银行业竞争与中小企业融资约束  

Banking Competition and SME Financing Constraints

作　　者：蒋海[1] 廖志芳[1] 

机构地区：[1]暨南大学经济学院,广东广州510632

出　　处：《广东财经大学学报》2015年第6期37-45,共9页Journal of Guangdong University of Finance & Economics

基　　金：国家自然科学基金项目(71473103);教育部人文社科基金项目(13YJA790038);中央高校基本科研业务费专项资金资助暨南领航计划(12615101)

摘　　要：中小企业融资约束问题已成为制约其发展的重要障碍。基于投资的欧拉方程和一阶系统GMM估计方法,分析银行业竞争对中小企业融资约束的影响。研究结果强烈支持市场力量假说,即银行业竞争力的提高能够有效缓解中小企业融资约束。此外,在对我国银行业结构的深入剖析中还发现中小银行的发展能够降低中小企业融资约束。这在一定程度上弥补了关于中国银行业竞争与中小企业融资约束关系经验证据的不足,为我国银行业的改革发展提供了必要的理论和实证支持。SMEs play a major role in the national economic development in China. However,financing problem remains a key constraint to the current development. Based on a broad set of 676 listed SMEs in China during 2006 ~ 2013,this paper makes an empirical analysis of how banking competition influences SMEs' financing constraints by using the system GMM. The results strongly support the market power hypothesis,namely that the increased banking competition would effectively relieve the financing constraint of SMEs. In addition,it finds that the development of small and medium-sized banks can reduce the financing constraint by analyzing the China's banking structure.

关 键 词：中小银行 中小企业 银行业竞争 融资约束 

分 类 号：F830.33[经济管理—金融学] F276.3