中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据  

Financial Development Level vs.Financial Structure:Which Is More Important for Easing Financing Constraints of SMEs?Evidence from China's Companies Listed on SME Board

作　　者：姚耀军[1] 董钢锋[1] 

机构地区：[1]浙江工商大学金融学院,浙江杭州310018

出　　处：《金融研究》2015年第4期148-161,共14页Journal of Financial Research

基　　金：教育部人文社会科学研究规划基金课题(13YJA790138);浙江省哲学社会科学规划项目(11ZJQN056YB);浙江工商大学现代商贸研究中心课题(2011ZSDSM102);浙江省人文社科重点研究基地(浙江工商大学应用经济学)的资助

摘　　要：本文基于中小企业板样本公司数据,利用现金-现金流敏感性模型考察了金融发展水平和金融结构对中小企业融资约束的影响。研究发现,由中小银行发展所推动的银行业结构变化显著缓解了中小企业融资约束,而银行中介与金融市场的比例构成以及金融发展水平都未与中小企业融资约束形成稳健的联系。文章的政策含义是,在银行业结构与实体经济不相适应的情况下,由金融总量扩张所推动的金融发展水平提升对实体经济的贡献十分有限,因此,中国金融改革应紧紧围绕银行业结构调整来推进金融结构优化进程,其中银行业结构调整的要旨在于为中小银行发展创造有利空间。Using cash - cash flow sensitivity model, this paper investigates the effect on financing constraints of the small and medium - sized enterprise （SMEs） of financial development level and financial structure by the data of China＇ s companies listed on SME board. The main findings in the paper are that banking structural change, which is driven by the development of the small and medium - sized banks, significantly eases financing constraints of SMEs, and there is no robust link between financing constraints of SMEs and the relative proportion of financial markets or financial development level. The policy implication of the paper is that, when banking structure does not adapt to the real economy, the increase of financial development level prompted by finance volume expansion makes little contribution to the real economy, so, China＇ s financial reform should advance the process of optimizing financial structure closely around the adjustment of banking structure, and the core of adjusting banking structure is to provide the advantageous space for the development of small and medium - sized banks.

关 键 词：中小企业 融资约束 金融发展 金融结构 中小银行 

分 类 号：F275[经济管理—企业管理] F832.1[经济管理—国民经济]