中小银行发展与中小企业融资约束——新结构经济学最优金融结构理论视角下的经验研究
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财经研究 2014 年 第 40 卷第 01 期, 页码：107 - 117
摘要
参考文献
摘要
要素禀赋结构决定了中小企业是中国当前最优产业结构中的主要企业类型,中小企业存在融资约束也已然成为各界共识。然而遗憾的是,束缚中小企业发展的瓶颈至今没有突破。文章基于新结构经济学最优金融结构理论视角,以欧拉方程投资模型为基础,利用2006-2011年中小企业板上市公司数据和一阶差分GMM估计方法,系统考察了中小银行发展对于缓解中小企业融资约束的重要性。研究发现,银行中介与金融市场的比例构成、金融发展和贷款利率浮动这三个因素对中小企业融资约束具有重要影响的判断无法获得经验证据的支持,而中小银行发展则显著降低了企业投资对现金流的敏感性,有效缓解了中小企业融资约束。同时,稳健性检验表明,中小企业投资对现金流的敏感性源于融资约束而非代理冲突。文章的政策含义是,与推动总量上的金融发展及放松利率管制相比,以发展中小银行为核心内容的金融结构改革应在中国金融改革中占优先地位。
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[18]王霄,张捷.银行信贷配给与中小企业贷款[J].经济研究,2003,(7):68-75.
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[24]Alti A.How sensitive is investment to cash flow when financing is frictionless?[J].Journal of Finance,2003,58(2):707-722.
[25]Arellano M,Bond S.Some tests of specification for panel data:Monte Carlo evidence and an application to employment equations[J].Review of Economic Studies,1991,58(2):277-297.
[26]Beck T,Demirguc-Kunt A,Laeven L,et al.Finance,firm size,and growth[J].Journal of Money,Credit and Banking,2008,40(7):1379-1405.
[27]Beck T,Demirgü-Kunt A,Levine R,et al.Financial structure and economic development—Firm,industry,and country evidence[R].World Bank,2000.
[28]Beck T,Demirgü-Kunt A,Maksimovic V.Financial and legal constraints to growth:Does firm size matter?[J].Journal of Finance,2005,60(1):137-177.
[29]Beck T,Demirgü-Kunt A.Small and medium-size enterprises:Access to finance as a growth constraint[J].Journal of Banking&Finance,2006,30(11):2931-2943.
[30]Beck T.Financing constraints of SMEs in developing countries:Evidence,determinants and solutions[R].World Bank,2007.
[31]Berger A N,Bonime S D,Goldberg L G,et al.The dynamics of market entry:The effects of mergers and acquisitions on entry in the banking industry[J].Journal of Business,2004,77(4):797-834.
[32]Berger A N,Miller N H,Petersen M A,et al.Does function follow organizational form?Evidence from the lending practices of large and small banks[J].Journal of Financial Economics,2005,76(2):237-269.
[33]Berger A N,Udell G F.Small business credit availability and relationship lending:The importance of bank organizational structure[J].Economic Journal,2002,112(477):32-53.
[34]Berger A N,Udell G F.The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking&Finance,1998,22(6):613-673.
[35]Chakraborty S,Ray T.Bank-based versus market-based financial systems:A growth-theoretic analysis[J].Journal of Monetary Economics,2006,53(2):329-350.
[36]Cleary S.The relationship between firm investment and financial status[J].Journal of Finance,1999,54(2):673-692.
[37]Demirgü-Kunt A,Feyen E,Levine R.Optimal financial structures and development:The evolving importance of banks and markets[R].World Bank,2011.
[38]Demirgü-Kunt A,Maksimovic V.Funding growth in bank-based and market-based financial systems:Evidence from firm-level data[J].Journal of Financial Economics,2002,65(3):337-363.
[39]Erickson T,Whited T M.Measurement error and the relationship between investment and q[J].Journal of Political Economy,2000,108(5):1027-1057.
[40]Fazzari S M,Hubbard R G,Petersen B C.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1:141-195.
[41]Gelos R G,Werner A M.Financial liberalization,credit constraints,and collateral:Investment in the Mexican manufacturing sector[J].Journal of Development Economics,2002,67(1):1-27.
[42]Goldberg L G,White L J.De novo banks and lending to small businesses:An empirical analysis[J].Journal of Banking&Finance,1998,22(6-8):851-867.
[43]Guariglia A,Poncet S.Could financial distortions be no impediment to economic growth after all?Evidence from China[J].Journal of Comparative Economics,2008,36(4):633-657.
[44]Harris J R,Schiantarelli F,Siregar M G.The effect of financial liberalization on the capital structure and investment decisions of Indonesian manufacturing establishments[J].World Bank Economic Review,1994,8(1):17-47.
[45]Haynes G W,Ou C,Berney R.Small business borrowing from large and small banks[A].Blanton J L,Williams A,Rhine S.Business Access to Capital and Credit[C].Arlington,VA:Federal Reserve Bank of Chicago,1999.
[46]Jaffee D M,Russell,T.Imperfect information,uncertainty,and credit rationing[J].Quarterly Journal of Economics,1976,90(4):651-666.
[47]Jayaratne J,Wolken J.How important are small banks to small business lending?New evidence from a survey of small firms[J].Journal of Banking&Finance,1999,23(2):427-458.
[48]Jensen M C.Value maximization,stakeholder theory,and the corporate objective function[J].Journal of Applied Corporate Finance,2001,14(3):8-21.
[49]Koo J,Shin S.Financial liberalization and corporate investments:Evidence from Korean firm data[J].Asian Economic Journal,2004,18(3):277-292.
[50]Laeven L.Does financial liberalization reduce financing constraints?[J].Financial Management,2003,32(1):5-34.
[51]Liang Q,Teng J Z.Financial development and economic growth:Evidence from China[J].China Economic Review,2006,17(4):395-411.
[52]Stein J C.Information production and capital allocation:Decentralized versus hierarchical firms[J].Journal of Finance,2002,57(5):1891-1921.
[53]Strahan P E,Weston J.Small business lending and bank consolidation:Is there cause for concern?[J].Current issues in Economics and Finance,1996,2(3):1-6.
①有关金融发展与中小企业融资约束关系的研究,可参见Beck等(2005a、b,2008)、Beck和Demirgü-Kunt(2006);有关金融自由化与中小企业融资约束关系的研究,可参见Harris等(1994)、Gelos和Werner(2002)、Laeven(2003)以及Koo和Shin(2004)。
②关于欧拉方程投资模型对中国经验研究的适用性,可参见张军等(2008)、沈红波等(2010)以及罗长远和陈琳(2011)。
③我们在主成分分析中发现只有唯一的一个主成分的特征值大于1,方差比率为72.399%。我们将这个主成分的负荷系数除以其特征值的平方根获得权重系数。令X1、X2、X3和X4分别表示金融机构贷款/GDP、金融机构存款/GDP、股票市场市值/GDP以及股票市场成交额/GDP这四个原始指标的标准化形式,基于已获得的权重系数对这四个标准化指标进行加权平均,从而获得金融发展水平综合指数。具体而言,FD=0.468X1+0.549X2+0.506X3+0.472X4。
④为了检验工具变量的有效性,我们采用了m2检验、Sargan检验和Hansen检验,结果都支持选取的工具变量是有效的。
⑤国内一些文献为金融发展缓解企业融资约束提供了经验证据(朱红军等,2006;饶华春,2009;沈红波等,2010;解维敏和方红星,2011),但我们注意到这些文献并没有专门考察金融发展对缓解中小企业融资约束的作用。
⑥本文的研究结论与王东静等(2007)不一致。王东静等(2007)的研究存在的问题是,在比较取消贷款利率上限前后企业的负债水平时缺乏参照组。另外,他们的研究利用的是A股上市公司数据,所涉及的中小企业只是大企业中规模相对较小的企业。
[2]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011,(5):171-183.
[3]林毅夫,姜烨.经济结构、银行业结构与经济发展[J].金融研究,2006,(1):7-22.
[4]林毅夫,李志赟.中国的国有企业与金融体制改革[J].经济学(季刊),2005,(4):913-936.
[5]林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009,(8):4-17.
[6]林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005,(7):35-44.
[7]林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008,(3):31-45.
[8]林毅夫,徐立新.金融结构与经济发展相关性的最新研究进展[J].金融监管研究,2012,(3):4-20.
[9]林毅夫.新结构经济学——反思经济发展与政策的理论框架[M].北京:北京大学出版社,2012a.
[10]林毅夫.利率自由化对中国金融改革帮助不大[EB/OL].http://news.ifeng.com/mainland/detail_2012_05/03/14292861_0.shtml,2012b.
[11]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004,(1):42-55.
[12]罗长远,陈琳.FDI是否能够缓解中国企业的融资约束[J].世界经济,2011,(4):42-61.
[13]罗琦,肖文翀,夏新平.融资约束抑或过度投资——中国上市企业投资一现金流敏感度的经验证据[J].中国工业经济,2007,(9):103-110.
[14]米什金.货币金融学[M].北京:中国人民大学出版社,2011.
[15]饶华春.中国金融发展与企业融资约束的缓解——基于系统广义矩估计的动态面板数据分析[J].金融研究,2009,(9):156-164.
[16]沈红波,寇宏,张川.金融发展、融资约束与企业投资的实证研究[J].中国工业经济,2010,(6):55-64.
[17]王东静,张祥建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007,(2):50-59.
[18]王霄,张捷.银行信贷配给与中小企业贷款[J].经济研究,2003,(7):68-75.
[19]张捷.中小企业的关系型借贷与银行组织结构[J].经济研究,2002,(6):32-37.
[20]张军,易文斐,丁丹.中国的金融改革是否缓解了企业的融资约束?[J].中国金融评论,2008,(3):1-14.
[21]朱红军,何贤杰,陈信元.金融发展、预算软约束与企业投资[J].会计研究,2006,(10):64-71.
[22]Allen F,Gale D.Comparing financial systems[M].Cambridge:MIT Press,2000.
[23]Allen F,Gale D.Diversity of opinion and financing of new technologies[J].Journal of Financial Intermediation,1999,8(1):68-89.
[24]Alti A.How sensitive is investment to cash flow when financing is frictionless?[J].Journal of Finance,2003,58(2):707-722.
[25]Arellano M,Bond S.Some tests of specification for panel data:Monte Carlo evidence and an application to employment equations[J].Review of Economic Studies,1991,58(2):277-297.
[26]Beck T,Demirguc-Kunt A,Laeven L,et al.Finance,firm size,and growth[J].Journal of Money,Credit and Banking,2008,40(7):1379-1405.
[27]Beck T,Demirgü-Kunt A,Levine R,et al.Financial structure and economic development—Firm,industry,and country evidence[R].World Bank,2000.
[28]Beck T,Demirgü-Kunt A,Maksimovic V.Financial and legal constraints to growth:Does firm size matter?[J].Journal of Finance,2005,60(1):137-177.
[29]Beck T,Demirgü-Kunt A.Small and medium-size enterprises:Access to finance as a growth constraint[J].Journal of Banking&Finance,2006,30(11):2931-2943.
[30]Beck T.Financing constraints of SMEs in developing countries:Evidence,determinants and solutions[R].World Bank,2007.
[31]Berger A N,Bonime S D,Goldberg L G,et al.The dynamics of market entry:The effects of mergers and acquisitions on entry in the banking industry[J].Journal of Business,2004,77(4):797-834.
[32]Berger A N,Miller N H,Petersen M A,et al.Does function follow organizational form?Evidence from the lending practices of large and small banks[J].Journal of Financial Economics,2005,76(2):237-269.
[33]Berger A N,Udell G F.Small business credit availability and relationship lending:The importance of bank organizational structure[J].Economic Journal,2002,112(477):32-53.
[34]Berger A N,Udell G F.The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking&Finance,1998,22(6):613-673.
[35]Chakraborty S,Ray T.Bank-based versus market-based financial systems:A growth-theoretic analysis[J].Journal of Monetary Economics,2006,53(2):329-350.
[36]Cleary S.The relationship between firm investment and financial status[J].Journal of Finance,1999,54(2):673-692.
[37]Demirgü-Kunt A,Feyen E,Levine R.Optimal financial structures and development:The evolving importance of banks and markets[R].World Bank,2011.
[38]Demirgü-Kunt A,Maksimovic V.Funding growth in bank-based and market-based financial systems:Evidence from firm-level data[J].Journal of Financial Economics,2002,65(3):337-363.
[39]Erickson T,Whited T M.Measurement error and the relationship between investment and q[J].Journal of Political Economy,2000,108(5):1027-1057.
[40]Fazzari S M,Hubbard R G,Petersen B C.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1:141-195.
[41]Gelos R G,Werner A M.Financial liberalization,credit constraints,and collateral:Investment in the Mexican manufacturing sector[J].Journal of Development Economics,2002,67(1):1-27.
[42]Goldberg L G,White L J.De novo banks and lending to small businesses:An empirical analysis[J].Journal of Banking&Finance,1998,22(6-8):851-867.
[43]Guariglia A,Poncet S.Could financial distortions be no impediment to economic growth after all?Evidence from China[J].Journal of Comparative Economics,2008,36(4):633-657.
[44]Harris J R,Schiantarelli F,Siregar M G.The effect of financial liberalization on the capital structure and investment decisions of Indonesian manufacturing establishments[J].World Bank Economic Review,1994,8(1):17-47.
[45]Haynes G W,Ou C,Berney R.Small business borrowing from large and small banks[A].Blanton J L,Williams A,Rhine S.Business Access to Capital and Credit[C].Arlington,VA:Federal Reserve Bank of Chicago,1999.
[46]Jaffee D M,Russell,T.Imperfect information,uncertainty,and credit rationing[J].Quarterly Journal of Economics,1976,90(4):651-666.
[47]Jayaratne J,Wolken J.How important are small banks to small business lending?New evidence from a survey of small firms[J].Journal of Banking&Finance,1999,23(2):427-458.
[48]Jensen M C.Value maximization,stakeholder theory,and the corporate objective function[J].Journal of Applied Corporate Finance,2001,14(3):8-21.
[49]Koo J,Shin S.Financial liberalization and corporate investments:Evidence from Korean firm data[J].Asian Economic Journal,2004,18(3):277-292.
[50]Laeven L.Does financial liberalization reduce financing constraints?[J].Financial Management,2003,32(1):5-34.
[51]Liang Q,Teng J Z.Financial development and economic growth:Evidence from China[J].China Economic Review,2006,17(4):395-411.
[52]Stein J C.Information production and capital allocation:Decentralized versus hierarchical firms[J].Journal of Finance,2002,57(5):1891-1921.
[53]Strahan P E,Weston J.Small business lending and bank consolidation:Is there cause for concern?[J].Current issues in Economics and Finance,1996,2(3):1-6.
①有关金融发展与中小企业融资约束关系的研究,可参见Beck等(2005a、b,2008)、Beck和Demirgü-Kunt(2006);有关金融自由化与中小企业融资约束关系的研究,可参见Harris等(1994)、Gelos和Werner(2002)、Laeven(2003)以及Koo和Shin(2004)。
②关于欧拉方程投资模型对中国经验研究的适用性,可参见张军等(2008)、沈红波等(2010)以及罗长远和陈琳(2011)。
③我们在主成分分析中发现只有唯一的一个主成分的特征值大于1,方差比率为72.399%。我们将这个主成分的负荷系数除以其特征值的平方根获得权重系数。令X1、X2、X3和X4分别表示金融机构贷款/GDP、金融机构存款/GDP、股票市场市值/GDP以及股票市场成交额/GDP这四个原始指标的标准化形式,基于已获得的权重系数对这四个标准化指标进行加权平均,从而获得金融发展水平综合指数。具体而言,FD=0.468X1+0.549X2+0.506X3+0.472X4。
④为了检验工具变量的有效性,我们采用了m2检验、Sargan检验和Hansen检验,结果都支持选取的工具变量是有效的。
⑤国内一些文献为金融发展缓解企业融资约束提供了经验证据(朱红军等,2006;饶华春,2009;沈红波等,2010;解维敏和方红星,2011),但我们注意到这些文献并没有专门考察金融发展对缓解中小企业融资约束的作用。
⑥本文的研究结论与王东静等(2007)不一致。王东静等(2007)的研究存在的问题是,在比较取消贷款利率上限前后企业的负债水平时缺乏参照组。另外,他们的研究利用的是A股上市公司数据,所涉及的中小企业只是大企业中规模相对较小的企业。
引用本文
姚耀军, 董钢锋. 中小银行发展与中小企业融资约束——新结构经济学最优金融结构理论视角下的经验研究[J]. 财经研究, 2014, 40(1): 107–117.
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