融资成本、融资替代与中国典当业的盈利波动——经验证据及理论解释  

Financing Cost,Financing Substitution,and the Profit Volatility of the Pawn-Broking Industry in China:Empirical Evidence and Theoretical Explanations

作　　者：周黎明[1] 史晋川[1] 王争[1] 

机构地区：[1]浙江大学经济学院,浙江杭州310027

出　　处：《金融研究》2012年第3期81-94,共14页Journal of Financial Research

基　　金：浙江省教育厅"中小企业短期紧急融资及规制研究"项目(编号:Y201120810)的资助

摘　　要：本文从企业融资成本的角度对金融危机后期以来中国典当业整体盈利状况的变化提供了可能的解释。利用实地调研数据和跨国文献资料,我们发现中国典当业具有迥异于其他经济体的特点,即中国的典当需求更多地来自于中小企业的投资需求,而非普通消费者的消费需求。基于此发现,我们借助一个企业融资行为模型,提出了对典当业盈利变化的一个解释:金融危机后的经济刺激政策从各方面降低了企业通过银行借贷的成本,而与此同时典当成本却具有刚性;作为合理的反应,企业自然偏向银行借贷而非典当融资;典当业因此大量失去企业的融资需求。而经济紧缩政策的作用恰好相反。宏观政策导向的变化和典当行业的盈利波动之间的关系印证了上述假说。This paper offers a possible explanation to the profit volatility of the pawn - broking industry in China from the perspective of firm financing cost. Using both firm survey and cross -country data, we find the pawn - broking industry in China is characterised by the fact that its demand is largely driven by the financing purpose of small and medium firms, which is distinct from other economies. Based on this finding, we construct and an- alyse a behavioural model of firm financing to find a key to the profit volatility. Our explanation is that the relax- ed financial policies in China after the outbreak of the global financial crisis significantly reduced the financing cost through banks as opposed to the cost of financing through pawning which basically remained rigid. As a reasonable response, finns are inclined to borrow from banks instead of pawn - brokers, causing a plummet in demand for pawn -broking. Tight monetary policy has the opposite effect. The empirical relationship between the directions of macro policies and the profitability of the pawn - broking industry positively supports our hy- pothesis.

关 键 词：融资成本 金融危机 典当 调研数据 

分 类 号：F832.38[经济管理—金融学]