信贷政策结构性变化下的企业融资难问题——基于民营经济发达地区企业用信率的视角

Credit Policy Changes and Difficulties in Financing: In the Perspective of Credit Using Ratio in Developed Private Economy Areas

企业"融资难"程度一直缺乏有效的度量指标,不利于信贷政策实施效果的评估。在获取了民营经济发达的浙江台州地区超过44万条企业授信和用信数据基础上,对可以反映企业"融资难"程度的用信率水平,按授信规模、企业性质、所属行业三个角度,结合信贷政策的变化进行了分类研究讨论。结果显示:企业规模越小,用信率越高;信贷政策收紧时,授信会向大、小两端倾斜,使得中型企业融资难度增大;无论是在信贷政策整体收紧还是放松阶段,授信额在500万元以下的小微企业融资环境近年来有所改善,但是用信率仍稳定在高位;样本地区的实体经济主导产业用信率较高,需要金融进一步支持。

There has always been less way to indicate the degree of 44financing difficulty", thus resulting in unfavorable evaluation of a credit policy. This paper is based on the data of more than 440,000 information of the used credits and the credit amount in Taizhou, Zhejiang Province, a developed area of private economy. We calculate the credit using rate, which may indicate the degree of financing difficulties, and discuss the problem in terms of the size of credit, the nature of a creditor, the industry and the changes of credit policies. Our findings show that the smaller an enterprise is, the higher the credit using rate it has. When a credit policy turns rigid ,the credit is inclined favorably to the enterprises at both ends of the size continuum, thus being more difficult for the medium-sized enterprises in financing. Whether the credit policy is relaxed or not, the enterprises with a credit under RMB ￥5 million are now having their financing environment much improved, and their credit using rates are still stable at a high level. The leading industry' s credit using rates are at a high level, and in need for more financial support.