政府干预异质性、中小银行发展与中小企业融资约束——结合经济换挡背景的分析
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摘要
本文选取2006—2016年中小企业板数据,结合经济换挡背景,考察政府干预异质性作用下,中小银行发展对中小企业融资约束的影响。研究发现:从总体来看,中小银行发展有助于缓解中小企业的融资约束,但受政府干预的影响,该支持效应主要集中于国有及弱政府干预地区民营中小企业。源于政府干预的异质性特征,相比经济换挡前,换挡期中小银行发展对中小企业融资约束的缓解更为显著,且上述效应主要集中于民营及弱政府干预地区国有中小企业。
Based on the data of small-and-medium enterprise(SME)boards from 2006 to 2016,combined with the background of China's economic shift,this paper examines the impact of the development of small-and-medium banks(SMBs)on the financing constraints of SMEs under the influence of government intervention.The findings are shown as follows.Generally,the development of SMBs helps to alleviate the financing constraints of SMEs.However,due to government intervention,the supportive effect mainly concentrates on state-owned SMEs and private SMEs in the weak government intervention areas.During the economic shift period,the government did not significantly reduce the direct intervention of enterprises,but the market level of the financial sector significantly improved;leading from the government intervention changes,during the economic shift period,the development of SMBs have more significant impact on the alleviation of SMES' financing constraints than before,and the above effects are mainly concentrated on private SMEs and state-owned SMEs in the weak government intervention areas.The findings of this paper are of revelation for the reform of China's financial system and the transformation of the relationship between government and enterprises in the new era.
Based on the data of small-and-medium enterprise(SME)boards from 2006 to 2016,combined with the background of China's economic shift,this paper examines the impact of the development of small-and-medium banks(SMBs)on the financing constraints of SMEs under the influence of government intervention.The findings are shown as follows.Generally,the development of SMBs helps to alleviate the financing constraints of SMEs.However,due to government intervention,the supportive effect mainly concentrates on state-owned SMEs and private SMEs in the weak government intervention areas.During the economic shift period,the government did not significantly reduce the direct intervention of enterprises,but the market level of the financial sector significantly improved;leading from the government intervention changes,during the economic shift period,the development of SMBs have more significant impact on the alleviation of SMES' financing constraints than before,and the above effects are mainly concentrated on private SMEs and state-owned SMEs in the weak government intervention areas.The findings of this paper are of revelation for the reform of China's financial system and the transformation of the relationship between government and enterprises in the new era.
引文
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[2]ALLEN F,QIAN J,QIAN M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[3]李青原,王红建.货币政策、资产可抵押性、现金流与公司投资——来自中国制造业上市公司的经验证据[J].金融研究,2013(6):31-45.
[4]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
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[7]SHAW E S.Financial deepening in economic development[M].Oxford:Oxford University Press,1973.
[8]朱鸿鸣,赵昌文.“攫取性”金融体系及其危害——一个基于金融竞合观的分析框架[J].经济体制改革,2015(3):149-154.
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[12]刘畅,刘冲,马光荣.中小金融机构与中小企业贷款[J].经济研究,2017(8):65-77.
[13]KRUEGER A O.Government,trade,and economic integration[J].The American Economic Review,1992,82(2):109-114.
[14]DUTTA J,KAPUR S.Liquidity preference and financial intermediation[J].The Review of Economic Studies,1998,65(3):551-572.
[15]MCKINNON R I.Money and capital in economic development[M].Washington DC:Brookings Institution,1973:679-702.
[16]张杰.中国金融改革的制度逻辑[M].北京:中国人民大学出版社,2015.
[17]余明桂,潘红波.政府干预、法治、金融发展与国有企业银行贷款[J].金融研究,2008(9):1-22.
[18]王凤荣.政府竞争视角下的企业并购与产业整合研究[M].北京:社会科学文献出版社,2016.
[19]戴金平,金永军,刘斌.资本监管、银行信贷与货币政策非对称效应[J].经济学(季刊),2008(2):481-508.
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[21]沈坤荣,滕永乐.“结构性”减速下的中国经济增长[J].经济学家,2013(8):29-38.
[22]洪银兴.论中高速增长新常态及其支撑常态[J].经济学动态,2014(11):4-7.
[23]刘海明,曹廷求.宏观经济不确定性、政府干预与信贷资源配置[J].经济管理,2015(6):1-11.
[24]郭峰.政府干预视角下的地方金融:一个文献综述[J].金融评论,2016(3):67-79,125.
[25]中国经济增长前沿课题组,张平,刘霞辉,等.中国经济长期增长路径、效率与潜在增长水平[J].经济研究,2012(11):4-17,75.
[26]STIGLITZ J E,WEISS A.Credit rationing in markets with imperfect information[J].The American Economic Review,1981,71(3):393-410.
[27]BERGER A N,UDELL G F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking & Finance,1998,22(6-8):613-673.
[28]唐清泉,巫岑.银行业结构与企业创新活动的融资约束[J].金融研究,2015(7):116-134.
[29]LIN J Y,CAI F,LI Z.Competition,policy burdens,and state-owned enterprise reform[J].The American Economic Review,1998,88(2):422-427.
[30]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007(7):36-50.
[31]姚耀军.政府干预、银行中介发展与经济增长[J].财经问题研究,2010(8):52-58.
[32]曹廷求,张光利.市场约束、政府干预与城市商业银行风险承担[J].金融论坛,2011(2):3-14.
[33]王凤荣,苗妙.税收竞争、区域环境与资本跨区流动——基于企业异地并购视角的实证研究[J].经济研究,2015(2):16-30.
[34]唐雪松,周晓苏,马如静.政府干预、GDP增长与地方国企过度投资[J].金融研究,2010(8):33-48.
[35]张平.“结构性”减速下的中国宏观政策和制度机制选择[J].经济学动态,2012(10):3-9.
[36]刘达禹,刘金全,于洋.新常态下中国经济周期波动的趋势性特征及其驱动因素研究[J].江海学刊,2017(2):86-92,238.
[37]刘树成.防止经济增速一路下行——2015—2020年中国经济走势分析[J].经济学动态,2015(3):4-8.
[38]王小鲁,樊纲,余文静.中国分省份市场化指数报告:2016[M].北京:社会科学文献出版社,2017.
[39]陈信元,黄俊.政府干预、多元化经营与公司业绩[J].管理世界,2007(1):92-97.
[40]王凤荣,高飞.政府干预、企业生命周期与并购绩效——基于我国地方国有上市公司的经验数据[J].金融研究,2012(12):137-150.
[41]ALMEIDA H,CAMPELLO M,WEISBCH M S.The cash flow sensitivity of cash[J].The Journal of Finance,2004,59(4):1777-1804.
[42]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2011年报告[M].北京:北京科学出版社,2011.
[43]世界银行.政府治理、投资环境与和谐社会:中国120个城市竞争力的提升[M].北京:中国财政经济出版社,2007.
[44]潘红波,夏新平,余明桂.政府干预、政治关联与地方国有企业并购[J].经济研究,2008(4):41-52.
[2]ALLEN F,QIAN J,QIAN M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[3]李青原,王红建.货币政策、资产可抵押性、现金流与公司投资——来自中国制造业上市公司的经验证据[J].金融研究,2013(6):31-45.
[4]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
[5]FAZZARI S M,HUBBARD R G,PETERSEN B C,et al.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988(1):141-206.
[6]FIRTH M,LIN C,LIU P,et al.Inside the black box:bank credit allocation in China’s private sector[J].Journal of Banking & Finance,2009,33(6):1144-1155.
[7]SHAW E S.Financial deepening in economic development[M].Oxford:Oxford University Press,1973.
[8]朱鸿鸣,赵昌文.“攫取性”金融体系及其危害——一个基于金融竞合观的分析框架[J].经济体制改革,2015(3):149-154.
[9]RAJAN R G,ZINGALES L.Financial dependence and growth[J].The American Economic Review,1998,88(3):559-586.
[10]林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008(9):31-45.
[11]林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009(8):4-17.
[12]刘畅,刘冲,马光荣.中小金融机构与中小企业贷款[J].经济研究,2017(8):65-77.
[13]KRUEGER A O.Government,trade,and economic integration[J].The American Economic Review,1992,82(2):109-114.
[14]DUTTA J,KAPUR S.Liquidity preference and financial intermediation[J].The Review of Economic Studies,1998,65(3):551-572.
[15]MCKINNON R I.Money and capital in economic development[M].Washington DC:Brookings Institution,1973:679-702.
[16]张杰.中国金融改革的制度逻辑[M].北京:中国人民大学出版社,2015.
[17]余明桂,潘红波.政府干预、法治、金融发展与国有企业银行贷款[J].金融研究,2008(9):1-22.
[18]王凤荣.政府竞争视角下的企业并购与产业整合研究[M].北京:社会科学文献出版社,2016.
[19]戴金平,金永军,刘斌.资本监管、银行信贷与货币政策非对称效应[J].经济学(季刊),2008(2):481-508.
[20]胡迺武,范炳龙.经济增速换档期的中国经济增长和产业结构调整[J].经济纵横,2014(10):1-3.
[21]沈坤荣,滕永乐.“结构性”减速下的中国经济增长[J].经济学家,2013(8):29-38.
[22]洪银兴.论中高速增长新常态及其支撑常态[J].经济学动态,2014(11):4-7.
[23]刘海明,曹廷求.宏观经济不确定性、政府干预与信贷资源配置[J].经济管理,2015(6):1-11.
[24]郭峰.政府干预视角下的地方金融:一个文献综述[J].金融评论,2016(3):67-79,125.
[25]中国经济增长前沿课题组,张平,刘霞辉,等.中国经济长期增长路径、效率与潜在增长水平[J].经济研究,2012(11):4-17,75.
[26]STIGLITZ J E,WEISS A.Credit rationing in markets with imperfect information[J].The American Economic Review,1981,71(3):393-410.
[27]BERGER A N,UDELL G F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking & Finance,1998,22(6-8):613-673.
[28]唐清泉,巫岑.银行业结构与企业创新活动的融资约束[J].金融研究,2015(7):116-134.
[29]LIN J Y,CAI F,LI Z.Competition,policy burdens,and state-owned enterprise reform[J].The American Economic Review,1998,88(2):422-427.
[30]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007(7):36-50.
[31]姚耀军.政府干预、银行中介发展与经济增长[J].财经问题研究,2010(8):52-58.
[32]曹廷求,张光利.市场约束、政府干预与城市商业银行风险承担[J].金融论坛,2011(2):3-14.
[33]王凤荣,苗妙.税收竞争、区域环境与资本跨区流动——基于企业异地并购视角的实证研究[J].经济研究,2015(2):16-30.
[34]唐雪松,周晓苏,马如静.政府干预、GDP增长与地方国企过度投资[J].金融研究,2010(8):33-48.
[35]张平.“结构性”减速下的中国宏观政策和制度机制选择[J].经济学动态,2012(10):3-9.
[36]刘达禹,刘金全,于洋.新常态下中国经济周期波动的趋势性特征及其驱动因素研究[J].江海学刊,2017(2):86-92,238.
[37]刘树成.防止经济增速一路下行——2015—2020年中国经济走势分析[J].经济学动态,2015(3):4-8.
[38]王小鲁,樊纲,余文静.中国分省份市场化指数报告:2016[M].北京:社会科学文献出版社,2017.
[39]陈信元,黄俊.政府干预、多元化经营与公司业绩[J].管理世界,2007(1):92-97.
[40]王凤荣,高飞.政府干预、企业生命周期与并购绩效——基于我国地方国有上市公司的经验数据[J].金融研究,2012(12):137-150.
[41]ALMEIDA H,CAMPELLO M,WEISBCH M S.The cash flow sensitivity of cash[J].The Journal of Finance,2004,59(4):1777-1804.
[42]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2011年报告[M].北京:北京科学出版社,2011.
[43]世界银行.政府治理、投资环境与和谐社会:中国120个城市竞争力的提升[M].北京:中国财政经济出版社,2007.
[44]潘红波,夏新平,余明桂.政府干预、政治关联与地方国有企业并购[J].经济研究,2008(4):41-52.