摘要
本文通过构建信息不对称条件下信贷市场的理论模型,研究我国中小企业信用倾向、融资约束与中小企业成长的内生关系问题。利用中国经济金融数据库2006—2011年长三角地区工业企业数据进行实证研究,研究表明信用倾向与中小企业成长性之间存在着正相关关系,但是,企业属性和企业规模会弱化这种关系。本文研究还发现,信用缺失与融资约束是一个问题的两个方面,中小企业成长的重要动因即追求短期预期金融回报,信用缺失是在此条件下企业理性选择的结果,这一结果又强化了中小企业融资困境,从而抑制中小企业成长。本文建议完善我国金融机构竞合制度、优化中小企业贷款联保平台运行机制、实施中小企业集合担保信贷计划,以化解银企之间的信息不对称,改善中小企业融资环境,扩大中小企业融资渠道,缓解中小企业的外源融资困境。
This paper constructs a theoretical model of the credit market under the condition of asymmetric information and studyies the endogenous relationship between lack credit, enterprise growth and financing constraints of SMEs in China. Empirical analysis on industrial enterprises from the Yangtze river delta by financial statistical database 2006--2011. The result shows that there is a positive correlation between credit and small and SMEs growth, it will be weaken because of corporate property and enterprise scale. Further analysis found that lack of credit and financing constraints is a two aspects of problem. Maximizing expected financial return is the important factors of SMEs. Credit loss is the result of the condition of rational choice, this result reinforces the financing difficulties of SMEs, so as to contain the growth. Finally, the paper submits to make perfect competition and cooperation institution of financial system and optimize the platform for loan guarantee mechanism and implement collections guaranteed credit scheme of SMEs in order to reduce information asymmetry between banks and enterprises, meanwhile financing difficulties of SEMs can be alleviated by expanding either direct or indirect financing path.
出处
《中国工业经济》
CSSCI
北大核心
2012年第9期77-88,共12页
China Industrial Economics
基金
教育部人文社会科学研究青年基金项目"依托产业集群演进的中国制造业中小企业自组织成长机制研究"(批准号11YJC790292)
关键词
企业成长
信用倾向
融资约束
enterprise growth
credit propensity
financing constraint
