经济与管理研究2018，Vol.39Issue(4)：42-54,13.DOI:10.13502/j.cnki.issn1000-7636.2018.04.004
银行业竞争能缓解中小企业融资约束吗?
Can Banking Competition Alleviate SMEs Financing Constraints?
摘要
Abstract
This paper examines small and medium enterpries(SMEs)and listed companies on the growth enterprises board(GEM)to explore the relations between banking competition and financing constraints of SMEs by utilizing the"cash-cash flow sensitivity"model.It reveals that while financing predicament is prevalent in SMEs, banking competition can effectively alleviate financing constraints of SMEs,namely the market power hypothesis is verified,which provides empirical support to the marketization reform of the banking in recent years.Further study shows that the larger the enterprise scale,or the lower the fuzzy degree of the enterprise information,or the more"market-oriented"the financial structure,the better the banking competition alleviates financing constraints of SMEs.This paper also provides the proposal that banks' market-oriented reform should be continued to promote banking competition,and the capital market should be developed to widen the financing channel of SMEs,thus effectively solving the problems of difficulties and high-cost in SMEs financing.关键词
银行业集中度/银行业竞争度/Panzar-Rosse模型/"现金-现金流敏感性"模型/融资约束Key words
banking concentration/banking competition/Panzar-Rosse model/cash-cash flow sensitivity model/financing constraint分类
管理科学引用本文复制引用
张金清,阚细兵..银行业竞争能缓解中小企业融资约束吗?[J].经济与管理研究,2018,39(4):42-54,13.基金项目
国家自然科学基金项目"我国上市公司大股东违规的行为监测与风险评估"(71471043) （71471043）
