所有制类型对我国企业借贷成本的影响及民营企业的应对措施

Firm Ownership,Corporate Financing,and Trade Credit in China

现有观点认为,以中小企业为主的民营企业受其规模限制难以从外部获得资金。本文借助2004年全国经济普查数据,对这一观点实证检验。同时还发现即使在控制企业规模的情况下,民营企业的借贷成本仍显著高于国有企业。在此基础上,本文发现民营企业解决借贷难问题的一个重要途径,即企业间贸易信贷。相信本文的研究发现对中国和其他国家的金融改革有一定的启示意义。

It is believed that the small size of typical private firms in China explains the difficulty faced by these firms in accessing financial resources. We use the 2004 economic census data to empirically test this hypothesis and find that private firms＂ borrowing costs are significantly higher than those of state-owned enterprises, even after controlling for firm size and a wide range of other firm characteristics. Furthermore, we discover an important channel through which private firms resolve the problem of securing financial resources, i.e., through inter-firm trade credit. These results have implications on both financial reforms in China and other countries.