不良贷款、路径依赖与中小企业的融资困难--对当前我国中小企业融资难的一种新解释

关于中小企业在经济发展中所占据的重要地位及作用在理论界早已形成较为一致的看法并为各国政府所重视.目前,虽然中小企业与金融机构之间已经普遍建立起了较为稳定的合作关系,但中小企业的融资难问题仍然是制约中小企业发展的最大瓶颈.本文根据转型时期我国银行和企业的基本特征,建立了一个包括家庭-企业-银行的三部门两期模型,从我国国有银行的体制利弊出发,运用路径依赖的理论,对不良贷款在造成我国中小企业融资困难时的作用机理进行了深入分析,并讨论了单纯的贸易部门开放和贸易金融部门的同时开放对解决中小企业融资难的不同效果,以期对将来的改革有所启示.     

Management practices and SME performance

We examine the association between management practices and SME performance in Britain over the period 2011–2015, using a unique dataset which links survey data on management practices with firm performance data from the UK's official business register. We find that SMEs are less likely to use formal management practices than larger firms. However, such practices appear to have demonstrable benefits for those SMEs who use them, being positively associated with firm survival, growth and productivity. Our results add further weight to policy initiatives which seek to encourage SMEs to improve their management skills and capabilities.     

Collateral in lending relationships. A study on European SMEs microdata

This work empirically investigates the role played by collateralizable assets in helping SMEs to access bank credit, assuming that such a role might be affected by the (balancing between) benefits and costs related to enduring lending relationships. Using an exclusive data-set on European firms, we find that longer lending relationships amplify the beneficial effect of collateral on SMEs’ financing, suggesting that the advantages of longer bank-firm ties might prevail over the disadvantages. This finding holds for both more and less informationally transparent firms, as well as at the outset of the last financial crisis. Combined to the positive influence that the duration of bank relations seems to exert per se, our results provide (further) evidence in support of the valuable role of close lending relationships for SMEs’ financing.     

DISAGGREGATING FIRMS IN ANALYSING THE COSTS AND BENEFITS OF THE UNIVERSITY–INDUSTRY RELATIONSHIP: BASED ON AN ANALYTICAL AND EMPIRICAL STUDY FROM SCOTLAND

It has been acknowledged that universities are key institutions in national and regional systems of innovation. This recognition has led to a rich stream of literature analysing the university–industry relationship. However, relatively little attention has been devoted to disaggregating the ‘industry’ side of this relationship and examining the costs and benefits to the disaggregated parties involved. In the present article, which draws on an analytical and empirical study from Scotland, it is suggested that it makes sense to distinguish between three kinds of firms in analysing the university–industry relationship: large national and international R&D-intensive firms, university spin-out firms, and established small- and medium-sized enterprises (SMEs) that have had little interaction with universities. The different costs and benefits facing these firms in their interactions with universities are analysed. It is concluded that the established SMEs confront relatively high costs in relating to universities. Finally, the policy implications are explored.     

Labor productivity of small and large manufacturing firms: the case of Taiwan

This work studies the factors influencing the labor productivity of small and medium-sized enterprises (SMEs) and large firms using Taiwan as a case study. A special emphasis is placed on two possible international channels: exports and foreign direct investment (FDI). Different from conventional studies, we employ the two-stage switching regressions to correct the firm-size effect on labor productivity and estimate labor productivity for SMEs and large firms. The main findings are as follows. First, the estimates of the selectivity variable are statistically significant for both SMEs and large firms, supporting the hypothesis of correcting the effect of firm-size truncation. Second, while a larger trade intensity significantly increases the labor productivity of SMEs, it deteriorates significantly that of large firms. Third, FDI enhances the labor productivity of SMEs internally, whereas it has a negative spillover on that of other small and large firms in the industry. While the first outcome lends supports to the role of self-selection, the remaining stands in sharp contrast to conventional wisdom.     

The labour market effects of offshoring of small and medium-sized firms: micro-level evidence for Germany

Small and medium-sized enterprises (SMEs) are the economic powerhouse of many OECD countries (perhaps most prominently so in Germany). Yet, the labour market dynamics caused by the internationalization of their production activities are largely unexplored. We use survey-based micro-level data for Germany to explore the employment effects of offshoring of SMEs, relying on propensity score matching and difference-in-difference analysis. We find evidence for a downsizing effect in the immediate aftermath of offshoring whereas, initially, job creation is not spurred. In the medium run, we find evidence for a slowing down of employment dynamics of offshoring firms (that tend to belong to the better performing SMEs in Germany) relative to non-offshoring firms. Even though our results do not point to a net employment loss in the medium run, our evidence suggests that offshoring may lead to less jobs being created. This conclusion cannot be confirmed for large companies.     

Exchange rate,marginal q and investment behaviour of small and medium-sized enterprises in Japan: time series evidence of manufacturing industries

In this article, we investigate Granger’s causality among the exchange rate, Tobin’s marginal q and investment-capital ratio with quarterly data on firms categorized as small and medium-sized enterprises (SMEs) in Japan. We utilize the data of the following industries: chemical, iron and steel, production machinery, electric machinery and equipment, automobile and accessories and all manufacturing. The empirical results we obtain show that the null hypotheses of no Granger’s causality from the exchange rate to other variables, investment and marginal q, are accepted in all industries. The reason is the lower percentage of export by SMEs. Thus, it is considered that the effects of Abenomics on SMEs are limited, and that other kinds of reflation measures for SMEs are needed.     

Size and Determinants of Capital Structure in the Greek Manufacturing Sector

Increasing competition in the European Union (EU) and world markets affects the Greek manufacturing sector. Capital structure is essential for the survival, growth and performance of a firm. There has been a growing interest worldwide in identifying the factors associated with debt leverage. However, nothing has been done so far in contrasting small and medium sized enterprises (SMEs) and large sized enterprises (LSEs) on these aspects. SMEs are very important in the Greek manufacturing sector for employment and growth. Empirical studies show that capital structure and the factors affecting it vary with firm size. In this paper we investigate the determinants of capital structure of Greek manufacturing firms and formulate some policy implications that may improve the financial performance of the sector. Our study utilizes panel data of two random samples, one for SMEs and another for LSEs. The findings show that profitability is a major determinant of capital structure for both size groups. However, efficient assets management and assets growth are found essential for the debt structure of LSEs as opposed to efficiency of current assets, size, sales growth and high fixed assets, which were found to affect substantially the credibility of SMEs. In an era of increasing globalization, the findings imply that Greek SMEs should focus their efforts on (a) increasing their cash flow capacity through better assets management and achievement of higher exports and (b) ensuring good bank relations, but at the same time, turn to alternative forms of financing. Greek LSEs should adopt strategies that will lead to the improvement of their competitiveness and securing new forms of financing. Government policy measures aiming at structural changes and economic efficiency should be designed clearly depending upon its targets: SMEs need policies that will encourage information exchange and co‐operation in local and foreign markets and use of e‐business, as well as, financial assistance. On the other hand, LSEs should be supported by policies aimed at new high‐technology investments, entrance of new firms and foreign investments in the country, tax alleviation and increase of R&D and training expenditures. The upgrading and transparency of the capital market in Greece is expected to improve the capital structure of Greek manufacturing firms.     

Sunk Costs,Firm Heterogeneity,Export Market Entry and Exit: Evidence from India

This paper analyses the role of sunk costs and firm heterogeneity in firm decision to enter and exit export markets. Employing rich firm-level data on Indian manufacturing firms, the study points out that sunk costs in terms of previous export experience significantly explain entry and exit decisions of firms in the export market. The first set of analysis involves estimation of dynamic discrete choice model using random effects probit correcting for initial conditions problem. We find evidence that previous export experience (sunk costs) matters for export decision. However, importance of sunk costs is found to depreciate rapidly. Further, analysis across sub-sample of firms accounting for firm heterogeneity factors like size and product level information supports the hypothesis of sunk costs. Second set of analysis involving firm survival in export markets using discrete-time hazard models shows evidence of negative duration dependence. We observe that those firms which continue to export for few years are less likely to exit from export markets.

     

The use of patent databases by european small and medium-sized enterprises

Patent databases contain a wealth of technical information, but only a fraction of innovative small and medium-sized enterprises (SMEs) use them as an information source. The characteristics of SMEs that use patent databases and the reasons why they do or do not use them are investigated in this study. Part of the analysis is based on the Community Innovation Survey results, which Is the largest survey to date of innovative European firms. The results show that the probability of using patent databases increases with firms size and is higher among firms that perform research and develobment or which and patents of value as an appropriation method. Furthermore, the percentage of firms in each of 14 sectors that and patents to be an important information source is correlated with the patent propensity rate in each sector. The second part of the study is based on a combined survey and interview study of Dutch SMEs in five high-technology sectors. The results show that SMEs mainly use patent databases to acquire information, often for legal purposes, that is not available from any other source. In contrast, these databases are seldom used to acquire technical data, largely because of the cost in terms of personnel time and expertise. This points to the need for simpler and more efficient methods of searching patent databases.     

Lending technologies,banking relationships,and firms’ access to credit in Italy: the role of firm size

This paper analyses the role of lending technologies and banking relationships on firms’ credit access in Italy. Using EFIGE firm-level data, we show that the depth and strength of firm–bank relationships have heterogeneous effects on credit demand and rationing probabilities depending on the size of the borrower. Multiple banking relationships alleviate financial constraints for small firms, while borrowing from a large number of lenders hinders access to credit for large companies. Small and medium-sized enterprises with a higher share of debt with the main bank have a lower probability of being credit denied, as debt concentration contributes to overcome the opacity problems typical of the SMEs. Long-lasting relationships, by reducing information asymmetries, significantly improve access to credit for small and large firms. Conversely, we find that medium-sized enterprises are more exposed to financing constraints as relationship duration increases, due to possible lock-in effects. Finally, firms maintaining banking relationships based on transactional technologies are more likely to be credit denied, while the use of relationship lending technologies improves credit availability for both small and large enterprises.     

Getting into the energy efficiency scene: does corporate social responsibility matter for energy efficiency in SMEs?

A growing body of literature argues that improving energy efficiency is an essential step that firms must take to mitigate climate change issues. It is assumed that corporate social responsibility (CSR) in general plays a prominent role in firms’ policies, and this paper specifically investigates the effects of the individual CSR dimensions on SMEs’ energy efficiency improvement. Based on data from a sample of 146 thousand SMEs, and using logit model, and fuzzy set qualitative comparative analysis, the study reveals that high activities in social, environmental and economic CSR dimensions are associated with high energy efficiency. Specifically, the environmental CSR dimension has the highest contribution to improving energy efficiency. Furthermore, this study indicates that energy efficiency improvement can be achieved by large SMEs provided they have developed simultaneously the environmental, social, and economic CSR dimensions. In doing so, this study answers to recent calls for more research on CSR-energy efficiency relationship and addresses with greater precision why it matters to relate the role of the CSR dimensions and energy efficiency. Furthermore, this study can be of value to policymakers who are called to promote CSR practices of SMEs in order to foster their energy efficiency.     

With a little help from our friends: The effect of USAID assistance on SME growth in a transition economy

Using survey data on Macedonian firms that participated in USAID programs providing technical and financial assistance for small and medium-sized enterprises (SMEs) and on firms that did not, we estimate the effectiveness of such assistance in increasing the growth of employment in the assisted firms. We control for selection bias in program participation and use both kernel and caliper propensity score matching to estimate the excess growth of employment in assisted firms. We find that assistance programs raised employment growth by 16-20 percentage points in the first year after assistance and by 26-30 points by the third year.     

Determining factors for the adoption of e-business: the case of SMEs in Korea

This study investigates the determining factors of the successful adoption of e-business by small and medium enterprises (SMEs) in Korea using survey data. After the major determining factors were identified from the innovation adoption literature and were extracted by applying the principal component analysis to the survey data and by adding the country-specific characteristics of Korea, we conducted empirical analyses to determine the critical success factors for the adoption of e-business by Korean firms. The empirical results which are based on t-tests of the differences between adopters and non-adopters, the linear probability model, and the logit model, all suggest that the important determinants of the successful adoption of e-business by SMEs in Korea are: the CEO's knowledge of information technology (IT)/e-business, relative advantages and benefits from implementing e-business, governmental support, globalization strategy and the North Korean factor. Business size, the cost of e-business adoption and competitive pressure of the industry do not seem to play an important role in the adoption of e-business by Korean SMEs. The policy implications of this study on promoting e-business adoption by SMEs in emerging economies, such as Korea, are also discussed.     

Does support from government help firms survive? Evidence on financial and political assistance in China, 1998–2007

ABSTRACT

Using the National Bureau of Statistics data set over the period 1998–2007, this article examines the dual roles of financial assistance and strong political links on firm survival in China by applying a semi-parametric duration model. We find that generally either financial assistance or strong political links had a positive effect on the likelihood of firm survival. Furthermore, if firms received both types of support from government, their survival rate was around two times as high compared to only receiving a single support. The likelihood of survival depended on the amount of assistance a firm received. We also find firm ownership impacts on its survival pattern. Lastly, China joining the World Trade Organisation (WTO) coincided with (cet. par.) higher firm failure, especially with regard to state-owned firms; however, this period also saw the authorities targeting political and financial help on the ‘better’ firms (especially SOEs) with characteristics likely to increase their chance of survival.     

The effects of policy funds on the financing constraints of small- and medium-sized enterprises in South Korea

This study investigates whether small- and medium-sized enterprises (SMEs) policy funds in South Korea are effective in reducing financing constraints faced by the SMEs. We find that investment-cash flow sensitivity decreases after public loans are granted, and furthermore that this decrease in the sensitivity is greater for younger and smaller firms. These results are consistent with the certification effects hypothesis.     

Trapped in Informality: The Big Role of Small Firms in Russia’s Statist-patrimonial Capitalism

Manifestations of patrimonialism such as corruption and state predation on business are widespread in many emerging economies. This paper presents the case of Russian political economy, dubbed ‘statist-patrimonial capitalism’, which is marked by state threats to private property rights through bureaucratic extortion or legal harassment. How can we explain the resilience of Russia’s statist-patrimonial capitalism? Predominant accounts focus on the lack of institutional constraints on state predation. The paper offers a different perspective by exploring the often-overlooked contribution of small- and medium-sized enterprises (SMEs). First, statistical data show a steady rise of SMEs in the 2000s despite increasing state predation, suggesting that SMEs are not simply subjugated by the state. Second, in-depth interviews with Russian entrepreneurs reveal that business contributes to the maintenance of the statist-patrimonial system through the mechanism of the ‘informality trap’: firms that choose the informal strategy have difficulties to return to the legal sphere and get stuck in informality. The drivers of informality include firm-specific characteristics, institutional factors and socio-cultural factors dubbed ‘normality’. The mechanism of the ‘informality trap’ highlights the agency of firms in corrupt polities and may be applicable to other emerging economies.     

Does dependence on internal finance help explain the prevailing pattern of manufacturing? The case of the Italian Mezzogiorno

The purpose of the paper is to ascertain a possible relationship between sectorial financial dependence and the regional industrialization pattern in the backward areas of Southern Italy, the so-called Italian Mezzogiorno. The analysis is based on a definition of financial dependence different to that of Rajan-Zingales in that it is determined as the contribution of internal resources to the financing of firm growth and is measured through the estimation of the LPE standard model augmented by the cash flow variable on a large sample of Italian SMEs observed from 2001–2008. The relationship between sectorial measures of financial dependence and composition of manufacturing in Italian Southern regions is then tested; the analysis shows that firms’ shares of the low financial dependence sectors tend to prevail in manufacturing in the Southern regions.     

RESEARCH AND DEVELOPMENT IN SMALL AND MEDIUM-SIZED ENTERPRISES: THE ROLE OF FINANCIAL CONSTRAINTS AND PUBLIC FUNDING

This paper presents microeconometric evidence on financing constraints for research and development activities in German small‐ and medium‐sized firms (SME). Special attention is paid to the role of public research and development (R&D) subsidies. For this purpose SMEs in West and East Germany are compared because these regions are very different in their supply of public R&D funding. The empirical evidence suggests that West German SMEs are financially constrained in their R&D activities by both internal and external resources. In East Germany, firms are not sensitive to external constraints, possibly due to high public R&D subsidies. The results show that R&D in East Germany is to a large extent driven by public subsidies and that the usual financial market mechanisms are dysfunctional with respect to R&D in this region.     

Board diversity and firm performance: evidence from the U.K. SMEs

This study examines the relationship between board diversity and firm performance in small- and medium-sized enterprises (SMEs) in the U.K. In particular, we investigate the role of gender and age as two dimensions of diversity. Using a large sample of SMEs (34,798 firms) located in the U.K. and focusing on the period from 2005 to 2013, our results show a significant negative association between each of gender diversity and age diversity, and firm performance. Our evidence yields important insights on the association between board diversity and firm performance, and calls suggestions for increased board diversity into question. A possible explanation for our findings could be due to the fact that our sampled firms are SMEs, whereas those in previous studies have been large enterprises. This research provides insights to entrepreneurs on how to enhance their performance, and to governments and policymakers on the development of rules that would achieve better performance in the SME sector.