西安交通大学学报（社会科学版）2026，Vol.46Issue(3)：68-81,14.DOI:10.15896/j.xjtuskxb.202603007
文化包容性与小微企业融资
Cultural Inclusivity and Financing for Small and Micro Enterprises
摘要
Abstract
Inclusiveness,as one of the five salient characteristics of Chinese civilization,is highly aligned with the objectives of inclusive finance,particularly regarding service coverage and accessibility.However,existing literature in the field of culture and finance primarily focuses on aspects such as Confucian culture and clan culture,with scant attention paid to the impact of cultural inclusiveness on micro-level financial behavior.To address this gap,this paper utilizes data from the China Household Finance Survey(CHFS),incorporates demand-side rationing into the analytical framework,and employs a trivariate Probit with double selection to systematically examine the holistic impact of cultural inclusiveness on the loan application behavior of small and micro enterprises and the lending decisions of banks,while also conducting an in-depth analysis of its underlying mechanisms. The research conclusions indicate that:first,enhancing cultural inclusiveness helps alleviate credit rationing for small and micro enterprises.It not only encourages these enterprises to express their loan application intentions more actively,thereby reducing the probability of demand-side rationing,but also makes it easier for them to obtain bank credit after applying,thus lowering the probability of supply-side rationing.Second,from the perspective of the demand-side rationing mechanism,cultural inclusiveness stimulates the willingness of small and micro enterprises to apply for loans by reducing loan prices and credit transaction costs,weakening their expectations of credit risks,and breaking down traditional barriers of relationship-based financing.Third,from the perspective of the supply-side rationing mechanism,cultural inclusiveness reduces supply-side rationing by promoting the establishment of more bank branches to increase the quantity of credit supply,and by enhancing the breadth of digital financial coverage and the depth of its usage to improve the quality of credit supply.Fourth,the promoting effect of cultural inclusiveness on the financing of small and micro enterprises is stronger in economically underdeveloped regions,areas with less developed digital financial infrastructure,and regions with a generally high level of social trust.This reveals a certain degree of substitutability in economic function between culture,as an informal institution,and formal institutions. Compared with previous literature,this paper extends the existing research in the following three aspects:first,it closely integrates inclusiveness,one of the five major characteristics of Chinese culture,with the financing of small and micro enterprises,building a bridge between regional culture and financial development.This deepens the understanding of the causes of credit rationing for small and micro enterprises and expands the research boundaries at the intersection of inclusive finance and cultural economics.Second,existing literature pays insufficient attention to demand-side rationing,often overlooking the self-constraining behavior of the demand side in the financing process.By exploring the holistic impact of cultural inclusiveness on both the loan application behavior of small and micro enterprises and the loan outcomes of banks,this paper constructs a more comprehensive and complete analytical framework.Third,the study finds a certain substitutability in economic function between culture,as an informal institution,and formal institutions.This finding not only reveals the unique economic role of cultural inclusiveness but also provides a new explanatory path for understanding the economic growth miracle of the"Four Asian Tigers"within the same Chinese cultural sphere,achieved under conditions of relatively weak formal institutions. This research provides solid empirical evidence for understanding the contemporary value of excellent traditional Chinese culture within the modern financial system theoretically.In practice,it offers new insights for improving inclusive finance policies and optimizing the credit supply of financial institutions.This holds significant policy reference value for perfecting a modern financial system with Chinese characteristics and deepening inclusive finance reforms.关键词
文化包容性/小微企业融资/申请贷款意愿/银行放贷决策/普惠金融/需求方配给/供给方配给Key words
cultural inclusivity/small and micro enterprise financing/willingness for loan application/bank lending decision/inclusive finance/demand-side rationing/supply-side rationing分类
社会科学引用本文复制引用
程超,赵春玲..文化包容性与小微企业融资[J].西安交通大学学报（社会科学版）,2026,46(3):68-81,14.基金项目
国家社会科学基金一般项目(24BJY075). （24BJY075）
