银企关系能否缓解中小企业融资约束?

Can the Relationship between Banks and Enterprises Ease the Financing Constraints of SME?

中小企业融资难一直是学界关注的热点、难点问题。基于社会关系网络理论,采用对203家四川中小企业的调研数据,从私人和组织两个层面研究银企关系对企业融资的影响。研究表明:私人层面和组织层面的银企关系均与企业融资成本显著负相关、与融资质量显著正相关,并通过融资条件间接影响企业的融资成本和融资总量。因此,保持良好的组织层面和私人层面的银企关系,都可以降低中小企业的融资成本、提高融资质量;在融资前期应注意组织层面的沟通,以便跨越融资条件的门槛限制;而在融资后期应加强维护私人关系,以便顺利、高效地获得贷款。

It has been a hot and difficult issue about financing constraints of SMEs in academic cycle. Based on social relation network theory, by using the survey data of 203 SMEs in Sichuan, this paper studies the influence of the relationship between banks and enterprises on enterprise financing from the two perspectives of private and organization. The research results show that there is obviously negative relation between the re｜ationship between the banks and the enterprises on private and organization and enterprise financing cost but there is significantly positive relation between it and financing quality, and that the financing cost and total financing amount are indirectly affected via financing conditions. Thus, good relationship between the banks and the enterprises on private and organization level can reduce financing costs and improve the quality of financing. In the early financing stage, the communication on organization level should be noticed in order to surmount the limitation of threshold of financing condition, however, in the late stage, private relation should be consolidated in order to easily and efficiently get loan.