中小企业金融支持体系及其运作绩效的实证分析  

Empirical Analysis of the Performance of Financial Support System for SMEs

作　　者：李泳[1] 

机构地区：[1]中国政法大学商学院,北京102249

出　　处：《金融经济学研究》2013年第3期88-97,108,共11页Financial Economics Research

基　　金：教育部人文社科基金项目(10YJA790102);中国政法大学人文社科基金项目(09ZFG79001)

摘　　要：基于在浙江省所做的调查问卷,以系统论和过程论为理论工具,采用结构方程模型剖析了中国中小企业融资支持体系的主体的职能和作用,并从整体及其构成维度两个视角评析了融资支持体系的运作绩效,梳理了其有效运作的制约因素。研究发现,政府和中小企业的职能履行对中小企业融资支持体系运作绩效影响最大,其次是金融机构、风险投资公司,中小企业管理局的职能履行效果最差。作为中小企业融资支持体系的直接受益者,中国中小企业的职能达成度还较低。虽然各职能部门的建立和不断完善对中小企业融资支持体系的运作过程和信息沟通均有相当的促进作用,但体系内主体之间缺乏内部沟通,各主体的相应职能履行不能实现无缝衔接,内部结构上没有形成互相促进的良性循环,从而影响了整体的运作效果。Based on a data gathered from an investigation in Zhejiang Province of Chi- na, this paper builds a structural equation model（SEM） to analyze the performance of the fi- nancial support system in alleviating small and medium sized enterprises （SMEs）financial constrains, explore the main restrictions on the performance of SMEs financial support sys- tem. The results show that the government and financial institutions play the greatest positive impacts on the performance of the financial support system, followed by SMEs,venture cap- ital companies, SME Authorities perform the worst. As the direct beneficiaries of financial support system, SMEs have not been recognized as they deserve for their external financing ability. Although the structure optimization which has been carried out quickly by establis- hing new financial agencies at organizational level can promote its operation efficiency and strengthen communication, the system has not worked as a mutually reinforcing virtuous cy- cle. Lack of effective internal communication channels and information screening mechanism made the functions of stakeholders not coordinate, and even conflict between each other, which damaged the overall operational effectiveness of the system.

关 键 词：中小企业 金融支持系统 结构方程模型 

分 类 号：F832.42[经济管理—金融学]