中小银行发展与中小企业融资约束——新结构经济学最优金融结构理论视角下的经验研究

The Development of Small and Medium-sized Banks and the Financing Constraints of SMEs:Empirical Research from the Perspective of Optimal Financial Structure Theory in New Structural Economics

要素禀赋结构决定了中小企业是中国当前最优产业结构中的主要企业类型,中小企业存在融资约束也已然成为各界共识。然而遗憾的是,束缚中小企业发展的瓶颈至今没有突破。文章基于新结构经济学最优金融结构理论视角,以欧拉方程投资模型为基础,利用2006-2011年中小企业板上市公司数据和一阶差分GMM估计方法,系统考察了中小银行发展对于缓解中小企业融资约束的重要性。研究发现,银行中介与金融市场的比例构成、金融发展和贷款利率浮动这三个因素对中小企业融资约束具有重要影响的判断无法获得经验证据的支持,而中小银行发展则显著降低了企业投资对现金流的敏感性,有效缓解了中小企业融资约束。同时,稳健性检验表明,中小企业投资对现金流的敏感性源于融资约束而非代理冲突。文章的政策含义是,与推动总量上的金融发展及放松利率管制相比,以发展中小银行为核心内容的金融结构改革应在中国金融改革中占优先地位。

Although factor endowment structure determines that the small and medium-sized enterprises （SMEs）are the main business type in current Chinese optimal industrial structure.And the financing con- straints of SMEs have been a consensus, but unfortunately the bottleneck problem of financing con- straints bounding the development of SMEs has not been solved so far. From the perspective of optimal financial structure theory in new structural economics,based on Euler equation investment model, this paper systematically investigates the importance of the development of small and medium-sized banks to the remission of financing constraints of SMEs by the data of listed companies from SMEs board from 2006 to 2011 and the first-order difference GMM. It arrives at the conclusions that the important effects of the proportion constitution of banks as financial intermediation and financial market, financial development and floating rate loans on financing constraints of SMEs have no support from empirical evidence, and the development of small and medium-sized banks significantly reduces the sensitivity of investment to cash flow and effectively relieves financing constraints of SMEs. At the same time, ro- bustness test shows that the sensitivity of investment of SMEs to cash flow results from financing con- straints rather than principle conflicts. It provides the policy implication that compared with financial development at the total level and relaxing the control of interest rates, the reform of financial structure focusing on the development of small and medium-sized banks should have the dominance in financial reform in China.