普惠金融扩面至中型企业的分析

Expanding the Inclusion Finance to Medium-sized Enterprises

自2013年十八届三中全会决议正式提出“发展普惠金融”以来,我国的小微金融得到快速发展,小微企业银行信贷可及性明显提高,贷款成本显著降低。但是,目前的普惠金融政策并没有覆盖到中型企业,中型企业的融资难融资贵问题反而开始突出。本文选用邮储银行的贷款微观数据,分析了普惠金融政策的实施效果,发现普惠金融政策能有效使受惠企业利率下降,贷款余额增加,信用贷比例上升。进一步,本文利用反事实的方法关注了将普惠金融政策扩面到中型企业后对其融资能力的影响,发现普惠金融的扩面能有效缓解中型企业的融资困境。本文强调应该认识到融资政策的结构性问题,加大对中型企业的支持力度。

Micro and small enterprises have been booming with higher credit availability and lower credit costs since the“inclusive finance”as the resolution of Eighteen Third Plenary Session.However,the problem of financing medium-sized enterprises become more prominent because the current inclusive finance policy does not cover medium-sized enterprises.Using loan data of Postal Savings Bank,this paper evaluates the effect of the current inclusive finance policy on micro and small enterprises,and finds that the interest rate has fallen,the credit balance and the proportion of fiduciary loan has increased.This paper further predicts the policy effect of expanding the inclusion finance to medium-sized enterprises based on counterfactual analysis and show that the expansion could effectively alleviate the financing pressure of medium-sized enterprises.More attention should be given to structural problems of enterprise finance and more support should be given to medium-sized enterprises.