去杠杆背景下差别化信贷政策缓解了小微企业融资贵吗?——基于自然实验的设计

Does the differential credit policy alleviate the financing cost of small and micro enterprises in the context of de-leveraging?——Design based on a natural experiment

中国在现阶段同时面临经济转型升级和处置系统性金融风险两大目标和难题,促进小微企业发展提供了部分的战略支持方案,但小微企业普遍面临融资困境,而去杠杆可能使这一困境"雪上加霜"。本文对去杠杆背景下国家针对小微企业实施的有差别的信贷政策缓解小微企业"融资贵"的效果进行了评估。理论上发现,差别化信贷政策可以直接作用于银行信贷市场与间接作用于民间借贷市场对小微企业贷款利率产生影响;基于网贷大样本微观数据、自然实验设计及PSM估计的实证结果表明,2016-2017年在同期金融机构人民币贷款平均利率上升0.44个百分点的情况下,差别化信贷政策使小微企业网贷利率下降了0.32个百分点,小微企业融资贵状况得到一定改善。使用多种稳健性检验方法的结果表明上述结论依然成立。进一步研究发现,差别化信贷政策在不同行业、借款人是否拥有抵押品的小微企业群组中产生了异质性效果。本文的研究从理论和实证两方面支持了国家实施的差别化信贷政策。但小微企业融资贵困境要想得到根本扭转还需构建一套综合治理体系,我们提出了一些有益的参考。

At present,China is faced with two major goals and problems of economic transformation and upgrading and systematic financial risk disposal.Promoting the development of small and micro enterprises provides some strategic support programs.However,these enterprises are generally faced with financing difficulties,and deleveraging may make this dilemma worse.This paper evaluates the effect of differential credit policies implemented by the state to alleviate the"expensive financing"of small and micro enterprises in the context of deleveraging.In theory,it is found that differential credit policy can directly affect the bank credit market and indirectly affect the private lending market to reduce the loan interest rate of small and micro enterprises.This conclusion is valid with robustness test.Further research shows that differential credit polices have heterogeneous effects in different groups of small and micro enterprises.The paper theoretically and empirically supports the differential credit policy implemented by the state.However,in order to fundamentally reverse the financing dilemma of small and micro enterprises,it is necessary to build a comprehensive governance system,and this paper puts forward some useful references.