银行股权关联对中小企业价值的影响研究——来自我国中小企业板上市公司的经验证据

The Impact of Bank Equity Association on the Value of Small and Medium Sized Enterprises:Empirical Evidence from Companies Listed on China's SME Board

以我国中小企业板上市公司为样本,理论分析并实证检验银行股权关联对中小企业价值的影响,并进一步按产权性质进行分组检验。研究表明,银行股权关联能有效促进中小企业价值的提升,但这种作用只在非国有中小企业中显著,在国有中小企业中表现不明显。根据结论提出建议,包括企业应积极主动与银行建立股权关联关系,以促进企业价值的提升;政府应在加强混合所有制改革的同时积极引导非国有中小企业与银行建立股权关联,以减少信贷歧视,促进非国有中小企业发展。

Taking the listed companies on the SME Board of China as samples,this paper theoretically analyzes and empirically tests the impact of bank equity association on the value of SMEs,and further conducts a grouping test according to the nature of property rights.Research shows that bank equity association can effectively promote the value of small and medium-sized enterprises,but this effect is only significant in non-state-owned small and medium-sized enterprises,but not obvious in the stateowned ones.According to the conclusion,the paper puts forward some suggestions,including that enterprises should actively establish equity relationship with banks to promote the enterprise value and that the government should strengthen the reform of mixed ownership and actively guide non-state-owned SMEs to establish equity relationship with banks to reduce credit discrimination and promote the development of non-state-owned SMEs.