最优分支策略、地方金融发展与中小企业绩效——来自制造业中小板、创业板上市公司的证据  

Optimal Branching Strategy,Local Financial Development and SME Performance--Evidence from Listed Companies on the SME Board and GEM of Manufacturing Industry

作　　者：马子玉 李巍[1] 王琦[2] Ma Ziyu;Li Wei;Wang Qi(School of Economics,East China Normal University,Shanghai 200062,China;School of Economics,Fudan University,Shanghai 200433,China)

机构地区：[1]华东师范大学经济学院,上海200062 [2]复旦大学经济学院,上海200433

出　　处：《工业技术经济》2021年第5期3-14,共12页Journal of Industrial Technological Economics

基　　金：国家自然科学基金项目“宏观金融不稳定对中国资本账户开放进程与最优时点选择的影响”(项目编号:70873041);上海市哲学社会科学规划办公室课题“上海金融中心的新优势:国际投资双向服务平台的建构”(项目编号:2013BJB001)。

摘　　要：地方金融发展如何影响中小企业绩效是本文的主要研究着力点。本文将银行分支机构数量作为地方金融发展指标,通过建立地方金融发展与中小企业绩效之间的理论模型,论证了地方金融发展影响中小企业绩效的传输机制。使用中国31个省(市)2008~2019年银行分支机构数量、中小板和创业板1194个制造业企业等数据进行研究发现,在地方金融发展进程中,银行存在最优分支策略;银行分支机构数量与中小企业绩效之间存在倒U型的非线性关系。此外,区域差异与企业性质对地方金融发展和中小企业绩效的关系存在影响。上述研究结论对中国建设可持续发展的普惠金融格局,支持中小企业健康发展具有借鉴意义。Whether and what extent development of the local-level financial sector improves the performance of SMEs is the main research focus.Taking the number of bank branches as an indicator of local financial development,this paper establishes a theoretical model between the local financial development and the performance of small and medium-sized enterprises,and demonstrates the transmission mechanism of the impact of local financial development on the performance of small and medium-sized enterprises.Based on the data of the number of bank branches in 31 provinces(cities)and 1194 manufacturing enterprises in the SME board and gem from 2008 to 2019,it is found that in the process of local financial development in China,banks have the optimal branching strategy;there is an inverted U-shaped nonlinear relationship between the number of Bank branches and the performance of SMEs.In addition,regional differences and the nature of enterprises will also affect the relationship between local financial development and the performance of SMEs.The above conclusions have reference significance for China to build a sustainable inclusive financial pattern and support the healthy development of small and medium-sized enterprises.

关 键 词：地方金融发展 中小企业绩效 银行分支数量 最优分支策略 区域差异 企业性质 

分 类 号：F832.7[经济管理—金融学] F061.5