政府补助与中小企业融资约束——异质性作用结果与机制研究  

Financial Subsidies and Financing Constraints of Small and Medium-sized Enterprises:Research on Heterogeneity Effect Results and Mechanisms

作　　者：吴莉昀[1] WU Li-yun(School of Public Economy and Management,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学公共经济与管理学院

出　　处：《商业研究》2019年第8期14-24,共11页Commercial Research

基　　金：国家自然科学基金项目,项目编号:71273165,71273166;上海财经大学研究生创新基金项目“政府补助中小企业投融资机制研究”,项目编号:CXJJ-2014110495

摘　　要：市场失灵使得政府补助近年来成为缓解中小企业融资约束、提高融资效率的重要手段,但对其作用机制还缺乏深入的讨论。本文选取2007-2016年中国中小板和创业板4543家上市公司样本,实证检验政府补助对于中小企业融资约束的影响结果和作用机制,并从企业生命周期、所有制类型和经营状况等维度进行了异质性分析。研究结果表明:财政补贴、税收优惠等政府补助行为有利于缓解中小企业融资约束;财政补贴、税收优惠政策工具的作用结果存在显著差异性;成长期、国有化程度低、经营绩效欠佳的中小企业面临着更为显著的融资压力,政府补助的作用效果也最为明显;政府补助产生了一定的信号作用,有利于消除资金供需双方的信息不对称,提高中小企业的外部融资能力。因此,应加大政府补助、因企施策和进一步发挥信号机制缓解中小企业融资约束。Due to the inevitability of market failure,government subsidies have become an important means to ease financing constraints and improve financing efficiency of small and medium-sized enterprises(SMEs)in recent years,but there is still a lack of in-depth discussion on its mechanism.In this paper,4543 listed companies in China′s SMEs and GEM from 2007 to 2016 are selected as samples to empirically test the impact of government subsidies on SME financing constraints and the mechanism.Heterogeneity analysis is carried out from the dimensions of enterprise life cycle,ownership type and operation status.The results show that:government subsidies such as fiscal subsidies and tax incentives are conducive to alleviating the financing constraints of SMEs;there are significant differences in the effects of fiscal subsidies and tax incentives;SMEs with growth stage,low degree of nationalization and poor performance are facing more significant financing pressure,and the effect of government subsidies is the most significant;government subsidies have a certain signaling effect,which is conducive to eliminating the information asymmetry between the supply and demand sides of funds and improving the external financing capacity of small and medium-sized enterprises.Based on this,this paper puts forward policy enlightenment to ease the financing constraints of SMEs from the aspects of increasing government subsidies,implementing policies for enterprises and further exerting signaling mechanism.

关 键 词：中小企业融资约束 政府补助 财政补贴 税收优惠 企业生命周期 

分 类 号：F832.4[经济管理—金融学]