金融发展能缩小中小企业融资中的政治差异吗?——基于正式与非正式制度的替代效应分析  

Can the Financial Development Alleviate the Political Discrimination for SMEs' Financing? An Analysis on the Substitution Effect between Formal and Informal Institution

作　　者：徐礼敏[1] 何文忠[1] 王德发[1] 

机构地区：[1]复旦大学国际金融系,上海200433

出　　处：《上海立信会计学院学报》2012年第1期68-77,共10页Journal of Shanghai Lixin University of Commerce

基　　金：国家自然科学基金(70671027);教育部人文社会科学规划项目(09YJC790044);复旦大学重点学科优秀博士生科研资助计划

摘　　要：转轨经济时期,金融发展和政治关系在中小企业融资中发挥什么样的作用?金融发展是否能够缩小中小企业融资中的政治差异?这是一个极其重要的问题。利用全国民营企业的抽样问卷调查数据,从金融发展和政治关系在缓解中小企业融资约束上的替代效应角度对此进行分析。我们发现:具有政治背景的企业在外源融资上具有优势,中小企业融资中存在政治差异现象。金融发展能够帮助中小企业获得正规金融贷款,缓解他们的融资困境,并对政治关系产生显著的替代效应,它能缩小中小企业融资中的政治差异。What＇s the effect of financial development and political connection in the SMEs＇ financing in a transition economy？ Can financial development alleviate the SMEs＇ political discrimination？ It＇s a vital question for the Chinese economy. Using a national survey dataset for the private enterprises, we analyze the substitution effect between financial development and political connection in alleviating the SMEs＇ financing constraint. We find that firms with political connection have advantages in external financing, which indicates the existence of political discrimination. Financial development does help SMEs obtain formal credit and alleviate financing con- straint, which can substitute the political connection and narrow the political discrimination.

关 键 词：金融发展 政治关系 融资约束 替代效应 

分 类 号：F8[经济管理]