影子银行、中小企业融资与深化金融改革——基于结构向量自回归模型的实证分析  

Shadow Banking, Small and Medium-sized Enterprises Financing and Deepening Financial Reform——An Empirical Analysis Based on SVAR Model

作　　者：王蕾[1] 张婧婕[1] 陈霄[2] 

机构地区：[1]陕西师范大学国际商学院,陕西西安710119 [2]广西师范大学经济管理学院,广西桂林541006

出　　处：《华东经济管理》2015年第4期102-108,共7页East China Economic Management

摘　　要：文章通过分析民营中小企业融资现状,构建SVAR模型证实影子银行与民营中小企业融资之间互为Granger原因,脉冲响应得出影子银行对民营中小企业从正规金融机构的融资具有"挤出"效应,而中小企业的融资需求短期会刺激影子银行的膨胀,但长期不具有持续性。进一步分析发现影子银行能够补充企业融资缺陷,但同时会提高企业融资成本、风险和融资难度。最后提出深化金融改革应该以市场为导向并坚持金融服务实体经济的本质,并发挥互联网金融的在中小企业融资中的积极作用。This paper, by making an analysis on the present situation of small and medium-sized private enterprises financing, builds the SVAR model to confirm that the relationship between shadow banking and small and medium-sized private enterprises financing is mutual Granger causality. The study shows that shadow banking has a“crowding out”effect on small and medium-sized private enterprises financing from formal financial institutions, whereas small and medium-sized enterprises short-term financing demand will stimulate the expansion of shadow banking, but is unsustainable in the long run. Further analysis reveals that shadow banking can make up for enterprises financing defects, but also, will increase enterprises financing cost, risk and difficulty. Finally, the paper puts forward that deepening financial reform should be market-oriented and stick to the essence of finance to serve the real economy, and develop the positive role of the Internet finance in small and medium-sized enterprise financing.

关 键 词：影子银行 中小企业融资 金融改革 SVAR模型 

分 类 号：F406.7[经济管理—产业经济]