金融自由化、银行竞争与中小企业投资效率——基于融资约束视角

Financial Liberalization,Bank Competition and SMEs’ Investment Efficiency——Based on Financing Constraints

本文对金融自由化以及银行竞争的加剧对中小企业融资约束和投资效率的影响进行了理论分析,依次阐述了中小企业的经营特征、融资特点,银行竞争对减轻中小企业资金压力的明显作用以及金融自由化的主要方向,随后分析得出竞争程度上升的银行体系将提高中小企业的信贷可得性、加强融资时效性、发挥银行贷后监督优势和强化负债治理作用,从而改善中小企业投资效率。本文从理论上证明了金融自由化、银行竞争加剧在缓解融资约束、提高投资效率中的重要意义以及融资约束在银行竞争和中小企业投资效率之间的中介作用。

According to the theories on financial structure,the structure of financial system should be highly adaptable to economic development stage instead of keeping static in a country.It can be expected that ideal banking structure of China should meet the funding needs of SMEs.Compared to a market dominated by state-owned banks,the market that small and medium-sized banks play a more important role is more aligned with the financing demand of SMEs,which are equipped with stronger market awareness,higher operating efficiency and more flexible mechanisms.Therefore,exploring the effect of financial liberalization and bank competition on investment efficiency of SMEs based on financing constraints is important for SMEs’growth,financial reform and economic development.On the basis of relevant research at home and abroad,this paper elaborates SMEs’operating and financing traits and the advantages of financial liberalization and a highly competitive banking industry in distributing SME Loans.Then,it explains the reasons why bank competition has positive effects on both SME’s financing and investment efficiency theoretically.With the support of the theoretical analysis,this paper takes the listed companies on SME board from 2009 to 2016 as the research sample and constructs Richardson Model and Intermediary-effect Test Models.The empirical results show that higher competition degree of banking industry can ease the financing constraints and improve the investment efficiency of SMEs.This study further reveals the path-role of the financing constraints between bank competition and investment efficiency of SMEs.