银企关系与中小企业成长--关系借贷价值的经验证据  

Bank-firm Relationship and the Growth of SMEs:Evidence from the Value of Relationship Lending

作　　者：何韧[1] 王维诚[2] 

机构地区：[1]上海财经大学金融学院,上海200433 [2]美国华盛顿州立大学金融、保险与房地产系,普尔曼99163

出　　处：《财经研究》2009年第10期81-91,共11页Journal of Finance and Economics

基　　金：上海财经大学“211”三期项目基金资助

摘　　要：文章利用世界银行在我国18个城市1186家中小企业调查的样本数据,对我国银企关系与中小企业成长的相关性进行了实证研究,发现样本企业建立关系银行的数量和维持银行关系的时间长度与企业成长具有负相关关系,而中小企业与银行采用关系借贷融资所形成的关系深度与企业的成长却具有显著的正相关性,并在规模较大的企业、非国有企业和处于弱市场竞争环境下的企业群体中有所体现。文章为中小企业关系借贷理论在中国的实践提供了经验证据,揭示了中小企业培育紧密银企关系的应用价值。Based on the survey of World Bank on 1 186 Chinese SMEs of 18 cities, the paper makes an empirical study on the correlation of bank-firm relationship and the growth of SMEs in China. It finds that the numbers of relationship banks and the time of maintaining these relationships have negative effects on the growth of the enterprises. But the relationship degree formed by enterprises＇ collection of credits by using relationship has a positive effect on the growth of the enterprises, especially in larger enterprises, non-state-owned enterprises and groups under weak market competition. The paper provides empirical evidences on the practice of the theory of SMEs＇ relationship lending in China and also reveals the application value of SMEs＇ relationship lending.

关 键 词：银企关系 中小企业 企业成长 关系借贷 

分 类 号：F832[经济管理—金融学]