银行信贷、商业信用与中小企业投资行为分析

运用105家上市中小企业2005--2007年的面板数据，对中小企业银行信贷、商业信用与投资行为之间的关系进行了实证检验。研究发现，总体上银行信贷与企业的投资支出显著正相关；商业信用与企业的投资支出显著负相关。在分类检验中，高融资约束企业，银行信贷与投资支出的正相关关系进一步提高；低融资约束企业，商业信用与投资支出的负相关关系有所下降。由此可见，银行信贷是我国中小企业获取外部资金来源的重要渠道，健全的信用制度是克服中小企业融资瓶颈的重要举措。

Bank Lending , Commercial Credit and Investment Behavior of SME

This article empirically examines the relationship among bank lending, commercial credit and SME investment behavior using panel data from 2005 to 2007 of listed SME. The results show that ,as a whole, bank lending is strong positively related to investment expenditure;commercial credit is strong negatively related to investment expenditure. In the classification test, the positive effect between bank lending and investment is significantly stronger for firms with high financing constraints. But the negative effect between commercial credit and investment is significantly declined for firms with low financing constraints. Therefore, bank lending is an important channel of external funding sources of China＇ SME. A sound credit system is important step to overcome financing bottleneck of SME.