提高银行资本能缓解小微企业融资难问题吗*——基于小微企业贷款风险权重降低改革的讨论

本文以银行资本为切入点，从银行提供小微企业贷款的角度，探讨解决小微企业融资难问题可能的路径。新资本监管降低了小微企业贷款的风险权重，改革前后可以视为“准自然实验”。通过构建双重差分模型，本文深入研究银行资本与小微企业贷款的关系，并对“小银行优势理论”进行再检验。结果表明：（1）小微企业贷款风险权重优惠政策显著促进了银行发放小微企业贷款，特别是对小银行来说，政策效果更好；（2）在优惠政策实施之前，资本水平较高的银行会紧缩小微企业贷款，而且这种惜贷行为在大银行中尤为突出；（3）在优惠政策实施之后，资本水平越高的银行对小微企业贷款的偏好反而越强，且这一促进作用的力度在大银行中更为显著。因此，应当继续执行小微企业贷款风险权重优惠，提高银行资本水平，构建多层次银行金融体系，以缓解小微企业融资难问题。

CAN INCREASING BANK CAPITAL ALLEVIATE THE DIFFICULTY OF SMALL AND MICRO SIZED ENTERPRISE FINANCING——Based on the Reform of Small and Micro sized Enterprise Loan Lower Risk Weight#br#

This paper discusses the possible paths to solve the problem of small and micro sized enterprise financing difficulty from the perspective of bank capitalThe new capital regulatory framework requires small and micro sized enterprise loan a favorable risk weighting，which can be regarded as a “natural experiment”This paper studies the relationship between the quality of bank capital and the small and micro sized enterprise loan and probes into the theory of “small bank advantage” with the DID modelThe empirical analysis yields the following resultsFirst，the policy that small and micro sized enterprise loan has lower risk weighting improves the bank lending for small and micro sized enterprise significantly，especially for small banksSecond，before the policy implements，higher quality levels of capital banks will squeeze small and micro sized loans，and this is particularly in big banksThird，when the policy implements，the higher capital of bank preference to lend to small and micro sized enterprise become stronger and also is remarkable in the big banksTo implement favorable risk weighting in small micro enterprise loan，improve the quality of banks capital and build a multi level bank financial system can relieve the small and micro sized enterprise financing problem effectively