绿色金融发展能否缓解小微企业融资困境——基于2009-2020年中国上市小微企业的经验证据  

Green Finance Development Effectively Alleviating SMEs'Financing Dilemma:Data Based on China's Listed SMEs from 2009 to 2020

作　　者：陈银娥[1] 赵莹 Chen Yin'e;Zhao Ying(School of Economics&Management,Changsha University of Science&Technology,Changsha,Hunan 410114,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410114

出　　处：《长沙理工大学学报（社会科学版）》2023年第5期101-110,共10页Journal of Changsha University of Science and Technology：Social Science

基　　金：国家社会科学基金重点项目(21AJL007);长沙理工大学研究生科研创新项目(CXCLY2022108)。

摘　　要：绿色金融发展能够改善企业的经营状况,从而缓解小微企业的融资约束水平。文章基于2009-2020年中国上市小微企业数据,采用双固定效应模型对绿色金融发展与小微企业融资约束之间的关系进行实证分析。研究表明,小微企业普遍面临融资约束,而绿色金融发展通过提高企业盈利能力、营运能力和扩大企业规模有效缓解其融资约束,但经济高速增长和金融业持续扩张会抑制绿色金融发展对小微企业融资约束的缓解作用;绿色金融发展越完善,其缓解小微企业融资约束的效果越显著,企业产权性质和产业性质的差异会使其缓解效果存在差异。因此,应从贯彻绿色发展理念、落实绿色金融政策、优化金融业结构等方面强化绿色金融发展对小微企业融资约束的影响,充分发挥绿色金融解决小微企业融资难题的作用以促进企业绿色转型。Green financial development can improve the business conditions for enterprises,thus alleviating the level of financing constraints for SMEs.This study uses the double fixed effect model to conduct an empirical analysis on China's listed SMEs from 2009 to 2020 in order to explore the relationship between the green finance development and the financing constraint level of SMEs.It turns out that SMEs generally face financing difficulties,while green finance development effectively alleviates their financing constraints by improving their profitability,operating capacity and expanding their scale,but the rapid economic growth and the continued expansion of the financial industry will take a roll on its easing effect for SMEs'financing constraints.Further analysis shows that the more perfect the development of green finance is,the more significant its effect on easing the financing constraints of SMEs will be.Furthermore the difference between the nature of enterprises'property right and of industries varies its alleviating effect.All in all,such measures are expected to carry out to strengthen the potentials of green financial development on the financing constraints faced by SMEs in ways of implementing the green development concept and green financial policies,and optimizing the financial industry structure,etc.,and giving full play to the role of green finance in solving the financing problems of SEMs to promote their green transformation.

关 键 词：绿色金融发展 融资困境 经济发展 金融业发展 小微企业 

分 类 号：F832[经济管理—金融学]