四川省金融发展对中小企业影响的实证分析

An Empirical Analysis of the Impact of Financial Development in Sichuan on Small and Medium-Sized Enterprises

从金融规模、金融系统效率、金融结构优化及金融对外开放等四个层面分析四川省金融发展对中小企业发展的影响,在对指标进行ADF检验、协整检验之后构建VAR模型,并通过脉冲响应分析与方差分解得出如下结论:1、四川省的金融规模扩张、金融系统效率提升以及金融结构优化对中小企业的发展具有正向作用,而金融对外开放并没有很好地促进中小企业的发展;2、金融规模扩张与金融系统的效率提升不仅能够在短期内明显推动中小企业的发展,而且也会长期对中小企业的发展产生较大影响;3、金融结构的优化需要长期的市场化改革过程,才能有效缓解中小企业的融资约束。

This paper analyzes the impact of Sichuan’s financial development on the development of small-and medium-sized enterprises on four dimensions:financial scale,financial system efficiency,financial structure optimization and financial opening-up.After ADF test and co-integration test,a VAR model is constructed.The following conclusions are drawn through impulse response analysis and variance decomposition:1.Sichuan’s financial scale expansion,financial system efficiency improvement and financial structure optimization have positive effects on the development of small-and medium-sized enterprises,while financial opening-up does not promote the development of small-and medium-sized enterprises.2.The expansion of financial scale and the improvement of the efficiency of the financial system can not only significantly promote the development of small-and medium-sized enterprises in the short term,but also have a great impact on the development of small-and medium-sized enterprises in the long term.3.The optimization of financial structure requires a long-term market-oriented reform process to effectively ease the financing constraints on small-and medium-sized enterprises.