解决小微企业贷款难问题的市场化途径研究——基于上市公司投资小额贷款公司的实证分析  

The Solution to the Problem of Small and Micro Enterprise Loan:Analysis of Listed Firms Investment on the Micro Loans

作　　者：刘淳[1] 胡竞雄 Chun Liu;Jingxiong Hu(School of Economic and Management,Tsinghua University;Economics Department,Northwestern University)

机构地区：[1]清华大学经济管理学院 [2]美国西北大学

出　　处：《经济学报》2019年第3期44-58,共15页China Journal of Economics

基　　金：国家自然科学基金项目（项目号71232003）的资助

摘　　要：小微企业贷款难是中国经济发展的顽疾,也是中国试图建设多层次资本市场的一个重要原因,而上市公司投资小额贷款公司提供了一种解决这个问题的市场化途径。通过投资小贷公司,上市公司拓宽了公司利润增长点,并通过隐性担保解决了银行与小微企业信息不对称问题,利用其在传统资本市场上的融资优势为小微企业提供了资金。本文基于所有沪深上市公司2008-2014年的年报及相关决议,手动收集了所有上市公司投资小额贷款公司的数据,通过Probit模型对上市公司投资小额贷款公司的行为进行研究,结果显示上市公司的投资意愿、投资能力、区域金融环境是影响上市公司投资小额贷款公司决策最重要的因素。There is a huge difficulty for small and micro enterprises(SMEs)to get loan in China,which is also the reason that China aims to establish a multi-level capital market.The investments of listed companies in micro-credit companies can contribute to this.Through investment,listed companies lend capital they obtained from the traditional capital market to SMEs.This improves the profitability of listed firms,and mitigates the information asymmetry between the capital market and SMEs.Using hand-collected data from the annual reports of all the listed companies in China from 2008 to 2014,we fit a Probit model to investigate which listed companies are more likely to invest in micro-credit companies.The empirical results show that firms\willingness and capacity as well as their regional financial environment are all important factors.

关 键 词：小额贷款公司 小微企业 多层次资本市场 

分 类 号：F83[经济管理—金融学]