金融强国视域下融资平台债务规模扩张对中小企业融资约束的影响  

The Impact of the Expansion of Financing Platform Debt Scale on the Financing Constraints of Small and Medium-sized Enterprises from the Perspective of Financial Powerhouse

作　　者：刘楠楠 凌语阳 LIU Nannan;LING Yuyang

机构地区：[1]西南财经大学财政税务学院 [2]中央财经大学中国公共财政与政策研究院

出　　处：《中国农村经济》2024年第5期106-127,共22页Chinese Rural Economy

基　　金：教育部人文社会科学研究一般项目“减税降费和债务膨胀双重约束下财政资源配置效率测度”(编号:20YJA790046);四川省社会科学规划重点项目“中国地方债的金融风险累积迭加效应与防控政策研究”(编号:SC18A030)的阶段性研究成果。

摘　　要：本文构建一个包括银行和企业的两部门模型,将融资平台债务与中小企业融资纳入统一理论框架,并基于2013-2019年中小企业数据、融资平台公司数据和地级市宏观统计数据,探讨融资平台债务规模扩张对中小企业融资约束的影响及其作用机制。研究发现:融资平台债务规模扩张会推高中小企业的信贷利率水平,降低中小企业的信贷规模,强化中小企业面临的融资约束。同时,链式作用机制检验结果表明:融资平台债务规模扩张主要通过中小企业信贷利率、信贷规模等多条路径共同作用于中小企业融资约束。据此,本文从融资平台公司转型和风险治理视角提出缓解中小企业融资约束问题的政策启示。Based on the data of small and medium-sized enterprises(SMEs),financing platform companies,and macro-statistics from prefecture-level cities from 2013 to 2019,this paper constructs a two-sector model comprising banks and enterprises,integrates financing platform debt and SMEs financing into a unified theoretical framework,and explores the impact and mechanism of financing platforms'debt scale expansion on the financing constraints of SMEs.The study finds that the expansion of financing platforms'debt scale increases the credit interest rates of SMEs,reduces the credit scale of SMEs,and intensifies the financing constraints faced by SMEs.Moreover,the results of the chain mechanism test indicate that the expansion of the debt scale of the financing platforms primarily affects SMEs financing constraints through various pathways,including credit interest rates and credit scale.Accordingly,this paper proposes policy implications for alleviating the financing constraints faced by SMEs from the perspective of financing platform companies'transformation and risk governance.

关 键 词：融资平台债务 中小企业 融资约束 信贷利率 信贷规模 

分 类 号：F812.7[经济管理—财政学]