营商环境、债务来源与融资歧视--基于契约异质性视角的实证研究

Business Environment,Debt Source and Financing Discrimination:An Empirical Research from the Perspective of Contract Heterogeneity

基于中央关于"深化金融供给侧结构性改革"的布局要求,从债务契约异质性的角度剖析了营商环境对企业债务来源及融资歧视问题的影响机制,同时构建对照组利用我国制造企业大样本数据进行多角度微观实证分析。研究发现:在信息不对称的情况下,地区营商环境的改善可以通过降低债务违约风险、弥补契约的不完全性影响企业债务来源结构,更具保障性的银行贷款会逐渐取代偏向于非正式契约的商业信用,并且这种作用会因产业异质特征而存在差异。进一步研究表明,地区营商环境优化会使银行贷款等正规渠道金融资源向中小企业和非国有企业转移,缓解了融资歧视问题,提高了金融资源的利用效率。因此,提升营商环境是改善地区银行信贷结构、促进中小企业和非国有经济发展以及助推产业升级的重要手段。

According to the layout requirements of the Central Committee of the Communist Party of China about"deepening supply-side structural reform in the financial sector",this paper analyzes the influencing mechanism of the business environment on the source of corporate debt and financing discrimination from the perspective of contract heterogeneity;meanwhile it uses big sample data of manufacturing enterprises in China and builds a control group to conduct a multi-angle microscopic empirical analysis.The findings show that under information asymmetry,the improvement of regional business environment can be achieved through reducing the risks of debt default and making up the incompleteness of contract to affect the source structure of corporate debt.More guaranteed bank loans will gradually replace commercial credit which is biased towards informal contracts.This effect will be different because of the characteristics of industrial heterogeneity.The results of further study indicate that the optimization of regional business environment would make the finance resources from formal channels,such as bank loans,flow to SMEs and non SOEs,which can alleviate financing discrimination problems and improve the utilization efficiency of the financial resources.Therefore,to promote the business environment is a significant means to improve the credit structure of regional banks,to promote the economic development of SMEs and non SOEs,and to boost industrial upgrading.