中小企业融资约束研究:政策的有效性与政策的着力点

Research on Financing Constraints of Small and Medium-sized Enterprises:Effectiveness and Focus of Policies

本文选取2018—2020年上市中小企业、银行作为研究样本,实证分析评估出台的政策效果。研究发现,减税让利政策直接有效地减轻了企业负担、缓解资金压力;银行遵循市场化规律服务企业发展,其资金成本、风险防控能力、金融科技水平等经营要素决定了落实中小企业纾困解困政策的力度,这体现在大型银行推进普惠金融服务的力度明显大于中小银行。因此,提高政策有效性的关键,除了要找准中小企业融资需求痛点,更要找准政策执行的难点,通过加强银行治理结构、完善内控机制建设、提高金融科技赋能等措施,有效激发银行执行政策的内生动力,缓解中小企业融资约束。

This paper selects the listed SMEs and banks from 2018 to 2020 as the research samples,and uses empirical analysis to evaluate the impact of the fiscal and monetary policy such as tax reduction and interest concession and increasing credit support on the financing constraints of SMEs.The results show that the tax reduction and profit sharing policy can directly and effectively reduce the burden of enterprises and relieve the pressure of capital;banks follow the market-oriented law to serve the development of enterprises,and their capital cost,risk prevention and control ability,financial technology level and other business factors determine the implementation of the rescue policy for small and medium-sized enterprises.The state-owned large commercial banks have the capital cost advantage brought by a large number of financial deposits and enterprise deposits as well as the political position of the central management cadres as senior managers,so they have made greater efforts to promote inclusive financial services than small and medium-sized banks.Therefore,the key to improve the effectiveness of policies is not only to find out the pain points of SMEs’financing demand,but also to find out the difficulties of policy implementation.By strengthening the bank governance structure,improving the construction of internal control mechanism,improving the financial technology empowerment and other measures,we can effectively stimulate the endogenous motivation of banks to implement policies and ease the financing constraints of small and medium-sized enterprises.