信贷政策结构性变化下的企业融资难问题——基于民营经济发达地区企业用信率的视角
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摘要
企业"融资难"程度一直缺乏有效的度量指标,不利于信贷政策实施效果的评估。在获取了民营经济发达的浙江台州地区超过44万条企业授信和用信数据基础上,对可以反映企业"融资难"程度的用信率水平,按授信规模、企业性质、所属行业三个角度,结合信贷政策的变化进行了分类研究讨论。结果显示:企业规模越小,用信率越高;信贷政策收紧时,授信会向大、小两端倾斜,使得中型企业融资难度增大;无论是在信贷政策整体收紧还是放松阶段,授信额在500万元以下的小微企业融资环境近年来有所改善,但是用信率仍稳定在高位;样本地区的实体经济主导产业用信率较高,需要金融进一步支持。
There has always been less way to indicate the degree of "financing difficulty",thus resulting in unfavorable evaluation of a credit policy. This paper is based on the data of more than 440,000 information of the used credits and the credit amount in Taizhou,Zhejiang Province,a developed area of private economy. We calculate the credit using rate,which may indicate the degree of financing difficulties,and discuss the problem in terms of the size of credit,the nature of a creditor,the industry and the changes of credit policies. Our findings show that the smaller an enterprise is,the higher the credit using rate it has. When a credit policy turns rigid,the credit is inclined favorably to the enterprises at both ends of the size continuum,thus being more difficult for the medium-sized enterprises in financing. Whether the credit policy is relaxed or not,the enterprises with a credit under RMB $5 million are now having their financing environment much improved,and their credit using rates are still stable at a high level.The leading industry's credit using rates are at a high level,and in need for more financial support.
There has always been less way to indicate the degree of "financing difficulty",thus resulting in unfavorable evaluation of a credit policy. This paper is based on the data of more than 440,000 information of the used credits and the credit amount in Taizhou,Zhejiang Province,a developed area of private economy. We calculate the credit using rate,which may indicate the degree of financing difficulties,and discuss the problem in terms of the size of credit,the nature of a creditor,the industry and the changes of credit policies. Our findings show that the smaller an enterprise is,the higher the credit using rate it has. When a credit policy turns rigid,the credit is inclined favorably to the enterprises at both ends of the size continuum,thus being more difficult for the medium-sized enterprises in financing. Whether the credit policy is relaxed or not,the enterprises with a credit under RMB $5 million are now having their financing environment much improved,and their credit using rates are still stable at a high level.The leading industry's credit using rates are at a high level,and in need for more financial support.
引文
曹珂,2018:《金融发展、融资约束与中国企业出口参与》,《中国经济问题》第3期。
华桂宏、费凯怡、成春林,2014:《金融服务民生:范畴演化与阶段推进》,《南京政治学院学报》第3期。
金雪军、金建培,2008:《从紧货币政策对中小企业融资的影响及其对策》,《经济论坛》第6期。
李海央,2018:《消费信贷政策与经济增长质量---基于第一主成分合成指数和FAVAR模型的实证》,《重庆大学学报(社会科学版)》第3期。
李宏亮、谢建国,2018:《融资约束与企业成本加成》,《世界经济》第41期。
林毅夫、李永军.中小金融机构发展与中小企业融资,经济研究,2001(1):10-18.刘玄、王剑,2006:《货币政策传导地区差异实证检验及政策含义》,《财经研究》第31期。
卢盛峰、陈思霞,2017:《政府偏袒缓解了企业融资约束吗?---来自中国的准自然实验》,《管理世界》第5期。
欧阳志刚、薛龙,2015:《货币政策、融资约束与中小企业投资效率》,《证券市场导报》第6期。
汪吴曼,2009:《我国货币政策的产业效应实证分析》,《世界经济情况》第10期。
王明虎,2015:《信贷政策、企业规模和商业信用传递》,《会计之友》第23期。
熊家财、桂荷发,2017:《政治关联与高新技术企业融资约束---基于动态面板GMM模型的实证检验》,《当代财经》第6期。
约翰·伊特韦尔、默里·米尔盖特、彼得·纽曼编,1996:《新帕尔格累夫经济学大词典》,陈岱孙等译,北京:经济科学出版社。
张青娜,2016:《货币政策对我国民营企业融资约束的影响》,《河北经贸大学》。
Ganley,J.,Salmon,C.,1997,“The Industrial Impact of Monetary Policy Shocks:Some Stylized Facts,”Bank of England Working paper,pp.1368-55621.
Hayo B,Uhlenbroek B.,1999,“Industry effects of monetary Policy in Germany,”Working Paper at WUSTL.
King R,Levine R.,“Finance and growtli:Schumpeter might be right,”The Quarterly Journal of Economics,108(3),1993,pp.717-737.
Levine R.,“Financial development and economic growth:Views and agenda,”Journal of Economic Literature,1997,35(2),pp.688-726.Rebecca S.Demsetz and Philip E.Strahan,“Diversification,Size,and Risk at Bank Holding Companies,”Journal of Money,Credit and Banking,29(3),1997,pp.300-313.
Stiglitz,Joseph E.and Andrew Weiss,A.,“Credit rationing in markets with imperfect information,”American Economic Review,71(3),1981,pp.393-410.
(1)凤凰财经.专访李扬:民营银行不能解决民营企业融资难,http://finance.ifeng.com/a/20160323/14284967_0.shtml,访问时间2019-01-24,
华桂宏、费凯怡、成春林,2014:《金融服务民生:范畴演化与阶段推进》,《南京政治学院学报》第3期。
金雪军、金建培,2008:《从紧货币政策对中小企业融资的影响及其对策》,《经济论坛》第6期。
李海央,2018:《消费信贷政策与经济增长质量---基于第一主成分合成指数和FAVAR模型的实证》,《重庆大学学报(社会科学版)》第3期。
李宏亮、谢建国,2018:《融资约束与企业成本加成》,《世界经济》第41期。
林毅夫、李永军.中小金融机构发展与中小企业融资,经济研究,2001(1):10-18.刘玄、王剑,2006:《货币政策传导地区差异实证检验及政策含义》,《财经研究》第31期。
卢盛峰、陈思霞,2017:《政府偏袒缓解了企业融资约束吗?---来自中国的准自然实验》,《管理世界》第5期。
欧阳志刚、薛龙,2015:《货币政策、融资约束与中小企业投资效率》,《证券市场导报》第6期。
汪吴曼,2009:《我国货币政策的产业效应实证分析》,《世界经济情况》第10期。
王明虎,2015:《信贷政策、企业规模和商业信用传递》,《会计之友》第23期。
熊家财、桂荷发,2017:《政治关联与高新技术企业融资约束---基于动态面板GMM模型的实证检验》,《当代财经》第6期。
约翰·伊特韦尔、默里·米尔盖特、彼得·纽曼编,1996:《新帕尔格累夫经济学大词典》,陈岱孙等译,北京:经济科学出版社。
张青娜,2016:《货币政策对我国民营企业融资约束的影响》,《河北经贸大学》。
Ganley,J.,Salmon,C.,1997,“The Industrial Impact of Monetary Policy Shocks:Some Stylized Facts,”Bank of England Working paper,pp.1368-55621.
Hayo B,Uhlenbroek B.,1999,“Industry effects of monetary Policy in Germany,”Working Paper at WUSTL.
King R,Levine R.,“Finance and growtli:Schumpeter might be right,”The Quarterly Journal of Economics,108(3),1993,pp.717-737.
Levine R.,“Financial development and economic growth:Views and agenda,”Journal of Economic Literature,1997,35(2),pp.688-726.Rebecca S.Demsetz and Philip E.Strahan,“Diversification,Size,and Risk at Bank Holding Companies,”Journal of Money,Credit and Banking,29(3),1997,pp.300-313.
Stiglitz,Joseph E.and Andrew Weiss,A.,“Credit rationing in markets with imperfect information,”American Economic Review,71(3),1981,pp.393-410.
(1)凤凰财经.专访李扬:民营银行不能解决民营企业融资难,http://finance.ifeng.com/a/20160323/14284967_0.shtml,访问时间2019-01-24,