宏观经济波动、信用倾向与中小企业融资方式——基于中小上市公司的实证分析

Fluctuation in Macroeconomy, Credit Preference and SME Financing Mode——An Empirical Analysis Based on Listed SMEs

本文利用2004~2014年中小上市公司的非平衡面板数据进行实证分析,结果表明：在经济下行期,中小企业获得的银行信贷严重下滑,而商业信贷与民间借贷显著上升,显示后两者对银行信贷存在替代性,且商业信贷的替代作用较大。另外,不同信用倾向企业的替代效应有所差异,信用倾向低的中小企业面临银行信贷减少的冲击更大,其利用商业信贷进行替代性融资的程度也更高,但信用倾向对其获得民间借贷的影响不显著。

In this paper, the unbalanced panel data of listed SMEs during 2004-2014 are used for the empirical analy- sis. The conclusions of the paper show that： the bank credits of SMEs decline greatly but the commercial credits and pri- vate lending increase significantly, which indicates the commercial credits and private lending play a substituting role to bank credits, and the substituting effect of commercial credits is greater relatively. In addition, the substituting effect varies in enterprises with different credit preference; the low-credit-preference SMEs are impacted more by decrease in bank credits, and they more possibly make use of the commercial credits for substituting financing, but the influence of credit preference on gaining private lending is not significant.