小额贷款公司发展对中小企业融资约束影响研究——以西部地区为例

Research on the Influence of the Development of Small Loan Companies on the Financing Constraints of SME——Take the Western Region As an Example

本文采用现金-现金流敏感性模型,以2011—2018年的西部地区中小板上市公司财务数据构建小额贷款公司贷款规模增长率与中小企业现金流的交互项并引入扩展模型。通过扩展模型来分析小额贷款公司的发展对中小企业融资约束的影响。结果表明,其发展可以缓解企业融资约束。因此,本文对小额贷款公司的发展提出相关建议。

This paper adopts the cash-cash flow sensitivity model,and uses the financial data of the small and medium-sized listed companies in the western region from 2011 to 2018 to construct the interaction term between the loan scale growth rate of microfi-nance companies and the cash flow of small and medium-sized enterprises and introduces an extended model.The expansion model is used to analyze the influence of the development of small loan companies on the financing constraints of SMEs.The results show that its development can alleviate corporate financing constraints.Therefore,this article puts forward relevant suggestions for the de-velopment of small loan companies.