中小企业融资与中小银行发展--由中国现实问题引发的理论与实证分析  

SME Financing and the Development of Small and Medium-sized Banks--A Theoretical and Empirical Analysis Caused by China’s Realistic Problems

作　　者：袁志刚[1] 郭学琦 葛劲峰 YUAN Zhi-gang;GUO Xue-qi;GE Jin-feng(School of Economics,Fudan University 200433;Faculty of Economics and Management,East China Normal University 200062)

机构地区：[1]复旦大学经济学院,200433 [2]华东师范大学经济与管理学部,200062

出　　处：《上海经济研究》2021年第3期70-83,共14页Shanghai Journal of Economics

基　　金：国家自然科学基金重点项目“中国宏观经济调控政策研究”(基金号:71933001)阶段性成果之一。

摘　　要：长久以来困扰我国经济发展的一个突出问题是中小企业融资难、融资贵。本文首先梳理了中小企业融资的理论基础,即基于"软信息"的关系型贷款。在理论分析之后,我们继之以中小企业贷款实证分析的综述,将理论与实证进行了交叉印证。接下来,我们使用中国商业银行资产负债表微观数据,分析了中国中小银行服务中小企业的成功与不足之处。研究发现众多中小银行偏离主业的无序扩张是中小企业金融服务缺失的重要原因。随着2016年四季度去杠杆政策的施行,众多无序扩张的中小银行减少了对实体经济的融资服务,与此形成鲜明对比的是,坚持服务中小企业的中小银行却没有减少对实体经济的金融服务。A prominent problem that has plagued China’s economic development for a long time is the difficult and expensive financing for SMEs.First this paper delivers a comprehensive review of theoretical literatures about SME financing,which is a kind of relational loan based on soft information.After that,we followed by a review of empirical analysis,in order to crossverifying the theory and empirical evidences.Next,we use the balance sheet data of China’s commercial banks to analyze the success and shortcoming of SME financial services.We find that the disorderly expansion of many small and medium size banks that deviated from their main business is an important reason for the lack of SME financial services.With the implementation of the deleveraging policy in the fourth quarter of 2016,many disorderly expanding small and medium-size banks have reduced financing services for the real economy while those insisting on main business haven’t.

关 键 词：中小企业融资 软信息 关系型银行 去杠杆 

分 类 号：F832.3[经济管理—金融学]