财政金融协同发展缓解中小企业融资约束之效应--基于上市中小企业数据的研究

The Effect of Synergistic Development of Finance on Easing the Financing Constraints of SMEs--Based on the Data of Listed SMEs

财政金融协同在助力我国弱势产业的发展中展现出强大动力。通过对2011—2019年全部A股上市公司进行筛选,以764家中小企业作为研究样本,运用固定效应模型实证检验财政金融协同能否缓解上市中小企业融资约束,并通过经济区域差异与企业所有制两方面进行异质性分析,研究不同类型样本在财政金融协同服务纾困过程中的不同效果。研究结果显示:财政金融协同以及单独的财政服务在缓解上市中小企业融资约束的过程中,展现出更好的缓解效果;东部地区的缓解效果优于其他地区;对非国有中小企业的缓解效果更明显。但财政金融协同度整体水平较低,需要加强两系统的配合,进一步完善中小企业服务体系,共同助力实体经济的发展。

Based on the panel data of all A-share listed companies and 31 provinces in China from 2011 to 2019,this paper estimates the degree of fiscal and financial coupling synergy of 31 provinces from the perspective of fiscal and financial system coordination.Taking 764 small and medium-sized enterprises(SMEs)as research samples,this paper uses fixed effect model to test whether fiscal and financial synergy can alleviate the financing constraints of Listed SMEs.The paper also conducted heterogeneity analysis from the two aspects of economic regional differences and enterprise ownership.The empirical results show that,firstly,financial coordination and separate financial services show better effect in alleviating the financing constraints of Listed SMEs.Secondly,the mitigation effect in eastern China is better than that in other regions of China.Thirdly,the coupling synergy degree of the two systems has more obvious mitigation effect on non-state-owned SMEs.However,the overall level of fiscal and financial coordination is low,so we need to strengthen the cooperation between the two systems,further improve the service system of SMEs,and jointly help the development of the real economy.