金融发展、银行业市场结构与中小企业创业

Financial Development、Banking Structure and Entrepreneurship in China

金融发展和银行业市场结构对创业型中小企业的融资能力有着直接影响，是影响中小企业创业活力的重要因素。本文采用中国大陆231个城市1990—2009年历年第一次登记注册的民营企业数量作为衡量中小企业创业活跃程度的指标，建立面板数据联立方程，采用完全信息极大似然估计和三阶段最小二乘估计实证检验了金融发展、银行业市场结构对于我国中小企业创业行为的影响。实证结果表明，金融发展程度的提高有效降低了银行业的垄断水平，对区域内中小企业创业的间接促进效应甚至超过了其直接促进效应；银行业垄断性市场结构对于中小企业创业产生了阻碍作用；分区域的回归结果表明，金融发展和银行业市场结构对中西部地区中小企业创业的影响要显著高于东部地区。

This paper constructs a simultaneous function model with employment of panel data of 1990 ~ 2009 with 3SLS and FIML to test the financial development and banking structure＇ s influences on the entrepreneurship. The result shows that at the national level, financial development degrades the monopolized banking market structure, which stresses negative impacts on entrepreneurship, and then enhances the entrepreneurship significantly; meanwhile the effects are quite heterogeneous between different ownership firms. At the regional level, financial development and banking structure shows stronger impacts on entrepreneurship in the middle and west region than that in the east.