我国信贷配给决定因素分析——来自企业层面的证据

Access to the Determinants of Credit Rationing:Evidence from Chinese Firms

本文采用世界银行提供的中国企业投融资环境调查数据分析了信贷配给决定因素。我们根据企业的银行贷款需求、申请和实际获得情况甄别出信贷配给,并将其细化为企业自我信贷配给和银行信贷配给两类。针对非随机性信贷配给样本可能导致的样本选择偏误问题,我们采用带删失的Probit模型予以处理。实证结果表明,企业规模、盈利性、是否获得政府贷款帮助以及企业所在省份金融发展和金融市场化程度等都是影响信贷配给的显著因素,但没有发现所有制歧视的证据。

This research investigates the determinants of credit rationing in China, taking full advantage of a firm level survey data from World Bank. Based on firm＇ s demand and availability of bank loans, we identify credit rationed firms and classify them into self - rationing and bank - rationing types. Employing the Probit Model with Censoring to account for the potential selection bias problem caused by non - random nature of our credit rationed sample, we find that firms＇size, profitability, government＇s help as well as financial development and financial marketization are important determinants of credit rationing, but the ownership discrimination in loan market isnt supported by the empirical evidence.