谁在为小微企业融资:一个经济解释

Which Kind of Financial Institutions is the Most Important for SMEs Lending?——A New Explanation Based on New Data

时下主流观点认为,金融机构与其融资对象之间存在规模对应规则。然而,我们的观察结果是,2008年以来,大银行机构表现出了面向小微企业融资的积极取向,为小微企业融资的金融机构格局出现逆转,上述主流观点之实践异象恒定。我们的推测是,信贷技术水平提高、信用环境改善、监管部门政策偏好以及大银行机构市场布局等,以及由此引致的银行机构利润结构的变化,是上述异象的致因。如此变化所承托的中国银行业结构乃至整体金融结构变迁的政策导向,值得中国金融监管当局的关注。

Nowadays, the mainstream view holds that banking institutions correspond with their financing objects naturally. However, our observation is that, since 2008 big banks have shown a positive orientation for small micro-enterprises＇ lending market. The small micro-enterprise＇ financial institution structure is undergoing a transition. Our guess is that, the improvement of lending technology and credit environment, financial regulator＇s policy preference, big banks＇ market layout change, and the change of banking institution＇s profit structure are the causes. The policy orientation regarding the changes of China＇s banking structure and even the financial structure is worthy of China financial regulation institutions＇ concern.