银企关系缓解了中小企业融资约束吗——基于投资-现金流模型的检验

Does the Relationship between Banks and Enterprises Relax the Financing Constraints of SMEs?——Based on Testing Investment-Cash Flow Model

国外研究发现,银行的关系型贷款技术能够改善中小企业的融资环境。但是,我国在这方面的研究还存在争议。本文基于上市中小企业的数据,从银行贷款技术入手,利用投资—现金流模型实证研究亲密的银企关系到底能否有效改善中小企业融资约束状态,并最终验证了这一观点。但遗憾的是,在我国只有少量中小企业建立了银企关系,银行对关系型贷款技术的利用率并不高。

Foreign studies find that the relationship-type lending of banks can improve the financing environment of SMEs. But the researches on this problem in our country are controversial. This paper starts from the lending techniques of banks based on the data of the listed SMEs and positively studies whether the close relationship between banks and enterprises can improve the financing constrain conditions of SMEs by using investment-cash flow model and finally verifies the idea. However,it is a pity that only a few SMEs establish the bank-enterprise relationship and the use rate of the relationship-type lending technique is not high.