民间借贷利率规制放宽与中小企业融资约束——基于中小板和创业板的经验证据

Relaxation of Interest Rate Regulation of Private Lending and Financing Constraints of SMEs——Empirical Evidence Based on SME Board and GEM

本文以2011~2019年沪深A股中小板和创业板上市企业为样本,基于信号理论的拓展性运用,以“借贷规定”正式实施作为准自然实验,采用双重差分法实证评估了以“借贷规定”正式实施为标志的民间借贷利率规制放宽对中小企业融资约束的影响。研究表明,民间借贷利率规制放宽能够显著缓解中小企业的融资约束,而这种缓解主要是由激励中小企业提高治理水平和扩大中小企业金融可得性而实现的。进一步研究发现,民间借贷利率规制放宽对处于成长期、行业竞争激烈、位于金融发展水平较高地区和司法透明度较高地区的中小企业的融资约束缓解作用更加明显。本研究对缓解中小企业融资约束和推动民间借贷协同治理具有一定的参考价值。

Based on extended application of the signal theory and the panel data from Shanghai and Shenzhen A-share SME board and GEM listed enterprises between 2011 and 2019,this paper takes the formal implementation of the“lending regulations”as a quasi-natural experiment,and empirically evaluates the impact of the relaxation of private lending interest rate regulation marked by the formal implementation of the“lending regulations”on the financing constraints of small and medium-sized enterprises by using differences in differences(DID).The empirical results show that the relaxation of private lending interest rate regulation can significantly alleviate the financing constraints of SMEs.The relaxation of private lending interest rate regulation can also encourage small and mediumsized enterprises to improve their govemance level,thereby alleviating their financing constraints.Further research finds that the relaxation of interest rate regulation on private lending has a more obvious mitigation effect on the financing constraints of small and medium-sized enterprises in the growth period,intense industry competition,areas with high levels of financial development or areas;with high judicial transparency.This study has a certain reference value for alleviating financing constraints of SMEs and promoting the collaborative governance of private lending.