银企嵌入性对中小企业融资影响研究
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摘要
中小企业融资问题是一个难点、热点问题,特别对浙江省来说,从2011年开始,温州等地爆发了企业主因资金链断裂跳楼、逃逸等事件,融资问题一定程度上已上升为决定企业生死存亡的关键问题。银行信贷和商业信贷(商业信用)是中小企业融资的两个极其重要的渠道,特别是在我国目前情况下,由于中小企业规模小、信息不对称等因素,能通过证券市场或信托发债等直接融资方式融资的可能性微乎其微。而民间融资因为缺乏规制,利率过高,中小企业借贷民间资本尤如饮鸩止渴,造成了一系列社会问题。在这种背景下,银行信贷和商业信贷成为中小企业融资的两个极其重要的来源,对中小企业的作用更加凸显,对这两个问题的研究也显得更为重要。
目前,国内学界对基于嵌入性角度研究企业融资问题虽有涉及,但缺乏深入系统的分析,特别是从嵌入性视角把银行信贷和商业信贷这两个中小企业融资的重要渠道综合起来的研究还未见到。本文从嵌入性研究的两个经典研究视角出发,分析关系嵌入性和结构嵌入性对企业获取银行贷款可能性和价格的影响,同时构建了网络传递模型,进一步分析了银企嵌入性关系对企业商业信贷管理能力的影响机制。
本研究提出了相应的理论假设：(1)银企嵌入性如何通过不同的维度影响中小企业银行信贷的获取?本研究通过探索性案例分析,从关系嵌入性和结构嵌入性两个经典的研究视角出发,提出了企业与银行的商业交易嵌入社会关系的程度影响企业获取银行信贷(即贷款)的可能性和获得贷款的成本。(2)银企嵌入性如何影响中小企业的商业信贷管理能力?本研究通过构建网络传递理论模型分析了银企嵌入性对企业商业信贷管理能力的影响机理,银行与企业的嵌入性关系使银行独有的能力和资源(包括银行财务专业性、供应商推荐和信贷资源等)传递到(外溢到)企业,从而增强中小企业的商业信贷管理能力。(3)在完成银企嵌入性影响中小企业商业信贷管理能力机理分析的基础上,本研究提出了相应的理论假设：银企关系网建立时间的长短与企业选择提前还款享受贷款折扣的比例正相关,与企业选择延迟还款支付滞纳金的比例负相关；银企关系多样性的程度与企业选择提前还款享受贷款折扣的比例正相关,与企业选择延迟还款支付滞纳金的比例负相关；银企间关系网的大小与企业选择提前还款享受贷款折扣的比例负相关,与企业选择延迟还款支付滞纳金的比例正相关。
在理论架构的基础上,本研究以调查问卷的形式收集了浙江省中小企业的相关数据,并运用SPSS统计分析软件进行回归分析,深入探讨银企关系嵌入性、结构嵌入性对企业获得贷款可能性及成本的影响以及银企关系对中小企业获得商业信贷的影响,主要得到以下结论：1、企业与银行的嵌入性关系影响企业的贷款可获得性和贷款成本。2、银企关系的持续性和多样性对降低利率水平有显著影响。3、互补性的银行网络(指公司既有嵌入性关系也有市场关系)使公司获得融资的可能性提高、融资的成本降低。4、网络传递理论得到了实证检验,企业与银行的关系资本影响企业的商业信贷管理。银行产品的多样性、银行与中小企业的关系持久性与中小企业的商业信贷管理能力成正相关关系,企业拥有银行的数量与中小企业的商业信贷管理能力成负相关关系。
上述研究结论深化了嵌入性理论对中小企业融资作用机制的理解,使本研究具有一定的探索意义。本文构建了网络传递模型,试图诠释在社会关系网络中如何通过非正式的信任机制以及共同的合作愿望来实现推动资源和信息在各行动主体之间流动的目的,强调通过企业联结(这一联结嵌入于社会关系和网络中)来补充企业的资源和能力。对传统的理论(比如组织联盟和组织网络,运用正式的管理安排,譬如抵押、合同或出资协议来保障知识和资源能够在企业间顺利地实现转移)是一个重要的补充。在对待企业同银行之间的关系时,不是简单把企业或银行对双方关系的投资看作是消极或不正当的,事实上,在金融危机来临时,企业之间形成的关系网络非常有益于帮助整个网络中的企业度过难关,提升经济整体的竞争力。本文在处理企业同银行的关系问题上,既考虑了“嵌入性”带给企业的优势,又结合我国企业和银行业市场化程度的国情,揭示企业融资理论中社会网络关系的特殊意义,为中小企业融资理论的研究开辟了一个较新的视角。最后,本文从嵌入性的角度对解决中小企业融资问题提出政策建议,并阐述了本研究的不足以及今后可以进一步研究的方向。
Financing for medium-sized and small enterprises has always been the enduring topic especially for Zhejiang Province because several events such as entrepreneurs escaped or commit suicide on account of financial chain fracture in Wenzhou area. The problem of financing has become the key point of enterprises' survival. Bank credit and business credit are two crucial channels for medium-sized and small enterprises financing, especially in China. That is because these enterprises' small scale and information asymmetry restrict the possibility of acquiring capital through direct way such like stock market or trust bond.
Lack of regulations and the high interest rate are the main problems of private loan, which triggered bankruptcy and a series of social problem. Under this circumstance, bank credit and business credit plays an important role and thus related researches are significant.
Nowadays, academics have some researches about corporate finance based on perspective of embeddedness but without a systematic analysis. There are no researches combine both bank credit and business credit. This paper analyses influences of tie embeddedness and structural embeddedness on possibility and price for enterprises to obtain bank loan, and create the network transmission model to analyse effects of relationship between banks and enterprises on acquiring financing.
This research presents some theoretical hypothesis of bank credit after the explorative analysis:
Hypothesis1:how does embeddedness between banks and SMEs affect small and medium-sized enterprises obtain bank credit through different dimensions? Through exploratory case study, this study declares that the degree of business between enterprises and banks embedded in social relationships is associated with the possibility of enterprises acquire loan.
Hypothesis2:How does the embeddedness affect the business credit management ability of small and medium-sized enterprises? Network transmission theory model is built to answer this question, embedded relationships between banks and SMEs will enhance banks unique capabilities and resources spillover to SMEs.
Hypothesis3:The degree of business between enterprises and banks embedded in social relationships is associated with the cost of the loan. When the financial networks owned by an enterprise include both market relationships and embedded relationships, the possibility of obtaining loan is greater and the cost is lower than these enterprises which own only market relationships or embedded relationships. The size of a firm's bank network is negatively associated with the pro-portion of early trade credit discounts taken by the firm. The size of a firm's bank network is positively associated with the proportion of late payment penalties on trade credit incurred by the firm.
Based on the theoretical framework, the quantitative data used in this study were obtained from questionnaires for medium-sized and small enterprises in Zhejiang Province. This paper use SPSS to do analysis of regression in order to discuss the influences of tie embeddedness and structural embeddedness on possibility and price for enterprises to obtain bank loan, and how relationships between banks and enterprises effect those enterprises to get business credit, some main conclusions are found:a) Tie embeddedness between enterprises and banks effect possibility and price for enterprises to obtain bank loan, b) The duration and degree of multiplexity in the bank-firm relationship obviously influence the cost of loan, c) Complementary bank networks (an enterprise network owns both market relationships and embedded relationships) increase the possibility of corporate finance. Complementary bank networks (an enterprise network owns both market relationships and embedded relationships) decrease the cost of corporate financing, d) Empirical test about network transmission theory presents that relationships between banks and enterprises affect business credit administration in those enterprises. Diversity of bank products and the duration of a bank-firm relationship are positively associated with enterprise's business credit administration ability. The number of bank relationships an enterprise owns is negatively associated with enterprise's business credit administration ability.
These exploratory conclusions deepen understandings about mechanism of how embeddedness theory affects bank credit and business credit. This paper create the network transmission model which illustrates how informal trust and common cooperation expectations promotes resource transfers between acting subjects in networks, and reinforce resources and competence through enterprise ties which embedded in social ties and relationships. This is an important supplement to traditional theories such as the organization alliance and networks, the usage of formal management arrangement (mortgage, contract and contribution agreements to make sure resources transfer between enterprises). In dealing with the relationships between enterprises and banks, we think the investments for these relationships are not passive or improper. Actually, when confronted with the financial crises and risks, the networks between enterprises and banks help the survival of all the related enterprise in this network, and enhance the whole competitiveness. This paper takes the superiorities of embeddedness and marketization degree of enterprises and banks in China into consideration when dealing with the problem of relationships between enterprises and banks, presents the specificity of networks in corporate financing and open up a new perspective in researching medium-sized and small enterprises'financing theories. This study also raises suggestions of solving the problem of medium-sized and small enterprises' financing in a perspective of embeddedness, while states the shortcomings and further research directions.
目前,国内学界对基于嵌入性角度研究企业融资问题虽有涉及,但缺乏深入系统的分析,特别是从嵌入性视角把银行信贷和商业信贷这两个中小企业融资的重要渠道综合起来的研究还未见到。本文从嵌入性研究的两个经典研究视角出发,分析关系嵌入性和结构嵌入性对企业获取银行贷款可能性和价格的影响,同时构建了网络传递模型,进一步分析了银企嵌入性关系对企业商业信贷管理能力的影响机制。
本研究提出了相应的理论假设：(1)银企嵌入性如何通过不同的维度影响中小企业银行信贷的获取?本研究通过探索性案例分析,从关系嵌入性和结构嵌入性两个经典的研究视角出发,提出了企业与银行的商业交易嵌入社会关系的程度影响企业获取银行信贷(即贷款)的可能性和获得贷款的成本。(2)银企嵌入性如何影响中小企业的商业信贷管理能力?本研究通过构建网络传递理论模型分析了银企嵌入性对企业商业信贷管理能力的影响机理,银行与企业的嵌入性关系使银行独有的能力和资源(包括银行财务专业性、供应商推荐和信贷资源等)传递到(外溢到)企业,从而增强中小企业的商业信贷管理能力。(3)在完成银企嵌入性影响中小企业商业信贷管理能力机理分析的基础上,本研究提出了相应的理论假设：银企关系网建立时间的长短与企业选择提前还款享受贷款折扣的比例正相关,与企业选择延迟还款支付滞纳金的比例负相关；银企关系多样性的程度与企业选择提前还款享受贷款折扣的比例正相关,与企业选择延迟还款支付滞纳金的比例负相关；银企间关系网的大小与企业选择提前还款享受贷款折扣的比例负相关,与企业选择延迟还款支付滞纳金的比例正相关。
在理论架构的基础上,本研究以调查问卷的形式收集了浙江省中小企业的相关数据,并运用SPSS统计分析软件进行回归分析,深入探讨银企关系嵌入性、结构嵌入性对企业获得贷款可能性及成本的影响以及银企关系对中小企业获得商业信贷的影响,主要得到以下结论：1、企业与银行的嵌入性关系影响企业的贷款可获得性和贷款成本。2、银企关系的持续性和多样性对降低利率水平有显著影响。3、互补性的银行网络(指公司既有嵌入性关系也有市场关系)使公司获得融资的可能性提高、融资的成本降低。4、网络传递理论得到了实证检验,企业与银行的关系资本影响企业的商业信贷管理。银行产品的多样性、银行与中小企业的关系持久性与中小企业的商业信贷管理能力成正相关关系,企业拥有银行的数量与中小企业的商业信贷管理能力成负相关关系。
上述研究结论深化了嵌入性理论对中小企业融资作用机制的理解,使本研究具有一定的探索意义。本文构建了网络传递模型,试图诠释在社会关系网络中如何通过非正式的信任机制以及共同的合作愿望来实现推动资源和信息在各行动主体之间流动的目的,强调通过企业联结(这一联结嵌入于社会关系和网络中)来补充企业的资源和能力。对传统的理论(比如组织联盟和组织网络,运用正式的管理安排,譬如抵押、合同或出资协议来保障知识和资源能够在企业间顺利地实现转移)是一个重要的补充。在对待企业同银行之间的关系时,不是简单把企业或银行对双方关系的投资看作是消极或不正当的,事实上,在金融危机来临时,企业之间形成的关系网络非常有益于帮助整个网络中的企业度过难关,提升经济整体的竞争力。本文在处理企业同银行的关系问题上,既考虑了“嵌入性”带给企业的优势,又结合我国企业和银行业市场化程度的国情,揭示企业融资理论中社会网络关系的特殊意义,为中小企业融资理论的研究开辟了一个较新的视角。最后,本文从嵌入性的角度对解决中小企业融资问题提出政策建议,并阐述了本研究的不足以及今后可以进一步研究的方向。
Financing for medium-sized and small enterprises has always been the enduring topic especially for Zhejiang Province because several events such as entrepreneurs escaped or commit suicide on account of financial chain fracture in Wenzhou area. The problem of financing has become the key point of enterprises' survival. Bank credit and business credit are two crucial channels for medium-sized and small enterprises financing, especially in China. That is because these enterprises' small scale and information asymmetry restrict the possibility of acquiring capital through direct way such like stock market or trust bond.
Lack of regulations and the high interest rate are the main problems of private loan, which triggered bankruptcy and a series of social problem. Under this circumstance, bank credit and business credit plays an important role and thus related researches are significant.
Nowadays, academics have some researches about corporate finance based on perspective of embeddedness but without a systematic analysis. There are no researches combine both bank credit and business credit. This paper analyses influences of tie embeddedness and structural embeddedness on possibility and price for enterprises to obtain bank loan, and create the network transmission model to analyse effects of relationship between banks and enterprises on acquiring financing.
This research presents some theoretical hypothesis of bank credit after the explorative analysis:
Hypothesis1:how does embeddedness between banks and SMEs affect small and medium-sized enterprises obtain bank credit through different dimensions? Through exploratory case study, this study declares that the degree of business between enterprises and banks embedded in social relationships is associated with the possibility of enterprises acquire loan.
Hypothesis2:How does the embeddedness affect the business credit management ability of small and medium-sized enterprises? Network transmission theory model is built to answer this question, embedded relationships between banks and SMEs will enhance banks unique capabilities and resources spillover to SMEs.
Hypothesis3:The degree of business between enterprises and banks embedded in social relationships is associated with the cost of the loan. When the financial networks owned by an enterprise include both market relationships and embedded relationships, the possibility of obtaining loan is greater and the cost is lower than these enterprises which own only market relationships or embedded relationships. The size of a firm's bank network is negatively associated with the pro-portion of early trade credit discounts taken by the firm. The size of a firm's bank network is positively associated with the proportion of late payment penalties on trade credit incurred by the firm.
Based on the theoretical framework, the quantitative data used in this study were obtained from questionnaires for medium-sized and small enterprises in Zhejiang Province. This paper use SPSS to do analysis of regression in order to discuss the influences of tie embeddedness and structural embeddedness on possibility and price for enterprises to obtain bank loan, and how relationships between banks and enterprises effect those enterprises to get business credit, some main conclusions are found:a) Tie embeddedness between enterprises and banks effect possibility and price for enterprises to obtain bank loan, b) The duration and degree of multiplexity in the bank-firm relationship obviously influence the cost of loan, c) Complementary bank networks (an enterprise network owns both market relationships and embedded relationships) increase the possibility of corporate finance. Complementary bank networks (an enterprise network owns both market relationships and embedded relationships) decrease the cost of corporate financing, d) Empirical test about network transmission theory presents that relationships between banks and enterprises affect business credit administration in those enterprises. Diversity of bank products and the duration of a bank-firm relationship are positively associated with enterprise's business credit administration ability. The number of bank relationships an enterprise owns is negatively associated with enterprise's business credit administration ability.
These exploratory conclusions deepen understandings about mechanism of how embeddedness theory affects bank credit and business credit. This paper create the network transmission model which illustrates how informal trust and common cooperation expectations promotes resource transfers between acting subjects in networks, and reinforce resources and competence through enterprise ties which embedded in social ties and relationships. This is an important supplement to traditional theories such as the organization alliance and networks, the usage of formal management arrangement (mortgage, contract and contribution agreements to make sure resources transfer between enterprises). In dealing with the relationships between enterprises and banks, we think the investments for these relationships are not passive or improper. Actually, when confronted with the financial crises and risks, the networks between enterprises and banks help the survival of all the related enterprise in this network, and enhance the whole competitiveness. This paper takes the superiorities of embeddedness and marketization degree of enterprises and banks in China into consideration when dealing with the problem of relationships between enterprises and banks, presents the specificity of networks in corporate financing and open up a new perspective in researching medium-sized and small enterprises'financing theories. This study also raises suggestions of solving the problem of medium-sized and small enterprises' financing in a perspective of embeddedness, while states the shortcomings and further research directions.
引文
1 数据来自工业和信息化部部长李毅中在2010年“两会”期间接受媒体采访时的讲话。
2 本章发表于《上海金融》2012年第12期
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