正规金融与小额贷款公司发展——基于山东省县域面板数据的经验研究

Formal Finance and Development of Micro-credit Companies——Empirical Study Based on Panel Data of Counties in Shandong Province

正规金融主要通过理性羊群效应、竞争效应和合作效应三种机制来影响小额贷款公司发展。在理论分析基础上,使用2009-2014年的山东省县域面板数据,选择一个县"每万人银行类金融机构数量"作为测度该县正规金融发展程度的主要变量,实证检验了正规金融对小额贷款公司发展的影响。结果表明,正规金融对小额贷款公司发展有显著影响,正规金融越落后的县域,每万人小额贷款公司数量和人均小额贷款公司资本越少。这样发展下去,会导致不同县域之间的小额贷款公司发展和整体金融发展差距逐渐扩大。这些研究结论对完善我国不同地区的小额贷款公司差异化监管和促进我国普惠金融发展具有一定启示。

This paper holds the opinion that formal finance influences the miro-credit companies＇ development mainly through rational herd effect,competition effect and co-operation effect.On the basis of theoretical analysis,this paper empirically tests the impact of formal financial repression on the development of micro-credit companies,using panel data of counties in Shandong Provinces from2009 to 2014and choosing ＂bank institutions per 10000persons＂as the core indicator of formal financial development. The results show that formal finance has remarkable effect on the development of micro-credit companies.Specifically,the lower the degree of formal financial development is,the less the number of micro-credit companies per 10000 persons and the microcredit company capital per capital are.If things keep going like this,the gap of micro-credit company development and whole financial development among counties expands gradually.These research conclusions will have certain enlightenment on perfecting differentiated regulation of micro-credit companies and improving inclusive finance development in different regions.