融资约束、企业成长能力与中小金融机构包容性  

Financing Constraints,Enterprise Growth Capability and Inclusiveness of Small and Medium Financial Institutions

作　　者：于文领 张力派 张良 Wenling Yu;Lipai Zhang;Liang Zhang

机构地区：[1]江苏省社会科学院,江苏省南京市210004 [2]上海外国语大学国际工商管理学院,上海市201620 [3]江苏省社会科学院农村发展研究所,江苏省南京市210004

出　　处：《产业经济评论（山东）》2022年第3期152-177,共26页Review of Industrial Economics

基　　金：江苏省社会科学院青年项目“在提升产业链供应链竞争力的视角下江苏省中小微企业金融供给模式研究”(QN202119)

摘　　要：基于“适应性造就复杂性”的正反馈演化的规律,中小企业的可持续发展和稳固成长,不仅需要“打铁必须自身硬”的内部持续成长能力,而且要时刻调整经营策略以适应外界经济环境变化。本文立足梳理民营中小企业融资难题,以财务内部可持续增长能力的优化和以城乡商业银行为代表的中小金融机构包容性合作的两个视角进行研究,共收集整理4617个微观数据样本用以构建计量模型。研究发现,民营中小板和创业板上市公司的可持续增长率和实际增长率普遍不匹配,经营现金流难以满足实际发展和扩张需求;样本企业普遍存在融资约束,且均以内源融资为主,存在资产错配;企业经营现金流与中小金融机构包容性呈“互补”的反比关系,若以城乡商业银行等中小金融机构的杠杆在其中发挥作用,这可以有效缓解企业经营现金流、投资支出、现金持有等财务压力。因此,中小金融机构通过发挥“软”信息优势,多维度帮扶和解决民营中小制造业企业的内外部协同优化融资问题,才能更好地为其融资“松绑”,优化资源配置,增强微观主体的经济活力,助推中国经济高质量发展。Based on the law of positive feedback evolution of"adaptability creates complexity",the sustainable development and stable growth of small-and medium-sized enterprises not only require the internal sustainable growth ability,but also have to adjust their business strategies to adapt to changes in the economic environment.Based on sorting out the financial problems of small-and medium-sized private enterprises,this paper conducts research from two perspectives:the optimization of internal financial sustainable growth capacity and the inclusive cooperation of small-and medium-sized financial institutions represented by urban and rural commercial banks.The study concludes that company’s sustainable growth rate and actual growth rate generally do not match,and the operating cash flowsare difficult to meet the actual development and expansion needs;enterprises generally have external financial constraints,and there exists asset mismatch;there is an inverse relationship between the operating cash flows of enterprises and the inclusiveness of financial institutions.If the leverage of financial institutions plays an active role in this process,it can effectively alleviate financial pressures such as business cash flows,investment expenditures and cash holdings.Therefore,small-and mediumsized financial institutions can better expand financing channels for these companies,optimize resource allocation,enhance the economic vitality of market players,and boost the Chinese economy high-quality development.

关 键 词：可持续增长率 融资约束 成长能力 中小金融机构包容性 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]