中国小微企业融资担保有效性影响因素研究——基于江苏省担保公司的实证分析
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摘要
基于对江苏省230家融资担保公司的深入调查,筛选了208家公司作为样本,研究供给侧驱动下的小微企业融资担保有效性问题。通过构建结构方程模型,实证分析融资担保公司信用供给、银行资金供给、政府政策供给对小微企业融资担保有效性的作用机制。研究表明:银行合作态度在担保公司财务实力和小微企业资信水平对担保有效性的影响中起中介作用;由于银行的强势地位和利润最大化目标,政府的政策扶持难以显著改善银行合作态度,但可直接提升融资担保有效性;担保公司业务能力和小微企业经营状况也会显著影响融资担保有效性。据此设计了提升小微企业融资担保有效性的路径。
On the basis of 230 questionnaires from financing guarantee companies in Jiangsu province,the paper selects 208 companies as the sample for exploring the effectiveness of SMEs financing guarantee by supply side driven.By constructing the structural equation model,this paper empirically investigates how credit supply of financing guarantee companies,capital supply of banks and policy supply of government affect the effectiveness of guarantee.The result shows that cooperative attitude of banks plays an intermediary role in the effects of guarantee companies' financial strength and SMEs capital credit on the effectiveness of guarantee.Due to banks' strong position and aim of profit maximization,government support policy can not improve cooperative attitude of banks obviously but improve the effectiveness of SMEs financing guarantee directly.Meanwhile,business capability of guarantee companies and management condition of SMEs also has significant effects on the effectiveness of guarantee.According to these results,the thesis designs the path of enhancing the effectiveness of SMEs financing guarantee.
On the basis of 230 questionnaires from financing guarantee companies in Jiangsu province,the paper selects 208 companies as the sample for exploring the effectiveness of SMEs financing guarantee by supply side driven.By constructing the structural equation model,this paper empirically investigates how credit supply of financing guarantee companies,capital supply of banks and policy supply of government affect the effectiveness of guarantee.The result shows that cooperative attitude of banks plays an intermediary role in the effects of guarantee companies' financial strength and SMEs capital credit on the effectiveness of guarantee.Due to banks' strong position and aim of profit maximization,government support policy can not improve cooperative attitude of banks obviously but improve the effectiveness of SMEs financing guarantee directly.Meanwhile,business capability of guarantee companies and management condition of SMEs also has significant effects on the effectiveness of guarantee.According to these results,the thesis designs the path of enhancing the effectiveness of SMEs financing guarantee.
引文
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[27]Othman C,Maisyarah M N.Does the Micro Financing Term Dictate the Performance of Micro Enterprises?[J].Procedia Economics and Finance,2016,35.
[2] Hakan,Ahmet.Evaluating the Credit Guarantee Fund(Kgf)of Turkey as a Partial Guarantee Program in the Light of International Practices[J].International Journal of Business and Social Science,2012(3).
[3] Marc C,Josh S.Public Intervention in UK Small Firm Credit Markets:Value-for-money or Waste of Scarce Resources[J].Technovation,2013,33(8/9).
[4] Gai L,Ielasi F,et al.SMEs,Public Credit Guarantees and Mutual Guarantee Institutions[J].Journal of Small Business and Enterprise Development,2016,23(4).
[5]谢世清,李四光.中小企业联保贷款的信誉博弈分析[J].经济研究,2011,46(1).
[6]殷志军,朱发仓.信用担保机构运行效率实证研究——以浙江省为例[J].软科学,2011(1).
[7]薛菁,邓帆帆,肖敏娜.融资担保机构服务效率地区差异与有效服务区间——基于不同模式担保机构的调查[J].贵州财经大学学报,2017(1).
[8] Chen Y.Collateral,Loan Guarantees,and the Lenders'Incentives to Resolve Financial Distress[J].The Quarterly Review of Economics and Finance,2006,46(1).
[9] Devinaga R,Tan T M.Review of Credit Guarantee Corporation Malaysia(CGCM)Initiatives to Enhance Small and Medium Enterprises Performance[J].International Journal of Business and Management,2012,7(20).
[10]孟晞,钟田丽.小微企业与互助担保组织的动态博弈研究[J].财经问题研究,2012(12).
[11]李仲飞,黄金波.中国小微企业融资困境的动态博弈分析[J].华东经济管理,2016,30(2).
[12]王淼.中小微企业信用担保贷款风险比例分担研究——提供政府补贴的两方合作博弈模型[J].商业经济与管理,2017(3).
[13]梅强,马国建,杜建国.中小企业信用担保路径演化研究[J].系统工程学报,2009,24(3).
[14]汪辉,邓晓梅,杨伟华,等.中小企业信用再担保体系演化稳定条件分析[J].中国管理科学,2016,24(7).
[15]顾海峰.基于信号函数的金融担保风险预警指标及模型研究[J].中国管理科学,2014,22(S1).
[16]张金清,阚细兵.银行业竞争能缓解中小企业融资约束吗?[J].经济与管理研究,2018,39(4).
[17]徐尧,洪卫青.货币政策、股权激励与企业债务融资——基于A股上市公司的实证研究[J].统计与信息论坛,2018(1).
[18]胡德海.进一步完善银行业机构与担保机构合作机制对策研究[J].金融与经济,2013(9).
[19]Francesco C.Corporate Governance Characteristics and Default Prediction Modeling for Small Enterprises:An Empirical Analysis of Ltalian Firms[J].Journal of Business Research,2015,12(5).
[20]韩亚欣,何敏,李华民.大银行何以为中小企业融资?——基于某大银行支行的案例分析[J].金融论坛,2016,21(1).
[21]陈菲琼,殷志军,王寅.影响信用担保机构运行效率的风险因素评估——以浙江省为例[J].财贸经济,2010(12).
[22]文学舟,梅强.基于主成分分析的三种担保机构经营绩效比较及评价——以江苏担保实践为例[J].华东经济管理,2013,27(6).
[23]张晓玫,宋卓霖.保证担保、抵押担保与贷款风险缓释机制探究——来自非上市中小微企业的证据[J].金融研究,2016(1).
[24]Rodrigo C,Ramana N.A Darker Side to Decentralized Banks:Market Power and Credit Rationing in SME Lending[J].Journal of Financial Economics,2012,105(2).
[25]李新春,潮海晨,叶文平.创业融资担保的社会支持机制[J].管理学报,2017,14(1).
[26]马松,潘珊,姚长辉.担保机构与中小企业贷款:银行视角下的合谋还是合作?[J].财经研究,2015(7).
[27]Othman C,Maisyarah M N.Does the Micro Financing Term Dictate the Performance of Micro Enterprises?[J].Procedia Economics and Finance,2016,35.