中小企业的关系型融资:实证研究及理论释义

关系银行作为金融中介理论的一个重要分支,在西方发达国家研究成果颇丰,尤其是对解决中小企业的信息不对称和信贷配给问题,更是从理论和实证上进行了广泛而深入的研究,而国内还相对处于起步阶段,尤其在实证研究上鲜有文献。作为实践探讨和文献弥补,本文以案例分析的形式对我国中小企业的关系融资特征进行了实证分析及模型检验。实证结论主要有:第一,随着与银行合作关系时间的增长,中小企业融资的资金价格趋于降低,对担保的要求也趋于减少;第二,在担保贷款中,只有质押担保形式才为银行所认可和注重,可起到降低资金价格的作用;第三,利率优惠与企业所有制性质无相关关系。在实证分析基础上,文章对关系型融资产生的动因进行了供求分析,并对其在缓解刚性资金缺口的意义上,从供求曲线和总成本两个角度进行了较深入的理论探讨。最后,在关系型融资制度化所需条件和现实障碍的基础上,提出了相机治理对策。

Relational Financing in Small-midium-sized Enterprise: Concrete Evidence and Theoretic Explanation

This paper studies the characters of relational financing in small-midium-sized enterprise through a case in Guangzhou. Some important conclusion are proved: First, As bank-borrower relationship matures credit costs decline, and fewer guarantees are asked to provide. Second, only pawn can reduce the price of credit. Third, there's no relation between credit costs and the properties of ownership. Then, the cause and significance about the emergence of relational financing are deeply expounded through theory. Finally, some suggestions are put forward based on practical analysis.