区域性银行的发展与中小企业融资——基于中国工业企业统计数据的实证研究

The Development of Regional Banks and SME Financing in China:An Empirical Study on Non-listed Manufacturing Firms

本文以城市商业银行为区域性银行的代表,结合2005-2008年中国工业企业调查的面板数据,实证研究了区域性银行的发展能否显著改善本地区企业的融资状况。研究结果表明区域性银行对该地区企业的债务融资、尤其是规模较小企业的融资起到了积极的促进作用,然而对私营企业则采取了较为谨慎的贷款态度。同时,金融市场的良好发展有利于缓解中小企业融资难的问题,并且削弱了企业对城商行的依赖。这些结论丰富了有关区域性银行发展对企业融资影响的研究,为我国平衡发展区域金融市场提供了依据。

Using a large sample of manufacturing firms in China,we empirically investigate the effect of the development of regional banks on the access of firms to bank finances. Using City Commercial Banks（ CCB） as a primary example of regional banks,we find that the development of regional banks is positively associated with the increase of debt ratio in firms in the same region,and the effect is stronger for smaller firms but weaker for private firms,which means city commercial banks are cautious about financing private firms. Moreover,the development of the financial market helps to alleviate financial constraints of SMEs and to reduce their dependence on city commercial banks. Our evidence enriches research related to the effect of the development of regional banks on SMEs financing,and provides the basis for balancing the development of different regions＇ financial markets in China.