摘要
近期,央行积极推动应收账款票据化,大力发展票据融资功能,以缓解小微企业融资难、融资贵问题。在此背景下,在对国内外相关研究成果进行梳理的基础上,选取2008—2019年中小企业板公司数据,利用投资-现金流敏感模型进行实证分析。研究发现,样本企业普遍存在融资约束问题,而票据签发和融资规模的扩大可以在一定程度上缓解企业的融资约束,票据贴现价格的提高则会加剧企业面临的融资约束。为更大程度上发挥票据在小微企业融资过程中的作用,根据小微企业票据融资模式的创新方向,地方政府、监管部门、商业银行、企业都应立足自身职能和需求,制定行之有效的措施。
Recently,the central bank has actively promoted the bill of accounts receivable and vigorously developed the bill financing function to ease the financing difficulties and high financing costs of small and micro enterprises.In this context,based on the review of relevant research results at home and abroad,this paper selects the data of SME board from 2008 to 2019,and uses the investment cash flow sensitive model for empirical analysis.It is found that the sample enterprises generally have financing constraints,and the issuance of bills and the expansion of financing scale can alleviate the financing constraints of enterprises to a certain extent,and the increase of bill discount price will aggravate the financing constraints faced by enterprises.In order to give full play to the role of bills in the financing process of small and medium-sized enterprises,according to the innovative direction of the bill financing mode of small and micro enterprises,local governments,regulatory departments,commercial banks and enterprises should formulate effective measures based on their own functions and needs.
作者
程晋鲁
Cheng Jinlu(Jinan Branch of the People’s Bank of China,Jinan 250021,China)
出处
《金融理论探索》
2020年第6期23-31,共9页
Exploration of Financial Theory
关键词
票据市场
融资约束
小微企业
bill market
financing constraint
small and micro enterprises
