资本账户开放会缓解中小企业融资困境吗?——理论与实证研究  

Does Capital Account Liberalization Alleviate the Financing Dilemma of SMEs?——Theory and Empirical Research

作　　者：张德亮 李巍 ZHANG De-liang;LI Wei(Faculty of Economics and Management,East China National University,Shanghai 200062,China)

机构地区：[1]华东师范大学经济与管理学部,上海200062

出　　处：《哈尔滨商业大学学报（社会科学版）》2020年第3期14-30,共17页Journal of Harbin University of Commerce:Social Science Edition

基　　金：教育部人文社会科学规划后期项目“跨境资本流动的风险研究”(11JHQ032)。

摘　　要：通过构建一个包含异质性企业的多部门分析框架,从微观层面剖析资本账户开放影响私人部门贷款利率以及私人部门贷款规模的内在机制,并运用41个新兴市场经济体1996—2016年的非平衡面板数据进行实证检验。研究结果表明,资本账户开放程度与私人部门贷款利率之间呈显著负相关关系,而与私人部门贷款规模之间呈显著正相关关系,资本账户开放能有效降低中小企业融资成本并扩大其融资规模,加快推进资本账户开放是新常态下破解中小企业融资难、融资贵问题的重要途径。To analyze the internal mechanism of the impact of capital account liberalization on private sector lending rate and private sector credit scale from the micro-level,we build a multi-sectoral analysis framework that includes heterogeneous firms.Then we use the unbalanced panel data of 41 emerging market economies from 1996 to 2016 for empirical test.The comprehensive results show that there is a significant negative correlation between capital account liberalization and private sector lending rate,and a significant positive correlation between capital account liberalization and private sector credit.scale.Therefore,capital account liberalization can effectively reduce the financing cost of SMEs and expand their financing scale.Accelerating capital account liberalization is an important way to solve the financing difficulties of SMEs under the new normal of China’economy.

关 键 词：资本账户开放 中小企业 融资困境 私人部门贷款利率 私人部门贷款规模 

分 类 号：F833[经济管理—金融学] F837