中小企业融资研究：资本结构与金融环境的影响
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摘要
本论文研究了中小企业融资过程中所面临的内部和外部因素,运用了回归分析、对比分析和Granger因果检验等方法,检验了我国中小企业的资本结构、宏观金融环境与金融结构对中小企业融资的影响,在此基础上,检验了中小金融机构对中小企业融资的支持状况,并对学术界比较关注的关系型借贷对中小企业融资影响进行了综合分析。结果表明我国中小企业的资本结构和股权结构对其融资是有影响的,同时我国目前的金融体系依然是以银行为主的金融体系,但是由于银行的低效率,使得宏观环境对中小企业不利。对中小金融机构的检验表明,我国中小金融机构在对中小企业融资过程中,起到了较好的作用。结合关系型借贷,本文提出了大力发展中小金融机构,扶持中小企业发展的策略。
Nowadays SME (small and medium enterprises) plays an important role in economy of different countries. Its quantity is more than 98% in total enterprises. It provides over 50% production value and accomplishes over 60% innovations. It is regarded as the bone of American economy and the economy development engine of Europe, so every country makes great efforts to develop SME.
The demarcation of SME is comparatively and differently according to the different countries and periods. SME is demarcated in two ways such as character and quantity in many countries. In China, there were 8 times SME demarcation adjustments, but all these were based on the quantity aspects and could not reflect the organization structure of industry.
From the view of factors on SME development, it contains inner factors and outer factors. The inner factors mainly include lack of credit of SME, nonstandard economic mode and management, big economic risk and exorbitant finance cost. The outer factors are mainly represented in finance environment aspect
Developing SME is recognized by every country now, but there is a worldwide problem, that is the difficulty of finance. The famous Macmillan Gap means the lack of long-term finance providing for SME. The British researcher Ray defined the Financial Gap in two situations: (1) The margin payoff of small enterprise investment is bigger than margin cost, and it can not make potential investment because the capital supply breaks off. (2) The money cost which the small enterprise gets finance is larger than that of big enterprise, it causes the small enterprise can not improve its economic ability through normal investment. In 1970s, the view that asymmetry information caused difficulty of finance for SME is received. Asymmetry information shows in two aspects: one is the asymmetry between bank and enterprise; another is asymmetry information between banks.
In this dissertation, by using the relevant data form 1979 to 2006 in China, the effect of capital structure and finance activity is verified firstly. The empirical results show that the scale of enterprise is positive relationship with the leverage ratio and this phenomenon is presented obviously. The payoff level of SME is negative relationship with debt ratio, and it shows that lending level of SME is also negative relationship with the payoff level. That is, the high the enterprise payoff level is the small the ratio if bank lending is. The growth of SME is less relative to the lever ratio. The risk is positive relationship with the debt ratio, especially the long-term debt is also relative to the bank lending, and less relative to short-term debt.
Secondly, by increasing the stock ratio for the biggest stockholder, the effectiveness of stock structure to finance is verified. The empirical results show that the more concentration the stock right is the bigger the enterprise debt for finance is.
Among the outer factors, the increment ratio of namely GDP(LGDP) is represent the guide line of economy growth, the increment ratio of total financial asset/GDP(LFIR) is represent the guide line of financial development, the contribution degree of financial agency is represent the guide line of bank system, the composite index of Shanghai is represent the guide line of capital market, the financial environment status of China is verified according to the data from 1994 to 2006.
The empirical results show that economy development is the main reason of the capital market development and the capital market development is less effective to the economy development. And the result also fits the Harris research result. It means that in under development countries, stock market development is less effective to economy development, but in development countries, and stock market level helps the raise of GDP. In China, the financial agency which represents banks can not play an important role in economy development, and adapt the need of economy growth more passively.
In practice, the lending ratio of small bank to small enterprise is high, so the small bank advantage theory in the SME finance process is applied widely. The difference between big bank and small bank can be explained by the Willianmson’s classification control theory. It means that the enlarging of Institutions will cause the lose control of continuous grades. So, big banks must make detail rules in case of chaos. And in small banks, there is fewer intermediate grades between high officer and lending person, so lending person from small banks posses more judgment, and more easily run out of the cookie-cutter way. In empirical verifying of this dissertation, the data of enterprise and relative banks in Jilin province are used. Here, Y (t) are the mediumⅠ, mediumⅡand small enterprises in Jilin province, production value K 2 (t) are the sum of lending balance of Jilin branch of industrial and commercial bank of China, Jilin branch of agriculture bank of China and Jilin branch of bank of China, K m+ s(t)are the lending balance of financial Institutions in Jilin province. Regressive model and empirical results are listed below:
ln[Y - (t )] =?0 .843- ln[ Kl (t )] +1 .034 ? ln[ Km + s(t )] + 0.861? ln[Y (t ?1 )] t-Statistic (-4.453) (5.766) (4.832) R2=0.968 Adjust R2=0.952
The empirical results show that the increase of small bank lending balance will improve the production value, and the national big bank has not advantage in SME finance service.
With the development of research work, the firm-bank relationship, that is relationship lending, has been discussed widely. In 1995, Petersen and Berger found that close bank relationship can improve the small business finance ability. The later researchers verified the relationship lending by Bertrand competition model, regressive model and empirical method in financial restrict aspect, multi-relationship aspect between enterprise and bank, and lending tools aspect of bank. This dissertation analyses the results of foreign researchers and draws a conclusion that in more concentration market, lending person tends to provide more credit, if lending person is contacting with borrower in advance, the lending person tends to extend credit so as to keep with the private information obtained from the relationship finance, a firm which has a long-term relationship can get lower lending interest rate and need less guaranty, district bank has advantage in providing lending to small enterprise. But the social environment, credit system and economic environment can restrain the relationship lending to a certain extent.
In the empirical process, the data source of SME is the bottle neck. The NSSBF(National Survey of Small Business Finances)database has become the foundation of the research work in America. In this aspect, American researchers get the better results. Researchers in other countries either use data of big banks or use data from questionnaire. Because of the lack of SME database in China, the researchers are limited by it and can not make deeply research work about relationship lending between banks and SME.
Generally, the finance of SME is the big subject of all the countries in the world. Relationship lending method and taking great effort in small and medium-sized financial institutions method all can improve the development of SME. In China, the innovation of bank is slowly comparatively, so the later method is suggested in this dissertation, that is develop small and medium-sized financial institutions greatly. It is not only the demand of improve our finance system, but also can overcome the newly agency problem in relationship lending.
Nowadays SME (small and medium enterprises) plays an important role in economy of different countries. Its quantity is more than 98% in total enterprises. It provides over 50% production value and accomplishes over 60% innovations. It is regarded as the bone of American economy and the economy development engine of Europe, so every country makes great efforts to develop SME.
The demarcation of SME is comparatively and differently according to the different countries and periods. SME is demarcated in two ways such as character and quantity in many countries. In China, there were 8 times SME demarcation adjustments, but all these were based on the quantity aspects and could not reflect the organization structure of industry.
From the view of factors on SME development, it contains inner factors and outer factors. The inner factors mainly include lack of credit of SME, nonstandard economic mode and management, big economic risk and exorbitant finance cost. The outer factors are mainly represented in finance environment aspect
Developing SME is recognized by every country now, but there is a worldwide problem, that is the difficulty of finance. The famous Macmillan Gap means the lack of long-term finance providing for SME. The British researcher Ray defined the Financial Gap in two situations: (1) The margin payoff of small enterprise investment is bigger than margin cost, and it can not make potential investment because the capital supply breaks off. (2) The money cost which the small enterprise gets finance is larger than that of big enterprise, it causes the small enterprise can not improve its economic ability through normal investment. In 1970s, the view that asymmetry information caused difficulty of finance for SME is received. Asymmetry information shows in two aspects: one is the asymmetry between bank and enterprise; another is asymmetry information between banks.
In this dissertation, by using the relevant data form 1979 to 2006 in China, the effect of capital structure and finance activity is verified firstly. The empirical results show that the scale of enterprise is positive relationship with the leverage ratio and this phenomenon is presented obviously. The payoff level of SME is negative relationship with debt ratio, and it shows that lending level of SME is also negative relationship with the payoff level. That is, the high the enterprise payoff level is the small the ratio if bank lending is. The growth of SME is less relative to the lever ratio. The risk is positive relationship with the debt ratio, especially the long-term debt is also relative to the bank lending, and less relative to short-term debt.
Secondly, by increasing the stock ratio for the biggest stockholder, the effectiveness of stock structure to finance is verified. The empirical results show that the more concentration the stock right is the bigger the enterprise debt for finance is.
Among the outer factors, the increment ratio of namely GDP(LGDP) is represent the guide line of economy growth, the increment ratio of total financial asset/GDP(LFIR) is represent the guide line of financial development, the contribution degree of financial agency is represent the guide line of bank system, the composite index of Shanghai is represent the guide line of capital market, the financial environment status of China is verified according to the data from 1994 to 2006.
The empirical results show that economy development is the main reason of the capital market development and the capital market development is less effective to the economy development. And the result also fits the Harris research result. It means that in under development countries, stock market development is less effective to economy development, but in development countries, and stock market level helps the raise of GDP. In China, the financial agency which represents banks can not play an important role in economy development, and adapt the need of economy growth more passively.
In practice, the lending ratio of small bank to small enterprise is high, so the small bank advantage theory in the SME finance process is applied widely. The difference between big bank and small bank can be explained by the Willianmson’s classification control theory. It means that the enlarging of Institutions will cause the lose control of continuous grades. So, big banks must make detail rules in case of chaos. And in small banks, there is fewer intermediate grades between high officer and lending person, so lending person from small banks posses more judgment, and more easily run out of the cookie-cutter way. In empirical verifying of this dissertation, the data of enterprise and relative banks in Jilin province are used. Here, Y (t) are the mediumⅠ, mediumⅡand small enterprises in Jilin province, production value K 2 (t) are the sum of lending balance of Jilin branch of industrial and commercial bank of China, Jilin branch of agriculture bank of China and Jilin branch of bank of China, K m+ s(t)are the lending balance of financial Institutions in Jilin province. Regressive model and empirical results are listed below:
ln[Y - (t )] =?0 .843- ln[ Kl (t )] +1 .034 ? ln[ Km + s(t )] + 0.861? ln[Y (t ?1 )] t-Statistic (-4.453) (5.766) (4.832) R2=0.968 Adjust R2=0.952
The empirical results show that the increase of small bank lending balance will improve the production value, and the national big bank has not advantage in SME finance service.
With the development of research work, the firm-bank relationship, that is relationship lending, has been discussed widely. In 1995, Petersen and Berger found that close bank relationship can improve the small business finance ability. The later researchers verified the relationship lending by Bertrand competition model, regressive model and empirical method in financial restrict aspect, multi-relationship aspect between enterprise and bank, and lending tools aspect of bank. This dissertation analyses the results of foreign researchers and draws a conclusion that in more concentration market, lending person tends to provide more credit, if lending person is contacting with borrower in advance, the lending person tends to extend credit so as to keep with the private information obtained from the relationship finance, a firm which has a long-term relationship can get lower lending interest rate and need less guaranty, district bank has advantage in providing lending to small enterprise. But the social environment, credit system and economic environment can restrain the relationship lending to a certain extent.
In the empirical process, the data source of SME is the bottle neck. The NSSBF(National Survey of Small Business Finances)database has become the foundation of the research work in America. In this aspect, American researchers get the better results. Researchers in other countries either use data of big banks or use data from questionnaire. Because of the lack of SME database in China, the researchers are limited by it and can not make deeply research work about relationship lending between banks and SME.
Generally, the finance of SME is the big subject of all the countries in the world. Relationship lending method and taking great effort in small and medium-sized financial institutions method all can improve the development of SME. In China, the innovation of bank is slowly comparatively, so the later method is suggested in this dissertation, that is develop small and medium-sized financial institutions greatly. It is not only the demand of improve our finance system, but also can overcome the newly agency problem in relationship lending.
引文
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