金融发展与中小企业融资:跨国经验分析

Financial Development and SME Finance:Cross-country Evidence

中小企业在推动国家经济发展、提供就业岗位和促进创新方面发挥着重要的作用。但中小企业融资困难是制约中小企业发展的主要障碍。本文以2006~2016年134个国家的中小企业为样本,探讨了金融发展对中小企业外部融资的影响。结果表明:金融发展提高了中小企业在寻求短期融资和长期融资时使用银行和非银行金融机构作为外部融资来源的比例。本文为金融发展优化资源配置、摆脱中小企业融资困境提供了一定的经验证据。

Small and Medium-sized Enterprises(SMEs)have significantly contributed to innovation,employment creation and economic growth,however,financial constraint is a crucial factor to affect business survival,growth and success for SMEs.This paper explores the impacts of financial development on SME finance by using a comprehensive database from 134 countries between 2006 and 2016.This paper proposed that with better developed financial systems,SMEs are more likely to use formal external finance from both bank and non-bank institutions,to finance their short term and long term demand for finance.It provided empirical evidence to investigate the significant role played by financial development in optimizing allocation of resources and reducing SMEs financial constraints.