流动性创造视域下银行支持中小企业高质量发展研究

Research on Banks Supporting SMEs’High-Quality Development from the Perspective of Liquidity Creation

本文采用中小板企业2006~2017年财务数据,实证分析银行流动性创造在推动中小企业发展中的作用,结果表明:商业银行流动性创造水平的提高,在促进中小企业中长期信贷资源获取的同时,刺激了企业金融投资意愿,对中小企业资本性投资形成挤出效应;表外流动性创造对中小企业融资成本有显著负向影响。央行的定向降准政策提高了商业银行流动性创造功能对实体经济的服务能力。因此,商业银行需要进一步发挥表外融资低成本优势,降低中小企业融资成本,引导中小企业进行资本性投资,进而推动中小企业高质量发展。

Based on the financial data of enterprises in SME board during 2006-2017,this paper presents an empirical analysis of the role of bank liquidity creation(LC)in promoting the development of SMEs.It’s found that the improvement of LC level promotes the acquisition of medium and longterm credit resources in SMEs while stimulating their willingness in financial investment and creating crowding-out effect on capital investment;Off-balance sheet LC is significantly negatively related to SMEs’financing costs which show the low-cost benefits of off-balance sheet financing;The central bank’s targeted RRR cuts have improved the ability of LC to serve the real economy.Therefore,commercial banks need to further develop the role in off-balance sheet LC to reduce the financing costs of SMEs,improve their profitability,and guide them to carry out capital investment,thereby promoting the high-quality development of SMEs.