信贷需求、信贷约束和新创小微企业

Analysis of Credit Demand and Credit Constraint for Newly Established Micro and Small Enterprises

小微企业对我国经济增长、就业有显著贡献,研究小微企业尤其是新创小微企业的融资现状具有重要理论和现实意义。本文基于中国家庭金融调查(CHFS)的微观数据研究发现,新创小微企业具有更加强烈的信贷需求,但在正规信贷市场上受信贷约束的概率显著高于其他小微企业。新创小微企业向正规信贷机构申请贷款时,更容易遭到拒绝。同时考察新创小微企业各融资决策过程的极大似然估计(MLE)还显示,控制企业各特征变量后,新创小微企业在信贷市场上需要资金的概率越大,获得银行贷款的概率也越大。而且,新创小微企业受正规信贷约束的概率与其选择民间借贷的概率正相关,对新创小微企业而言民间借贷市场更多以新创小微企业受正规信贷约束后的替代市场出现。对政策制定者而言,改善小微企业融资环境,特别是缓解新创小微企业的正规信贷约束,是解决小微企业融资难需要重点考虑的问题。同时,正规借贷市场上企业融资环境的改善有利于民间借贷市场的规范,从而降低金融风险。

Micro and small enterprises have significant contribution to Chinese economic growth.Utilizing data from China household financial survey(CHFS)in2011,this paper analyzed the credit demand in both formal and informal financial market,and credit constraint in formal financial market of newly established micro and small enterprises. Results show that newly established micro and small enterprises have stronger credit demand both in formal and informal financial market,but have higher probability of credit constraint in formal credit market.Then the newly established micro and small enterprises switch to apply for loans in informal credit market.The paper also used maximum likelihood estimator(MLE)to take the 5selection processes in credit demand in consideration simultaneous and the main results unchanged.For policy implication,the improvement of corporate financing environment in formal financial market can reduce the whole financial risks,including formal and informal financial market.