银行业竞争能缓解中小企业融资约束吗?  

Can Banking Competition Alleviate SMEs Financing Constraints?

作　　者：张金清[1] 阚细兵 

机构地区：[1]复旦大学经济学院

出　　处：《经济与管理研究》2018年第4期42-54,共13页Research on Economics and Management

基　　金：国家自然科学基金项目"我国上市公司大股东违规的行为监测与风险评估"(71471043)

摘　　要：本文以中小板和创业板上市企业为研究样本,运用"现金-现金流敏感性"模型对中国银行业竞争与中小企业融资约束的关系进行实证研究。结果表明:第一,中国中小企业普遍存在融资困境,而银行业竞争能有效缓解中小企业融资约束,也即"市场势力假说"成立,这为中国近些年来的银行业市场化改革提供实证支持;第二,企业规模越大,企业的信息模糊程度越低,以及金融结构越是"市场主导型",则银行业竞争对中小企业融资约束的缓解效果就越好。为解决中小企业"融资难"、"融资贵"问题,中国应该继续推进银行业的市场化改革,促进银行业竞争,同时应通过大力发展资本市场来拓宽中小企业融资渠道。This paper examines small and medium enterpries( SMEs) and listed companies on the growth enterprises board( GEM) to explore the relations between banking competition and financing constraints of SMEs by utilizing the"cash-cash flow sensitivity"model. It reveals that while financing predicament is prevalent in SMEs,banking competition can effectively alleviate financing constraints of SMEs,namely the market power hypothesis is verified,which provides empirical support to the marketization reform of the banking in recent years. Further study shows that the larger the enterprise scale,or the lower the fuzzy degree of the enterprise information,or the more"market-oriented"the financial structure,the better the banking competition alleviates financing constraints of SMEs. This paper also provides the proposal that banks' market-oriented reform should be continued to promote banking competition,and the capital market should be developed to widen the financing channel of SMEs,thus effectively solving the problems of difficulties and high-cost in SMEs financing.

关 键 词：银行业集中度 银行业竞争度 PANZAR-ROSSE模型 “现金—现金流敏感性”模型 融资约束 

分 类 号：F830.9[经济管理—金融学] F832.1