政策独立性如何影响中小企业资本结构调整速度:基于普惠金融的研究

How Does the Independence of Inclusive Financial Policy Affect the Speed of Capital Structure Adjustment of SMEs:Based on Inclusive Finance

提高普惠金融政策的有效性是助企纾困解难的重要路径。本文通过文本大数据分析,探讨地方普惠金融政策独立性的效果。研究发现,地方普惠金融政策独立性越低,中小企业的资本结构调整速度越慢,表明地方政府的“搭便车”行为降低了普惠金融政策效果。金融发展程度好、中小企业活跃度高、货币政策紧缩时期以及高创新投入企业样本中,上述不利影响更明显。普惠金融政策独立性通过缓解融资约束发挥作用,进一步探究政策失效原因发现,“贷款”和“支柱”作为普惠金融政策文本中的两个高频词,独立性较低的普惠金融政策在这两方面均没有发挥出有效作用。本文对理解和优化普惠金融政策制定、提高普惠金融政策的有效性以及促进中小企业可持续发展具有一定意义。

Improving the effectiveness of financial inclusion policy is an important way to help enterprises to rescue.This paper discusses the effect of the independence of local inclusive financial policy through textual big data analysis.We find that the lower the independence of local inclusive financial policy,the slower the adjustment of the capital structure of SMEs.The free-riding behavior of local governments in policy formulation will reduce the speed of SME capital structure adjustment.The article further finds that when the local financial level is better developed,SMEs are highly active,monetary policy is tightened,and the company with high R&D investment,the relationship is more significant.The independence of inclusive financial policy plays a role by alleviating financial constraint.In addition,“loan”and“pllar”are two high-frequency words in the inclusive financial policy text,and policies with low independence have not played an effective role in both aspects.This paper grasps the impact of macro policy changes on micro subjects and strengthens the effectiveness of the policy.It also helps us to deepen the understanding of local inclusive financial policy,and it is of great significance to promote the healthy and sustainable development of SMEs.