征信机制、信用信息与信贷约束——基于中小企业板上市公司的实证  

Credit Reporting Mechanism, Credit Information and Credit Constraint——An Empirical Study on Listed Companies from SME board

作　　者：陈小林[1] Chen Xiaolin(Lanzhou Central Sub Branch of the People＇ s Bank of China)

机构地区：[1]中国人民银行兰州中心支行,甘肃兰州730000

出　　处：《当代金融研究》2018年第4期79-88,共10页Journal of Contemporary Financial Research

摘　　要：本文从理论上阐述了征信机制缓解信息不对称,降低企业融资成本,提高信贷可获得性的作用机理,并以中小企业板上市公司为研究对象,实证检验了企业基本信息、财务信息、商业信用信息等各类信用信息对中小企业信贷规模和融资成本的影响。实证研究发现:中小企业基本信息对信贷可获得性的影响存在异质性,对信贷规模影响不显著。企业财务信息、商业信用信息与贷款可获得性、贷款规模、融资成本支出显著正相关。This paper elaborates the mechanism of the credit reporting to alleviate the information asymmetry, reduces the financing cost,improves the credit availability,and analyzes how the basic information, financial information and commercial credit information can affect the scale of credit and financing costs of listed companies from SME board. The empirical study shows that the influence of basic information on the availability of credit is heterogeneous,however,the impact on credit scale is not significant. There is a significant positive correlation between corporate financial information, commercial credit information and loan availability, loan size,financing cost expenditure.

关 键 词：征信机制 信用信息 信贷约束 中小企业 

分 类 号：F832[经济管理—金融学]