商业信用、融资渗漏与小微经营者信心

Commercial Credit,Financing Leakage,and the Confidence of Small and Micro Entrepreneurs

构建引入赊销因素的企业现金管理模型,利用中国小微企业调查(CMES)数据,研究商业信用供给对小微经营者信心的影响。实证研究发现,小微企业供给的商业信用越多、期限越长,小微经营者信心越弱。机制方面,商业信用供给产生了融资渗漏效应,导致小微企业的银行信贷、政策性资源、民间融资和经营利润向客户渗漏,进而降低小微经营者的信心;其中,银行信贷渗漏造成正规融资渠道供需两侧的双重挤压效应;政策性资源渗漏中,相对于减免型政策,增补型政策的渗漏效应更加显著。更进一步,商业信用供给对经营者信心的负向影响在客户议价能力较强、创新活动更多以及关系投资更密集的小微企业中更显著,而较好的地区营商环境和较高的金融发展水平能够显著缓解信心减损效应。基于此,建议加强商业信用监管,保障小微企业应收款项高效回收,以提振小微经营者信心。

This study develops a business cash management model that incorporates the factor of trade credit and investigates the impact of commercial credit supply on the confidence of small and micro entrepreneurs by utilizing data from the China Micro and Small Enterprise Survey(CMES).Empirical findings indicate that an increased supply and extended terms of commercial credit are associated with diminished confidence among small and micro entrepreneurs.Mechanistically,the provision of commercial credit leads to a financing leakage effect,whereby bank loans,policy resources,private financing,and operational profits seep from small and micro enterprises to their clients,consequently eroding entrepreneur confidence.Specifically,a leakage of bank credit results in a dual compression effect on both the supply and demand sides of formal financing channels;leakage is more pronounced in supplementary policies compared to abatement policies within the realm of policy resources.Furthermore,the negative impact of commercial credit supply on entrepreneur confidence is more significant in small and micro enterprises with strong customer bargaining power,higher levels of innovation activity,and denser relationship investments.Favorable regional business environments and higher levels of financial development significantly mitigate the detrimental effects on confidence.Based on these findings,it is recommended to strengthen the monitoring of commercial credit and ensure efficient collection of receivables in small and micro enterprises to bolster entrepreneur confidence.