融资难与贵的迷宫十字路口:银企联盟的成效  

The Maze Crossroads of Difficultly and High Cost of Financing:The Effectiveness of Enterprise-bank Alliance

作　　者：马新啸 汤泰劼 仲崇阳 MA Xinxiao;TANG Taijie;ZHONG Chongyang(Management College,China Business Working Capital Management Research Center,Ocean University of China,Qingdao Shandong 266100,China;Guanghua School of Management,Peking University,Beijing 100871,China;School of Urban and Regional Science,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]中国海洋大学管理学院、中国企业营运资金管理研究中心,山东青岛266100 [2]北京大学光华管理学院,北京100871 [3]上海财经大学城市与区域科学学院,上海200433

出　　处：《北京理工大学学报（社会科学版）》2023年第3期129-147,共19页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金重大项目(71790603)。

摘　　要：资本要素市场化配置是健全社会主义市场经济体制的核心内容,如何更好地满足企业融资需求构成微观经济主体高质量发展的关键环节,使用大样本实证回归的定量方法,研究企业与银行建立战略联盟对其融资约束的影响作用。研究发现:企业与银行建立战略联盟可以缓解其融资约束程度,并且这种效果在民营产权、非集团控制、市场化程度较低以及货币政策紧缩时期更为明显;进一步研究表明,银企联盟通过降低企业的“融资难”状况来缓解融资约束,经银企联盟有效缓解融资约束的企业市场价值和生产效率显著提升;同时,企业与银行建立战略联盟后存在更严重的“融资贵”状况,其需要以支付更高的贷款融资成本为对价,换取银企联盟成立后及时、稳定的信贷资金供给,即企业通过组建银企联盟来在“融资难”与“融资贵”的迷宫十字路口中权衡以实现自身发展目标。The market-oriented allocation of capital factors is the core content of a sound socialist market economic system.How to better realize the financing needs of enterprises constitutes a key link in the high-quality development of microeconomic entities.In this paper,a quantitative method of large sample empirical regression was used to study how the establishment of strategic alliance between enterprises and banks as the marketization mechanism affected corporate financing constraints.The study finds that the establishment of strategic alliance between enterprises and banks can significantly alleviate the degree of financing constraints,and this effect is more obvious when companies are privately owned,have non-group control,have a lower degree of marketization or when they are experiencing a period of monetary policy tightening.Further research shows that the strategic alliance between enterprises and banks eases financing constraints by reducing the degree of financing difficultly of enterprises.And the market value and production efficiency of enterprises that have effectively eased financing constraints through the bank-enterprise alliance have been significantly improved.However,at the same time,this paper also finds that there is an even higher cost of financing after the establishment of strategic alliance between enterprises and banks,where enterprises need to pay higher loan financing costs in exchange for timely and stable credit funds after the establishment of enterprise-bank alliance,that is,enterprises will weigh“financing difficultly”and“high cost of financing”to achieve their development by forming bank-enterprise alliance.

关 键 词：企业—银行战略联盟 融资约束 贷款融资成本 

分 类 号：F275[经济管理—企业管理]