摘要
我国推行普惠金融政策的初衷是给“中小微弱”提供有效的金融服务,提高“微弱”经济的活力,然而金融市场不完善以及中小企业自身局限性导致中小企业可能将政策扶持资金投资到不同类型金融资产。资产配置有效性对普惠金融政策实施效果至关重要。通过对关键词“普惠金融”在各个省政府信息公开平台的搜索,我们创新性地构建了普惠金融政策指标,并利用我国新三板2007—2017年的企业数据,探讨了普惠金融政策下中小企业金融资产配置有效性。研究发现,在地方政府推行普惠金融政策后,中小企业减少了安全金融资产的配置,提高了风险金融资产的配置。中小企业提高风险金融资产的配置对企业正常经营形成挤出,“本末倒置”的资源配置行为使普惠金融政策产生扭曲。进一步研究普惠金融政策扭曲过程中的金融环境传导路径和企业内部传导路径发现,市场分配经济资源比重越低、银行活跃程度越低、中小企业盈利能力越弱以及企业自身信用水平越低,则普惠金融政策扭曲越严重。本文从金融资产配置的角度为普惠金融政策实施有效性提供了直接证据,为政府引导企业“脱虚向实”,优化资源配置提供了理论参考,同时也丰富了宏观政策与微观企业行为的研究。
The inclusive finance policy is intended to provide small and medium-sized enterprises(SMEs) with effective financial services. But the imperfect financial market and the limitations of SMEs have caused SMEs to move policy support funds to different financial assets. The effective asset allocation is critical to the validity of the inclusive finance policy. By searching the keyword “Inclusive Finance” in various provincial government websites, we construct indicators for the inclusive finance policy. Using a dataset of companies listed on China’s National Equities Exchange and Quotations(NEEQ) between 2007 and 2017, we find that SMEs reduce the spending on safe financial assets while increase the spending on risky financial assets. The tendency squeezes out the normal operation of the enterprises and the “inverted” resource allocation behavior distorts the effect of inclusive finance policy. We also find that the share of market, the activity of banks, the profitability and the credit record of SMEs will affect the validity of the policy. We provide direct evidence for the validity of the inclusive finance policy from the perspective of financial asset allocation. We also provide some references for guiding funds to the real economy.
作者
张晓玫
伏倚天
张倩倩
ZHANG Xiaomei;FU Yitian;ZHANG Qianqian(Southwestern University of Finance and Economics,611130)
出处
《财贸经济》
CSSCI
北大核心
2021年第7期82-96,共15页
Finance & Trade Economics
基金
国家自然科学基金面上项目“利率市场化视角下金融发展、货币政策对网络借贷的影响研究”(71873104)
国家自然科学基金青年项目“创新乐观信念、延续性创新决策与价值传递:基于创新预期信息有效性视角”(72002176)
中央高校基本科研项目“金融普惠政策与中小企业生存质量:基于地区政策异质性的视角”(JBK2102040)。
