提高银行资本能缓解小微企业融资难问题吗——基于小微企业贷款风险权重降低改革的讨论

CAN INCREASING BANK CAPITAL ALLEVIATE THE DIFFICULTY OF SMALL AND MICRO-SIZED ENTERPRISE FINANCING——Based on the Reform of Small and Micro-sized Enterprise Loan Lower Risk Weight

本文以银行资本为切入点,从银行提供小微企业贷款的角度,探讨解决小微企业融资难问题可能的路径。新资本监管降低了小微企业贷款的风险权重,改革前后可以视为"准自然实验"。通过构建双重差分模型,本文深入研究银行资本与小微企业贷款的关系,并对"小银行优势理论"进行再检验。结果表明:(1)小微企业贷款风险权重优惠政策显著促进了银行发放小微企业贷款,特别是对小银行来说,政策效果更好;(2)在优惠政策实施之前,资本水平较高的银行会紧缩小微企业贷款,而且这种惜贷行为在大银行中尤为突出;(3)在优惠政策实施之后,资本水平越高的银行对小微企业贷款的偏好反而越强,且这一促进作用的力度在大银行中更为显著。因此,应当继续执行小微企业贷款风险权重优惠,提高银行资本水平,构建多层次银行金融体系,以缓解小微企业融资难问题。

This paper discusses the possible paths to solve the problem of small and micro-sized enterprise financing difficulty from the perspective of bank capital. The new capital regulatory framework requires small and micro-sized enterprise loan a favorable risk weighting, which can be regarded as a ＂natural experiment＂. This paper studies the relationship between the quality of bank capital and the small and micro-sized enterprise loan and probes into the theory of ＂small bank advantage＂ with the DID model. The empirical analysis yields the following results. First, the policy that small and micro-sized enterprise loan has lower risk weighting improves the bank lending for small and micro-sized enterprise significantly, es- pecially for small banks. Second, before the policy implements, higher quality levels of capital banks will squeeze small and micro-sized loans, and this is particularly in big banks. Third, when the policy implements, the higher capital of bank＇ preference to lend to small and micro-sized enterprise become stronger and also is remarkable in the big banks. To implement favorable risk weighting in small micro enterprise loan, improve the quality of banks＇ capital and build a multi-level bank financial system can relieve the small and micro-sized enterprise financing problem effectively.