政策扶持、金融科技与小微企业信贷融资  

Financial Policy,Financial Technology and SME Loan

作　　者：张磊[1,2] 许坤[1] 张琳[1] 冯璐[3] Zhang Lei;Xu Kun;Zhang Lin;Feng Lu

机构地区：[1]西南财经大学中国金融研究院 [2]中国农业银行总行 [3]北京邮电大学经济管理学院

出　　处：《统计研究》2023年第12期50-61,共12页Statistical Research

基　　金：教育部人文社会科学青年基金项目“民营资本与银行稳健性研究”(19YJC790162);教育部人文社会科学青年基金项目“平台经济、数据垄断与我国收入分配不平等:理论机制、实证检验与对策研究”(21YJC790026);国家自然科学基金青年项目“数据资本垄断视角下平台经济的要素收入分配效应及福利分析”(72103025)。

摘　　要：政策扶持与金融科技为解决小微企业信贷融资困难发挥着关键作用。本文首次将扶持政策和金融科技因素纳入小微企业信贷决策理论模型,探讨二者对小微企业信贷融资的影响。理论分析表明,政策扶持可提高小微企业贷款规模,减低其融资成本,但会导致其违约风险上升;金融科技可实现不同风险小微企业贷款的分离均衡,降低其违约风险,而金融科技与扶持政策融合将产生协同效应,即提高小微企业整体融资规模,降低其融资成本,却不会导致其违约风险上升。本文基于我国大型股份制商业银行6123笔小微企业贷款数据开展实证研究,为理论分析提供经验证据。本研究为深化我国小微企业信贷融资制度改革提供参考。Financial policy and Fintech are two important factors that affect the financing difficulties of small and micro enterprises(SME).This paper firstly constructs a credit decision-making model for SME financing,and systematically discusses the application of financial technology and policy support on the financing of SME.The theoretical analysis shows that:Financial policy support can increase the loan scale,reduce the financing cost,but lead to the increase of the default risk of SME;Fintech can realize the separation and equilibrium of loans for SME with different risks,reduce the default risk.And the integration of Fintech and policies will produce synergistic effect,that is,it will increase the overall financing scale,and reduce financing costs,but will not lead to the increase the default risk of SME.This paper further uses the data of 6123 real SME loans of large joint-stock commercial banks to carry out empirical research,which provides empirical evidence for theoretical analysis.This paper provides reference for deepening the reform of credit financing system of SME.

关 键 词：政策扶持 金融科技 小微企业融资 

分 类 号：F83[经济管理—金融学]