经济危机冲击与企业信贷配置——基于中小企业融资的视角

The Impact of Economic Crisis and Enterprise Credit Allocation--Based on the Perspective of SMEs’ Financing

负面外部事件将会对经济发展带来严重冲击,如新型冠状病毒在全球范围内爆发导致了大部分经济体陷入停滞甚至是倒退。为探索经济危机冲击的普遍规律与影响机理,本文以2008年次贷危机冲击为例,探讨经济危机冲击对不同类型企业信贷融资的异质性影响。以沪深A股上市公司为样本,通过对中小企业识别并作为处理组,以大型企业为对照组,构造双重差分估计模型进行分析。研究发现,次贷危机显著降低了中小企业的信贷融资并提高其融资成本,即经济危机加速了信贷资源向大型企业集聚。在宽松货币政策下,中小企业仍然面临着高昂的融资成本,融资难问题更加突出。进一步研究表明,次贷危机冲击主要降低中小企业的短期贷款与融资租赁的比重,并抑制企业的研发创新活动,对中小企业的成长产生负面影响。因此,在面对经济危机冲击时,政府应考虑到信贷资源配置的失衡问题,制定更多保护中小企业的政策,以推动复工复产、恢复经济发展。

Negative external events will have a serious impact on economic development.For example,the global outbreak of the new coronavirus has caused most economies to stagnate or even regress.In order to explore the general logic and influence mechanism of the economic crisis’s impact,this article takes the shock of the subprime mortgage crisis in 2008 as an example to explore the economic crisis’s impact on the credit financing among different types of enterprises.Taking Shanghai and Shenzhen A-share listed companies as a sample,by identifying small and medium-sized enterprises(SMEs)as a treatment group,and large companies as a control group,this paper constructs a DID estimation model for analysis.The study finds that the subprime mortgage crisis significantly reduced the credit financing of SMEs and increased their financing costs,that is,the economic crisis accelerated the accumulation of credit resources to large enterprises.Under the active monetary policy,SMEs still face high financing costs,and the financing difficulties have become more prominent.Further research shows that the impact of subprime mortgage crisis mainly reduced the proportion of short-term loans and financial leases of SMEs,and inhibited the R&D and innovation activities of enterprises,which had a negative impact on the long-term growth of SMEs.Therefore,under the impact of the economic crisis,the government should pay attention to the imbalance in the allocation of credit resources and formulate more policies to protect SMEs,so as to promote the resumption of work and production,and restore economic development.