影子银行发展对中国小微企业融资的影响——基于2010—2013年月度数据的实证研究

Impact of Shadow Bank's Development on the Financing of Small and Micro Businesses in China

影子银行的发展对小微企业融资而言是一把"双刃剑",一方面,影子银行作为传统金融机构的补充,使得小微企业融资渠道多元化并为其提供应急性资金,能部分弥补宏观调控带来的流动性风险;而另一方面,影子银行规模的扩展,将在一定程度上削弱商业银行信用创造的功能,抑制货币供给量的增加,加大小微企业融资成本和向银行融资的难度。同时,银行短期贷款利率上升,将在短期内提高小微企业的融资成本,长期将推进利率市场化的进程,改善小微企业融资环境。

The development of shadow banking is a ＂double-edged sword＂ for the small and micro busi- nesses financing. On one hand,as a supplement to traditional Chinese financial institutions,the shadow banking promotes the development of multi-channel financing and provides emergency fund for small busi- nesses,thus it partially compensates for the liquidity risk from the macroeconomic adjustment; on the other hand,the scale expansion of shadow banks will dilute the commercial bank credit creation function to a cer- tain extent,inhibit the increase in money supply,thus increases the cost and difficulty of the financing of small and micro enterprises form the banks. At the same time,the rise of the short-term loans interest rates will increase the financing costs in the short term,while it will promote the marketization of interest rates in the long term,and thus improves the financing environment for the small and micro businesses.