金融科技、银行业结构与中小企业融资——基于新结构经济学的视角

Fintech,Banking Structure and SME Financing:from the Perspective of New Structural Economics

中小企业融资难问题一直存在,要从根本上解决这一问题,关键在于发展与企业规模相匹配的银行业结构,同时运用金融科技进行银行数字化转型。利用2011-2017年各省的银行业结构数据和中小企业的微观财务数据,运用北京大学数字金融研究中心编制的数字普惠金融指数进行系统GMM估计和地区分析,并通过静态面板检验和新数据检验来进行稳健性分析,得到如下结论:(1)我国的银行业结构应以中小银行为主导,以中小银行比重来衡量的银行业结构对于中小企业融资的影响是倒U型机制。(2)金融科技的发展使中小银行更加适合为中小企业服务,但目前仍没有使大银行完全克服不能较好地服务中小企业的先天劣势。(3)从金融科技结构来看,中小银行有利于提高放贷的覆盖广度,但是不可忽视大银行在使用深度和数字化程度方面的后发优势。(4)在经济更发达的东部地区对大银行的需求要高于非东部地区。

The key to overcoming the difficulties of SMEs(small and medium-sized enterprises)lies in two aspects:the development of a banking structure that matches the scale of enterprises and the application of Fintech(financial technology)to the digital transformation of banks.By using the structural data of the banking industry and micro financial data of SMEs in different provinces(2011-2017)and adopting the Digital Inclusive Financial Index compiled by the Research Center for Digital Finance of Peking University for SYS-GMM estimation and regional analysis,we conducted the robustness analysis through static panel test and new data test.We come to the following conclusions.First,small and medium-sized banks should play a dominant role in the banking structure and the influence,measured by the proportion of small and medium-sized banks on the financing of SMEs,takes on an inverted U-shape.Second,the development of Fintech makes small and medium-sized Banks more suitable in serving SMEs while big banks are yet to fully overcome the inherent disadvantage in serving SMEs.Third,from the perspective of Fintech structure,small and medium-sized banks take the edge in expanding the lending coverage while larger banks are more competitive in terms of the extent of usage and the degree of digitalization.Fourth,demand for big banks is higher in the more economically developed East China than in other regions.