, the panel quantile model is constructed to study the competition of banking industry. The impact of changes on SMEs in different quintiles(10, 50, 90). The results show that the competitiveness of the banking industry significantly affects the financing constraints of SMEs, and the impact on SMEs with different metrics is different. The competitiveness of the banking industry is improved, and the more serious the SMEs benefit from financing constraints. In addition, upstream and downstream corporate financing, shortterm financing ratio and macro environment are also important factors affecting SME financing. On the basis of empirical analysis, this paper puts forward suggestions from several aspects such as lowering the market threshold and introducing foreign banks, which is conducive to solving the financing dilemma of SMEs.
作者
芦锋
韩艳艳
LU Feng;HAN Yan-yan
出处
《科学决策》
CSSCI
2019年第8期20-32,共13页
Scientific Decision Making
基金
国家社会科学基金项目（项目编号：16BJY178）
山西省高等学校人文社会科学重点研究基地项目（项目编号：2017331）
