摘要
完善多层次、广覆盖、可持续的普惠金融体系,纾解小微企业面临的融资约束与成本压力,是推动我国经济实现高质量发展的重要支撑。本文构建包含融资约束和融资成本的企业进入理论模型,基于小微支行设立的准自然实验,使用交错双重差分法,考察小微支行设立对小微企业进入及地区就业的影响。研究发现,小微支行设立显著促进小微企业进入,设立县区相比未设立县区小微企业进入率上升25.44%。机制分析表明,小微支行设立通过缓解融资约束、降低融资成本,促进小微企业进入。进一步分析表明,小微支行设立对小微企业的进入效应在发展质量较高企业、高启动资金和技术密集行业以及东部和低财政分权地区更为明显。拓展性分析表明,小微支行增强小微企业吸纳就业能力,进而提高地区就业规模。本研究揭示了小微信贷供给与企业进入的联系,为激发创业活力、提升经济韧性提供了理论依据与政策参考。
In recent years,small and micro enterprises(SMEs)have faced sustained pressure on their production and operations due to multiple domestic and international factors,including reduced orders,intensifying competition,and rising costs.Inclusive finance,as a key institutional arrangement for promoting the development of the real economy and safeguarding the survival and growth of small and micro enterprises,has drawn considerable attention to its policy effectiveness.To alleviate the financing difficulties of SMEs,the Chinese government has introduced a series of policies centered on inclusive SME credit.Based on this,this paper constructs a panel dataset covering the period from 2009 to 2021 to examine the impact of inclusive micro and small business lending on the market entry behavior of these enterprises.It then proposes policy recommendations from an inclusive finance perspective to enhance the entrepreneurial vitality and operational resilience of micro and small businesses,providing empirical support for a comprehensive assessment of the effectiveness of inclusive micro and small business lending policies.First,this paper constructs a theoretical model of enterprise market entry incorporating financing constraints and costs,systematically analyzing the specific mechanisms through which the establishment of micro-enterprise branches influences SME market entry.Second,empirical tests using a staggered difference-in-difference(DID)method reveal that the establishment of small and micro branches(SMBs)significantly promotes SMEs market entry:counties or districts with SMBs exhibit a roughly 25.44% higher SMEs market entry rate than those without.Mechanism tests indicate that SMBs alleviate SMEs'financing constraints and reduce their financing costs,forming a transmission pathway that facilitates market entry.Heterogeneity analysis reveals that this promotional effect is more pronounced in enterprises with higher quality,greater initial capital requirements,and technology-intensive industries,as well as in eastern regions and areas with lower fiscal decentralization.Additional analysis further confirms that the establishment of SMBs significantly enhances the employment absorption capacity of SMEs thereby effectively increasing the regional employment scale.Compared with existing research,the marginal contributions of this study are primarily reflected in three aspects:First,at the theoretical level,it systematically explains the impact of inclusive microcredit on SMEs market entry and its underlying mechanisms by integrating theoretical models with empirical evidence.This research addresses the insufficient focus on SMEs“market entry”behavior of existing literature,enriching the theoretical framework of SMEs credit while responding to academic debates and skepticism regarding the effectiveness of inclusive microcredit policies.It provides robust empirical evidence from the Chinese context supporting the proposition that“inclusive finance empowers SMEs”.Second,at the methodological level,given the gradual establishment of MSME branches,the study employs a staggered DID approach.By appropriately controlling various fixed effects and exogenous variables,and integrating econometric methods such as instrumental variables and double machine learning,it effectively mitigates endogeneity issues.This provides more robust causal identification evidence for how inclusive micro credit promotes SME market entry.Third,at the data level,we collected and compiled micro data from the EPS China Industrial and Commercial Enterprise Database to measure SME market entry.This data selection avoids sample selection bias potentially encountered in questionnaire-based datasets like the China SMEs Survey or National Tax Survey,while also overcoming measurement errors arising from using SMEs Board or ChiNext-listed companies as proxies for micro and small enterprises.It enables accurate and comprehensive depiction of the spatiotemporal evolution of SMEs across Chinese counties before and after the establishment of SMBs at a finer granularity.Based on research findings,this paper proposes the following policy recommendations.First,strengthen SMEs financial services within small and medium financial institutions and deepen the development of specialized institutions.Building on the“localized and specialized”positioning of small and medium financial institutions,encourage them to increase the deployment of specialized institutions for micro and small enterprises,reversing the tendency to favor large clients.Second,improve the mechanism for coordinated government and market efforts to establish a long-term micro and small enterprise financial mechanism characterized by“willingness to lend,ability to lend,and expertise in lending”.Simultaneously,deepen rural financial reforms to bridge the“last mile”of policy implementation,achieving an organic integration of an“effective government”and an“efficient market”.Third,implement targeted financial support strategies to optimize credit resource allocation.Financial resource deployment should balance inclusiveness and structural focus,ensuring basic coverage while prioritizing sectors aligned with national strategic priorities,such as technological innovation and manufacturing,and underdeveloped regions.
作者
王贤彬
许婷君
严祥起
WANG Xianbin;XU Tingjun;YAN Xiangqi(School of Economics/Center for Madhyamaka Economics Research,Jinan University;Institute of Public Finance and Banking,Guangdong Academy of Social Sciences;School of Economics,Jinan University)
出处
《金融研究》
北大核心
2025年第12期95-113,共19页
Journal of Financial Research
基金
国家自然科学基金面上项目(72273052)的资助。
关键词
普惠金融
小微支行
企业进入
融资约束
Inclusive Finance
Small and Micro Branch
Enterprises Entry
Financing Constraints
