基于“小银行优势”视角的中小企业融资问题研究

Research on the SME Financing Problem from the "Small Bank Advantage" Perspective

我国中小企业的融资难问题,可从小银行优势理论和实证研究两个维度得到验证。小银行在组织结构和融资成本上与大银行相比具有天然优势;同时借用社会福利函数加以诠释,无论在松弛还是紧约束条件下,在大、中小企业边际生产率存在差异的前提下,将中小金融机构引入具有垄断特征的银行业会增加社会福利,从而佐证了小银行外在制度安排存在的必要性。利用logistic回归模型对小银行所具有的融资优势进行实证检验,证明了"小银行优势"假说在中国的适用性。因此,宏观制度层面的银行业改革要注重灵活性,要给予中小金融机构充分的发展空间,微观层面的小银行等金融机构发展要注重发挥其特色,选择有效促进当地实体经济发展的经营模式,实现企业和银行双赢发展的目标。

Based on the ＂small bank advantage＂ , this paper attempts to analyze the financing difficulties of small and medium- sized enterprises. From the theoretical and empirical angles, this paper verifies the applicability of the hypothesis in China. This paper provide a feasible solution to the financing problem and put forward some policy enlightenment concerned on the problem. This paper explains that small banks have the natural advantages in the organizational structure and financing cost compared with big banks from the enterprise organization and agency theory. Also using the social welfare function this paper annotates that the social welfare will increase whether in the relaxed or tight constraint conditions as long as the large and small and medium-sized enterprises have difference in marginal productivity. That analysis proves the necessary of small banks external institutional ar- rangement. Using logistic regression model this paper tests that small banks have the advantages in financing and prove the appli- cability of ＂small bank advantage＂ hypothesis in china. With the above analysis, the paper gives the related policy implications. The banking reform should focus on the flexibility in the macro institution. Our country should give sufficient space for the small and medium-sized financial institutions to develop in the system construction. Small banks and other financial institutions should pay attention to develop their characteristics and choose the best development model to suit the level of local economy. Only in this way, can the goal of win-win development be achieved at last.