中小银行发展如何影响中小企业融资？——兼析产生影响的多重中介效应
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| Title | How Does SMBs’ Development Affect SMEs’ Financing?
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| 作者 | 李广子 熊德华 刘力 |
| Author | Guangzi Li, Dehua Xiong and Li Liu |
| 作者单位 | 中国社会科学院金融研究所；北京大学光华管理学院 |
| Organization | Institute of Finance and Banking, CASS;Guanghua School of Management, Peking University |
| 作者Email | liguangzi@sina.com；dehua@gsm.pku.edu.cn；lli@gsm.pku.edu.cn |
| 中文关键词 | 中小银行 金融发展 银行业结构 中小企业融资 多重中介模型 |
| Key Words | SMBs; Financial Development; Banking Structure; SMEs’ Financing; Multiple Mediation Models. |
| 内容提要 | 如何有效解决中小企业融资难是学术界和实务界普遍关心的一个问题。基于中国工业企业数据库2004至2009年数据，本文从企业微观层面考察了中小银行发展是否有助于改善中小企业借款融资状况，并利用多重中介模型对中小银行发展影响中小企业借款融资的中介效应进行了分析和比较。本文发现，中小银行发展能够显著缩小中小企业与大企业在借款融资上的差异，同时能够缓解紧缩货币政策对中小企业借款融资造成的负面冲击。进一步，本文从提高金融发展水平和优化银行业结构两个方面分析和比较了中小银行发展影响中小企业借款融资的中介效应。本文发现，尽管通过优化银行业结构也对缓解中小企业借款融资困难起到一定积极作用，但中小银行发展更主要是通过提高金融发展水平来改善中小企业借款融资状况。本文的研究对于我国中小企业融资问题的解决具有重要的参考价值。 |
| Abstract | How to effectively solve the financing difficulty of small and medium-sized enterprises (SMEs) is an issue of common concern in academic and practical circles. Based on China industrial dataset from 2004 to 2009, this paper investigates whether the development of small and medium-sized banks (SMBs) helps to mitigate SMEs’ financing difficulty. This paper further analyzes the mediator effects through which SMBs’ development mitigates SMEs’ financing difficulty based on multiple mediation models. We find that, SMBs’ development can effectively narrow the gap of loan financing between SMEs and big companies, and can mitigate the negative impact of tight monetary policy on SMEs’ loan financing as well. This paper further compares two channels (improving financial development channel and optimizing banking structure channel) through which SMBs’ development mitigates SMEs’ financing difficulty. We find that, improving financial development channel is more important than optimizing banking structure channel. Our research has an important reference value to mitigate SMEs’ financing difficulty. |
| 文章编号 | WP863 |
| 登载时间 | 2015-04-07 |
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