高管金融素养是否影响企业金融排斥?——基于缓解中小企业融资难的视角

Can Executives' Financial Literacy Affect the Financial Exclusion of Enterprises?Based on the Perspective of Financial Exclusion of Small and Medium Enterprises

民营企业融资难等问题的理论视角的界定即为企业的金融排斥。已有研究多从宏观视角研究企业金融排斥问题。那么企业高管的金融素养能否改进企业的金融排斥状况?笔者使用课题组于2017年开展的京津冀、江浙沪和广东三个地区(省份)企业的调查数据,分析企业金融排斥指标,构建企业高管金融素养与企业金融排斥水平之间的关系模型并进行实证检验。研究结果表明,高管金融素养的提高可以显著降低企业受到金融排斥的概率,进一步机制检验表明,高管金融素养通过影响企业风险管理能力和现金流管理能力影响企业金融排斥。因此,提升高管金融素养对缓解企业金融排斥具有一定的实践意义,地方政府、企业推进高管素养提升是解决中小企业融资难问题的着力点。

The definition of the theoretical perspective of the financing difficulties of private enterprises is the financial exclusion of enterprises. Most of the current studies focus on corporate financial exclusion from a macro perspective. Can the financial literacy of executives polish up financial exclusion? Based on the survey data of enterprises in Beijing,Tianjin,Hebei,Jiangsu,Zhejiang,Shanghai and Guangdong in 2017,this paper analyses the index of Financial Exclusion of enterprises,builds a model of between the financial literacy of executives and the level of Financial Exclusion of enterprises,and conducts an empirical test. The results show that the improvement of senior managers’ financial literacy can significantly reduce the probability of financial exclusion. Further mechanism tests show that senior managers’ financial literacy affects corporate financial exclusion by influencing corporate risk management ability and cash flow management ability. Therefore,improving the financial literacy of senior managers has some practical significance to alleviate the financial exclusion of enterprises. Promoting the financial literacy of senior managers by local governments and enterprises is the key point to solve the financing difficulties of small and medium-sized enterprises.