新冠肺炎疫情下的融资决策及政策需求研究

Research on Financing Decisions and Policy Requirement During the COVID-19 Epidemic

新冠肺炎疫情的暴发和扩散对企业经济活动产生了重大的影响,作为资金供方的金融机构和助贷机构同样会受到疫情的影响而改变融资的决策,进而直接影响到作为资金需方各个行业中的企业。文章通过对300家融资机构的调查研究发现,融资机构预期客户受疫情影响发生融资违约的概率增加,但融资利率上浮的可能性不大,反而预期融资机构很可能在疫情期复工后提供更多的融资。同时,融资展开面受疫情影响将会紧缩,部分行业中的企业不再能够轻易获得融资,但也有一些受疫情刺激增长的行业将会获得更多的融资。融资机构对于政策也有自身的需求,其中共性需求包括政府开放数据和解决核心企业不配合、不确权、不及时支付等问题。在新基建的时代背景下,融资机构也对监管机制产生了新的需求。

The COVID-19 epidemic has had a significant impact on corporate economic activities.Financial institutions will also be affected by the epidemic and change their financing decisions,which will directly affect SMEs fundraising.Through the investigation and research of 300 financing institutions,this paper finds that financing institutions predict most of customers to be affected by the epidemic,and the probability of financing default will increase,but financing interest rate will not be raised.On the contrary,it is expected that financing institutions may provide more capital during the epidemic period.At the same time,the scope of financing will be tightened due to the impact of the epidemic,and companies in some industries will no longer be able to easily obtain financing,while some others will increase their financing volume.Our research also points out that financing institutions also have requirement for policy changing,including opening of public data and cooperation by core companies,as well as swift payment.In the era of new infrastructure,financing institutions have also asked for smart regulatory mechanisms.