小银行优势、信息成本和中小企业融资--基于城商行合并的准实验研究  

Small Bank Advantage,Information Cost and SME Financing:Quasi-Experimental Evidence from the City Commercial Bank Mergers

作　　者：彭妙薇 谭雪[2] 熊浩 Peng Miaowei;Tan Xue;Xiong Hao

机构地区：[1]广东财经大学会计学院,广东广州510320 [2]湖南师范大学商学院,湖南长沙410081 [3]贵州财经大学会计学院,贵州贵阳550025

出　　处：《证券市场导报》2022年第6期22-35,共14页Securities Market Herald

基　　金：国家社会科学基金项目“减税降费治理企业脱实向虚的作用机制与路径优化研究”(项目编号:21CGL009)。

摘　　要：根据“小银行优势”理论,建立中小规模银行有利于解决中小企业融资难问题,但在中国的制度背景下,这一理论是否成立和发挥作用的微观机制缺乏实证检验。城商行在2004年后发生的一系列合并,为研究这一问题提供了条件。本文采用中小板和创业板公司数据,研究城商行合并对中小企业融资的影响,发现它能显著降低中小企业的信贷可得性,增加信息生产地和决策机构之间的地理距离,弱化城商行立足地方的信息优势;但城商行合并后企业贷款成本下降,城商行合并削弱但没有完全抵消其对中小企业融资的积极作用。本文提出,银行优化组织结构,通过技术创新发展适合中小企业的贷款技术,才是缓解中小企业融资困境的根本措施。Based on the theory of“Small Bank Advantage”,it is advocated that the establishment of small and medium-sized banks helps solve the financing difficulties of small and medium-sized enterprises.However,under the institutional background of China,whether the theory of“Small Bank Advantage”is established and what the micro mechanism is still lacks empirical tests.After 2004,a series of mergers of city commercial banks,provided an opportunity to study this issue.By studying the impact of city commercial bank mergers on the SME lending based on the data from the Shenzhen market,this paper finds that the consolidation of city commercial banks significantly reduces SME lending.The consolidation of city commercial banks increases the geographical distance between the information production place and the decision-making institution,and weakens the information advantage of small banks.However,there is a fall in the cost of borrowing for companies after the mergers;the consolidation of city commercial banks weakens but does not completely offset the positive effect on SME financing.This paper proposes that the fundamental measures to alleviate the financing difficulties of SMEs should optimize the organizational structure and develop the loan technology suitable to SMEs through technological innovation.

关 键 词：小银行优势 中小企业融资 信息成本 城商行合并 

分 类 号：F832.3[经济管理—金融学]