关系型借贷与中小企业融资的实证分析

本文通过一个计量经济学模型来检验企业贷款是否存在关系型借贷,结果发现:大型企业的确存在关系型借贷行为,且对企业的贷款量有显著性影响;中小企业关系型借贷对于贷款量的影响较小,且并不明显。原因可能是商业银行在审批中小企业贷款时,注重对“硬”信息的考察,同时中小企业并没有同某一家或几家商业银行保持长期关系。为改善中小企业融资状况,商业银行应建立起一套完整的信用记录体系,并实现信息共享,在贷款过程中增强对“软”信息的考察,积极培育一批资质较好的中小企业客户并建立密切的联系;中小企业则应该规范财务制度并增强财务信息的透明度,同银行建立长期关系。

Relationship-Based Loans and an Empirical Study of Financing by Small-and-Medium-Sized Enterprises

This paper uses an econometric model to discover if there is any relationship-based loan. The result shows: large enterprises do have such loans and are affected more significantly than SMS enterprises in terms of the size of the loans extended. However, the impact is less on SMS enterprises. The reason is probably that, when processing loan application from SMS enterprises, commercial banks only care about the "hard" information. At the same time, SMS enterprises do not enjoy long-term business relationship with one or several commercial banks. To improve the financing by SMS enterprises, commercial banks should set up a complete credit record to realize information sharing, pay attention to "soft" information in extending loans and choose some SMS enterprises with good credit standing to develop close relationship with them. Likewise, SMS enterprises should improve their financial system and increase the transparency of their financial information and cement long-term relationship with banks.