普惠金融制度降低了小微企业的外部融资成本吗?——基于小额贷款公司与企业代理成本视角

Does Inclusive Finance Institution Reduce the External Financing Cost of Small and Micro Enterprises?——Based on Microfinance Companies and Agency Costs of Enterprises

发展普惠金融是实现中国经济转型升级的重要举措。普惠金融的重点在于向低收入人群、贫困人口和小微企业提供更多的政策扶持。其中小微企业更是我国经济发展的中坚力量,在推动经济增长、企业创新、提高城乡就业问题上发挥了重要作用。小微企业在发展中普遍面临“融资难”“融资贵”的问题,普惠金融是否降低了小微企业的外部融资成本?本文通过实证分析普惠金融对小微企业外源融资成本的作用,实证分析发现普惠金融可以缓解小微企业的信贷成本,但存在地区差异并会受到所在地区营商环境的影响。随后通过小额贷款公司和企业代理成本两种途径分析普惠金融对降低小微企业债务融资成本的机制,最后给出政策建议。

Developing Inclusive Finance is an important measure to achieve China’s economic transformation and upgrading.The focus of Inclusive Finance is to provide more policy support to low-income people,the poor and small and micro enterprises.Among them,small and micro enterprises are the backbone of China’s economic development and have played an important role in promoting economic growth,enterprise innovation and improving urban and rural employment.Small and micro enterprises generally face the problems of"financing difficulty"and"expensive financing"in their development.Has Inclusive Finance reduced the external financing cost of small and micro enterprises?This paper empirically analyzes the role of Inclusive Finance on the external financing cost of small and micro enterprises.The empirical analysis shows that inclusive finance can alleviate the credit cost of small and micro enterprises,but there are regional differences and will be affected by the local business environment.Then this paper analyzes the mechanism of Inclusive Finance to reduce the debt financing cost of small and micro enterprises through two ways:microfinance companies and enterprise agency cost,and finally gives policy suggestions.