本文關(guān)鍵詞：中小銀行發(fā)展與中小企業(yè)融資約束——新結(jié)構(gòu)經(jīng)濟學(xué)最優(yōu)金融結(jié)構(gòu)理論視角下的經(jīng)驗研究　出處：《財經(jīng)研究》2014年01期 　論文類型：期刊論文

  更多相關(guān)文章： 中小銀行 中小企業(yè) 融資約束 新結(jié)構(gòu)經(jīng)濟學(xué) 最優(yōu)金融結(jié)構(gòu)理論

【摘要】：要素稟賦結(jié)構(gòu)決定了中小企業(yè)是中國當(dāng)前最優(yōu)產(chǎn)業(yè)結(jié)構(gòu)中的主要企業(yè)類型,中小企業(yè)存在融資約束也已然成為各界共識。然而遺憾的是,束縛中小企業(yè)發(fā)展的瓶頸至今沒有突破。文章基于新結(jié)構(gòu)經(jīng)濟學(xué)最優(yōu)金融結(jié)構(gòu)理論視角,以歐拉方程投資模型為基礎(chǔ),利用2006-2011年中小企業(yè)板上市公司數(shù)據(jù)和一階差分GMM估計方法,系統(tǒng)考察了中小銀行發(fā)展對于緩解中小企業(yè)融資約束的重要性。研究發(fā)現(xiàn),銀行中介與金融市場的比例構(gòu)成、金融發(fā)展和貸款利率浮動這三個因素對中小企業(yè)融資約束具有重要影響的判斷無法獲得經(jīng)驗證據(jù)的支持,而中小銀行發(fā)展則顯著降低了企業(yè)投資對現(xiàn)金流的敏感性,有效緩解了中小企業(yè)融資約束。同時,穩(wěn)健性檢驗表明,中小企業(yè)投資對現(xiàn)金流的敏感性源于融資約束而非代理沖突。文章的政策含義是,與推動總量上的金融發(fā)展及放松利率管制相比,以發(fā)展中小銀行為核心內(nèi)容的金融結(jié)構(gòu)改革應(yīng)在中國金融改革中占優(yōu)先地位。
[Abstract]:Factor endowment structure determines the small and medium-sized enterprise is the main enterprise China current optimal industrial structure in the type of small and medium-sized enterprises financing constraints has become the consensus of all walks of life. Unfortunately, the bottleneck of development of small and medium-sized enterprises has no breakthrough. Based on the new economic structure from the perspective of optimal financial structure theory, the Euler equation for investment model based on the SME board listed companies data in 2006-2011 and first-order differential GMM estimation method, investigated the development of small and medium-sized banks to ease the financing of small and medium-sized enterprises of importance. The study found that the proportion of bank intermediary and financial market structure, financial development and lending rates of these three factors have important influence on financing constraints small and medium-sized enterprises unable to obtain the judgment evidences, and the development of small and medium-sized banks reduced the investment cash flow sensitivity Emotional, effectively alleviate the financing constraints of small and medium-sized enterprises. At the same time, the robustness test showed that the sensitivity of the small and medium sized enterprises investment cash flow from financing constraints and non agency conflicts. The policy meaning of this paper is to promote, compared with the total amount of the financial development and the relaxation of interest rate controls, financial structure reform in the development of small and medium-sized banks as the core content should be take first place in China financial reform.

【作者單位】： 浙江工商大學(xué)金融學(xué)院;
【基金】：教育部人文社會科學(xué)研究規(guī)劃基金課題(13YJA790138) 教育部省部共建人文社會科學(xué)重點研究基地浙江工商大學(xué)現(xiàn)代商貿(mào)研究中心課題(13JDSM14YB) 浙江省哲學(xué)社會科學(xué)規(guī)劃項目(11ZJQN056YB)
【分類號】：F832.4;F276.3
【正文快照】： 一、引言中小企業(yè)以靈活的運行機制和較強的市場適應(yīng)能力成為了推動中國經(jīng)濟社會發(fā)展的重要力量。而與此不協(xié)調(diào)的是,由于投資項目難以獲得足夠的外部融資支持,融資約束成為橫亙在中小企業(yè)面前的一個重要問題。在討論中小企業(yè)融資約束問題時,傳統(tǒng)觀點把問題的焦點放在資金需求

【參考文獻(xiàn)】

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1 羅琦;肖文，

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