政策性担保能否破解小微企业“融资难”?——基于融担基金再担保合作的准自然实验

Can Policy Guarantee Solve the"Financing Difficulties"of SMEs?——A Discussion through a Quasi-Natural Experiment Based on the Re-guarantee Cooperation of the National Financing Guarantee Fund

为了引导金融资源流向小微企业等普惠领域,2018年国家融资担保基金(下文简称为融担基金)成立并陆续开展再担保合作。基于这一准自然实验,采用2016—2021年各省小微企业贷款数据,实证检验了政策性担保对小微企业的融资效应。研究结果显示:(1)再担保合作增加了小微企业的贷款金额,但这一政策效果不可持续;(2)作用机制方面,风险分担、信息优势、财政扶持是政策性担保增加小微企业贷款的有效渠道;(3)异质性分析表明,再担保合作的融资效应主要发生在金融发展水平较高和银行业竞争不充分的地区。上述结论不仅证实了我国政策性担保对小微企业的融资效应,为融担基金业务开展的积极效果提供了证据,对于改进小微企业政策性担保体系也有重要的政策含义。

In order to direct financial resources toward small and medium-sized enterprises(SMEs)and other inclusive sectors,the National Financing Guarantee Fund was established in 2018 and has since engaged in re-guarantee cooperation.Based on this quasi-natural experiment,this paper uses provincial loan data from 2016 to 2021 to empirically test the effect of policy guarantee on SME financing.The results show that the re-guarantee cooperation increases the loan amount of SMEs,but this policy effect is not sustainable in the long run;that in terms of mechanism,the risk sharing,information advantage,and government financial support are effective channels for policy guarantee to increase the SME loans;and that the financing effect of re-guarantee cooperation mainly occurs in the areas with high levels of financial development and insufficient competition in the banking sector.The above conclusions confirm the financing effect of China's policy guarantee on SMEs,and provide evidence for the positive effect of the business of National Financing Guarantee Fund.Moreover,the conclusions have important policy implications for the improvement of the policy guarantee system for SMEs.