中小金融机构的发展缓解了中小企业融资约束吗?——基于地区制度环境差异化的研究

Has the Development of Small & Medium-Sized Financial Institutions Reduced the Financing Constraints on SMEs?——A Research Based on Difference in Regional System Environment

本文基于世界银行2012年针对中国25个城市的民营企业调查数据,实证研究不同地区制度环境背景下中小金融机构的发展对中小企业融资约束的影响。结果表明:一方面中小金融机构的发展有利于缓解中小企业融资约束,且规模越小的企业受益越大;另一方面,良好的制度环境是实现中小金融机构服务中小企业融资的有力保障。金融市场化程度的提高和法制信用环境的改善会强化中小金融机构服务中小企业融资的正向作用;而经济落后地区由于金融资源缺乏,更需要设立大量中小金融机构以支持中小企业发展。

Based on the data of a private-enterprise survey performed by the World Bank in China＇s 25 cities in 2012, this paper presents an empirical research on the influence of the development of small ＆ medium-sized financial institu- tions on the financing constraints on SMEs in different regional institutional environment. The results of the paper show that, on the one hand, the development of small ＆ medium-sized financial institutions helps reduce the financing con- straints, and the smaller the size of a firm, the greater the benefit it gains; on the other hand, a good institutional environ- ment is an institutional guarantee for small ＆ medium-sized financial institutions to support the financing of SMEs. The increase in the level of financial liberalization and improvement in legal and credit environment will strengthen the posi- tive effects of small ＆ medium-sized financial institutions to support the financing of SMEs; however, the economically undeveloped areas need more small ＆ medium-sized financial institutions to support the development of SMEs due to lack of financial resources.