民营企业在贷款融资中更受歧视吗?——基于土地抵押贷款微观数据的再探讨

Are Private Enterprises More Discriminated Against in Loan Financing?Re-discussion Based on the Micro-data of Land Mortgage Loans

民营企业融资难、融资贵是一个长期性的问题,疫情冲击下的民营企业更是面临产业链断裂和企业破产的危机。本文从银企间信息不对称角度出发,建立了企业信息影响贷款决定的理论框架和有抵押物的银行贷款定价模型。本文以2000年到2014年间全国84个重点城市的土地抵押贷款微观数据为始,通过爬虫方式匹配了土地抵押企业的详细数据。以非上市公司和中小微企业为主体的数据为基础,本文改进了以往文献对于民营企业的识别方案,在控制了企业自主决策可能性、企业内、外部因素后,实证检验了民营企业在融资贷款中的融资约束。研究发现相比国有企业,民营企业贷款所得的抵押率和贷款期限显著更低,受到了更强的融资约束。从内部看,企业规模上升能有效缓解融资约束;从外部看,处于高新技术行业和受产业政策扶持的民营企业在贷款中更有优势,表现为抵押率显著上升。此外,当地的高市场化程度和强政治关联也能帮助企业降低融资约束。

It is a long-term problem that financing for private enterprises is more difficult and costly.Especially under the Covid-19 epidemic,private enterprises are facing an extra crisis of industrial chain s break and bankruptcy.In this article,a theoretical framework describing how enterprises information affecting banks loan decisions and a mathematics model reflecting collateralized loan pricing strategy is established.We use the micro-data of land mortgage loans in 84 key cities from 2000 to 2014,and matches the detailed companies data by crawling.Based on the major data of non-listed companies and micro,small and medium-sized enterprises,we improve the identification methods of private enterprises.After controlling the possibility of enterprises independent decision-making,and a series of internal and external enterprises factors,we empirically test the financing constraints of private enterprises in financing loans.Our conclusions are that,compared to the state-owned enterprises,private enterprises are subject to a stronger financing constraint.From the internal aspects,the increase of the private enterprises size can effectively ease the financing constraints.From the external aspects,private enterprises in high-tech industries and policies-supported industries enjoy a benefit when getting bank loans.A higher degree of marketization of the region where enterprises locate in and stronger links with the government also help to ease the financing constraints.