金融关联对民营企业融资约束影响分析

Analysis of the Influence of Financial Relationships on Financing Dilemma of Small and Medium-sized Enterprises

国有企业改革以来,民营企业逐步成为国民经济迅速增长的主导引擎,但由于我国经济发展仍处于转型阶段,信贷配给不平衡、金融体制及资本市场不完善等问题严重影响民营企业融资,导致其可获取的信贷资源十分有限。此在背景下,本文以Allen提出的声誉效应和关系机制为基础,结合相关理论,探究民营企业建立金融关联是否可以帮助民营企业获得稳定足够的信贷支持,从而缓解外部融资约束,提出相关对策建议,为民营企业进一步做大做强奠定基础。

Since the reform of China state-owned enterprises, small and medium-sized enterprises gradually become the leading engine of national economic growth. However, the economic development of China is still at the stage of transformation with imbalanced credit rationing, imperfect financial system, and capital market and other issues which have serious impacts on the financing procession of small and medium-sized enterprises, leading to limited access to credit resources. Under this background, combining with the related theory, this paper studies whether the establishment of financial relationships can help small and medium-sized enterprises obtain stable and adequate credit support or not, so as to ease the external financing constraints based on the reputation and relationships proposed by Allen（2005）, and then puts forward countermeasures and suggestions which can lay the foundation for small and medium-sized enterprises＇ further development and expansion.