中小企业金融排斥的财务结构效应--来自我国中小企业板上市公司的微观证据

A Research on Financial Structure Effect of Financial Exclusion of SMEs in China——Based on the Panel Data from SME Board

中小企业遭受的金融排斥可细分为地理排斥、评估排斥、技术条件排斥。本文以中小企业板上市公司为样本,构建了企业财务结构与金融地理排斥、评估排斥、技术条件排斥之间的关系模型,检验不同金融排斥对企业财务结构的影响。结果显示,金融评估排斥增加了中小企业内源融资与非银行融资的比重;而金融地理排斥与技术条件排斥使得企业短期债务率提高,债务短期化程度加重,降低了企业财务的稳健性与可持续性。改善中小企业财务结构,一方面需要从缓解金融排斥入手,增加中小企业担保机制,加强金融机构建设,推进信息化云平台建设;另一方面,需要规范、适度鼓励非金融机构的发展,拓宽企业融资渠道,并提高企业资产担保能力,提升信誉,增强企业的内涵竞争力。

Financial exclusion behaves as financing difficulty from the formal channels and high expense of financial resource from non-bank financing institutions.More precisely,due to severe financial exclusion,small and medium-sized enterprises（SMEs） tends to financing from both endogenous and non-bank fund-raising channels.And companies from SME board are characterized with lower debt ratio,higher short-term debt ratio and endogenous financing ratio compared to those from main board,which may affect their financial soundness.Therefore,we can find that financial exclusion influences the financial structure of different sized enterprises in different ways.It is questioned that the above particular financial structure effect of SMEs is caused by financial exclusion.And it is essential to find out the relationships between financial exclusion and financial structure of SMEs with the empirical test.The reported researches on the influencing factors of corporate financial structure mainly focus on corporate interior condition of financial affair and institution perspective,which aims to find ways for improving the financing environment.And these works mainly focus on mainboard companies,rather than SME board enterprises.In addition,the researches on SME board are not universal as their research objects are limited to cross section or a single province.And it is essential to study the SMEs＇ financial structure from the perspective of financial exclusion.Based on the investigation results of enterprise financing structure and the theory of financial exclusion,this study constructs a relational model between financial structure and three financial exclusion indicators which aims to inspect the effects of financial exclusion on the SMEs＇ financial structure.The financial exclusion indicators are selected from the perspective of supply-side initiative exclusion and technical condition exclusion including assessment exclusion,access exclusion and information technology exclusion.The results indicate that the SMEs witness an improvement of financial structure with the slowdown in the degree of financial exclusion.Specifically,the improvement of assessment exclusion can significantly promote bank financing conditions and decrease non-bank ratio and endogenous ratio.And the increase of density of financial branch distribution and level of information technology application is helpful for the debt maturity structure.In other words,assessment exclusion results in bank financing difficulty and increases endogenous financing ratio and non-bank financing ratio,while access exclusion and information technology exclusion aggravate financing term structure.This makes SMEs confront with liquidity risk and the rising of financial costs,which may lead to a lack of financial soundness and sustainability.Once encountering exterior impulsion,the SMEs would fall into crises disastrously.Meanwhile,this study provides a good guidance to the implementation of the improvement of SMEs＇ financial structure from the perspective of financial exclusion.On one side,SMEs guarantee mechanism,information cloud platform and informal institutions should be constructed.To reduce adverse selection,assessment exclusion can be improved by setting up mutually guaranteed bonds of SMEs and assessment procedure of financial institutions.The local medium and small financial institutions have comparative advantage to weaken the information asymmetry by moral hazard and adverse selection compared with the large financial institutions.Therefore,small and mediumsized financial institutions should be constructed in order to improve geographical accessibility.Moreover,we should propel the building of information infrastructure especially in central and western regions to push the process of enterprise information application.On the other side,non-financial institutions should be encouraged and developed to expand the financing channels for SMEs.Last but not the least,SMEs should take measures to improve their own quality initiatively,such as expanding business scale and enhancing asset backed capacity.