【作者】 康立；

【导师】 潘英丽；

【作者基本信息】 华东师范大学 ， 世界经济， 2007， 博士

【摘要】 国际理论界普遍认为，中小企业将是21世纪经济发展的主角。中小企业在增进市场效率、提升经济增长、推动技术创新、创造就业机会和促进国际贸易等方面发挥着大企业不可替代的作用。在我国劳动力相对丰富及资本相对稀缺的要素禀赋特征下，中小企业给国民经济赋予了发展与改革的双重意义。然而，中小企业外源融资约束却成为钳制其发展潜力和速度的主要掣肘。在我国银行主导型的金融体制下，银行信贷融资是对中小企业有实质性影响的主要外源融资形式。故而，商业银行信贷合约设计、银行业结构变迁与整合、信贷担保制度构建都将对中小企业信贷融资产生直接的冲击。因此，以中小企业信贷融资为独特视角，立体而全面地对其展开深入的研究，具有十分重要的理论价值和现实意义。本文以中小企业信贷市场的非对称信息特征为主线，通过借鉴融资结构理论、金融中介理论、信息结构理论、产业结构理论、信贷契约理论、信用担保理论等现代经济学前沿理论观点，采用规范与实证相结合、静态和动态相结合、归纳与比较相结合等研究方法，从微观层面剖析商业银行合约设计与中小企业信贷融资的相互关系；从宏观视角探究银行业结构与中小企业信贷融资之间的对应逻辑；从制度设计上考察信贷担保制度对中小企业信贷融资的功能重构。旨在从中演绎出重要的结论与有益的启迪，以期为我国处于转型期的银行业结构调整与中小企业良性协调发展提供有价值的理论依据和政策建议。第1章导论主要介绍了论文选题的缘由、国内外研究现状，论文研究方法和技术路线，并对论文基本框架和主要观点、论文创新与不足之处进行了简要概述。第2章着重探讨了中小企业融资特点和融资缺口问题。中小企业作为一个多重相对性主体，在现代市场经济中发挥着重要的经济作用。不同类型的中小企业在融资过程中呈现出不同的融资需求特征。中小企业金融成长周期需要一个多层次、多样化的金融体系来对应其不同阶段的融资需求。与大企业相比，中小企业融资表现出更偏好内源融资，更依赖债务融资等特征。中小企业在外源融资中更易遭受“融资缺口”的困扰，其形成原因可以从信息不对称、规模不经济、以及金融体制和政府管制等方面找到解答。第3章对中小企业信贷融资相关理论进行了系统梳理和归纳。分别从融资结构理论、金融中介理论和信贷配给理论三个不同的视角，提炼出适合中小企业信贷融资的理论观点。其中，在融资结构理论中，代理成本理论、信号理论和融资顺序理论对于解释中小企业信贷融资行为最具说服力。由交易费用理论和委托代理理论两个分析范式共同构成的金融中介理论，为解释商业银行的信息生产优势、监控和创建声誉机制功能在中小企业融资中的作用奠定了理论基础。建立在企业规模、项目风险类型、抵押品价值量和区域因素等变量上的中小企业信贷配给综合模型，为中小企业易成为银行信贷配给受害者这一信贷市场普遍现象，提供了合理的理论依据。第4章从非对称信息视角考察了商业银行信贷合约设计与中小企业信贷融资之间的关系。中小企业信贷市场的信息结构、银行业结构、利率体制、抵押和担保等因素都从不同方面影响中小企业的信贷合约设计。这些影响因素彼此关联，或导致信贷合约不易达成，或形成信贷合约低效均衡。缓解中小企业信贷融资困境，必须在完善银行竞争结构的基础上，改进银行对中小企业投资项目的评估及风险管理技术，推进利率市场化以吸收风险，并努力减少对抵押担保的依赖。第5章从相对优势理论、制度和贷款技术演进等多维视角，对银行业结构与中小企业信贷融资的逻辑关系进行了全面的分析。银行业结构包含银行业规模结构和银行业市场结构两个层面。国内外文献表明，银行业结构因大规模并购而导致的集约化趋势，对中小企业信贷可得性产生的影响并不存在单一结论。通过综合权衡不同规模银行信息优势和风险分担优势，本文发现银行业规模扩张与中小企业融资困惑之间并无直接因果关系，“小银行优势假说”正遭遇质疑。随着信息技术的进步，大小银行对中小企业贷款的优势会发生消长，大银行在中小企业贷款中的优势和作用有加强趋势。因此，过分强调倚重发展中小银行解决中小企业融资问题，具有一定片面性。第6章探讨了信用担保制度与中小企业信贷融资问题。中小企业信用担保机制的存在具有合理性，但其介入后，中小企业信贷市场依旧存在逆向选择和道德风险问题。西方发达国家及部分发展中国家信用担保制度的基本构架，为我国提供了可资借鉴的国际经验。在当前我国银行业市场化改革尚未到位的情形下，建立中小企业信用担保制度作为中小企业信贷市场机制的补充，具有一定必要性，但不能过分放大其作用。针对我国中小企业信用担保机制运作不规范、制度不健全等问题，应在发展思路、组织结构和运作形式上科学定位及合理安排，才能更好地重塑其支持中小企业信贷融资的经济功能。第7章围绕我国中小企业信贷融资现状、微观制约因素、我国银行业结构与中小企业信贷融资悖论问题进行了实证研究。相关调查报告和问卷调查方式取得的数据资料显示，现阶段我国中小企业银行信贷融资陷入困境之中。通过回归分析和检验发现，我国中小企业贷款的微观约束主要来源于贷款条件约束、财务指标约束和审批时滞约束。从我国中小企业信贷融资与银行业结构的关系上看，中小企业信贷融资歧视并非由银行业规模因素所致，而是由我国银行业所有制结构和治理结构不合理造成。一味强调通过创建中小金融机构解决中小企业融资约束的政策主张，可能将我国银行业改革带向误区。第8章剖析了我国中小企业信贷融资约束的制度根源并提出解困思路。阻碍我国中小企业信贷交易达成的各种制度因素，包括中小企业信用制度的缺失、银行业治理结构和竞争结构缺陷、银行信贷管理体制及信贷技术的滞后、金融抑制因素等。中国应从发达国家支持中小企业信贷融资政策中获取经验，通过建立中小企业信用征信体系、加强信贷人权利保护、调整银行业结构、建立银行内部信贷激励约束机制、创新中小企业信贷技术、建立多层次支持中小企业信贷融资的政策法律体系等手段，改善我国中小企业信贷融资状况。本文创新之处在于全面考察了不同类型、不同阶段、不同规模中小企业的融资特性；通过归纳与借鉴融资结构理论、金融中介理论和信贷配给理论的最新研究成果，为中小企业银行信贷融资偏好寻求有力的理论支撑；将信贷合约理论应用于中小企业信贷融资分析，并推导出一些有价值的政策结论；从理论、制度、历史及技术进步等多维度视角，为研究银行业结构与中小企业信贷融资的逻辑关系，提供了更为完整的解释框架；对中小企业信用担保制度的功能重构进行了系统的经济学分析；在实证分析环节，运用问卷调查和亲历基层访谈获取的第一手数据资料及反映的真实信息，得出较有说服力的结论。囿于数据资料的可得性，本文较偏重理论分析而显计量分析不足。既有的回归分析也存在一定的局限性，由于分析所选取的样本较为特殊，因此其普适性有待进一步检验。此外，中小企业信贷融资是一个覆盖面较广的课题，由于占有文献有限，本文仅选取了其中的某些重要方面进行了较为粗浅的探讨，还没有找到合适的突破口来形成较为完整的理论框架，这也将是未来有待深入研究的方向。更多还原

【Abstract】 It is generally admitted that small-and-medium enterprises (SMEs) will play an important role in economic development during the twenty-first century. SMEs can not be substituted by large enterprises, especially in the aspects of promoting market efficiency and economic growth, encouraging technical innovation as well as accelerating international trade and etc. China is characterized by abundant labor force and scarce capital. Therefore, SMEs have both development and reform significance in national economy. However, SMEs’ external financial constraint is one of the factors that prevent their potentials and speed for further development. Under Chinese bank-dominated financial system, bank loan is the primary form of SMEs external financing. Some factors such as debt contract, transition of bank structure and establishment of loan guarantee, will have profound effects on SMEs’ bank financing. Accordingly, a comprehensive study on SMEs’ bank financing is significant both in theory and in practice.This paper is based on information asymmetry of SMEs’ credit market and aimed at offering theoretic explanation and policy implications for the harmonic development between Chinese bank structure and SMEs. By virtue of applying advanced modern economic theories and research methods such as normative and positive, static and dynamic, conclusive and comparative approaches, the paper makes an analysis on the relationship between credit contract, bank structure, loan guarantee and SMEs’ bank financing from macro and micro perspective.This paper consists of eight parts. The first chapter introduces the significance of writing, and the relative literatures paper concerned. It also summarizes the paper’s research method, basic framework, main opinions, innovation and deficiencies as well.The second chapter focuses on the SMEs’ financing features and the existence of SMEs’ financial gap. It is examined that SMEs have important position in modern economy. Different types of SMEs have different financing demands. Their financial growth cycle needs a multi-levels and diversified financial system to match its financing demands in different phases. Compared with big enterprises, SMEs are inclined to internal and debt financing. However, SMEs’ external financing is apt to be suffered by financial gap, which result from information asymmetry, scale diseconomy, financial institution and government control.The third chapter summarizes and concludes the theories about SMEs’ bank financing. From three different angles of financial structure, financial intermediary and credit ration theories, some viewpoints can be obtained to explain SMEs’ bank financing. Agency cost theory, signal approach and pecking order hypothesis are the three most convincing theories to illustrate SMEs’ bank financing. Traction cost theory and delegation theory composed of financial intermediary theory establishes the theory foundation to interpret the advantages of information producing, delegated monitoring and reputation mechanism of commercial banks. SMEs’ credit ration synthesized model based on the variables of enterprise scale, project risk, guarantee value and regional factors, provides theoretic support for a general phenomenon in credit market that SMEs is prior to be victim of bank credit ration.The fourth chapter investigates the relationship between debt contract and SMEs’ bank financing. Some relevant factors such as information, banking structure, interest rate system, mortgage and guarantee, have influences on SMEs’ credit contract respectively, which either make credit contract difficult to reach, or result in equilibrium in low efficiency. To eliminate the dilemma of SMEs’ bank financing, it is necessary to improve technology of project evaluation and risk management of SMEs based on the perfection of bank competition structure, promote interest rate reform and reduce dependence on mortgage and guarantee.The fifth chapter put forward a new theoretic framework to discuss the relationship between bank structure and SMEs’ bank financing, from the perspective of comparative advantages, institution and technology. Bank structure consists of bank size structure and bank market structure. Literatures accounts for that intensive tendency of commercial banks resulting from merger and acquisition in large scales have different impacts on availability of SMEs’ bank financing. By comparing the advantages between information and risk-share of different scale banks, it is indicated that bank size structure has no direct connection with difficulty of SMEs’ bank financing, so that it is generally doubted for the so called ’small bank advantage hypothesis’. Practically speaking, following the progress of information technologies, even the large banks could strengthen their position and advantages in SMEs’ bank financing.The sixth chapter stresses on the credit guarantee system for SMEs. Although the existence of guarantee system is rational, adverse selection and moral hazard can’t be eliminated at all. China should acquire international experiences on the framework of guarantee system from some developed and developing countries. Under the circumstance of Chinese incomplete bank market reform, it is essential to establish guarantee system as supplement for SMEs’ bank financing on condition that the function of guarantee system can’t be over-magnified. With regard to Chinese imperfect SMEs’ guarantee system, government should form the scientific awareness of development ideas, organizational structure and operational form so as to make better function in SMEs’ guarantee system.The seventh chapter makes a positive analysis on status, micro-constraint factors of SMEs’ financing and dilemma of Chinese bank structure with SMEs’ bank financing. Data from research report and questionnaire indicated that SMEs’ bank financing is in very difficult condition in China. With positive analysis and inspection, a conclusion can be draw that credit condition, SMEs’ financial index and time lag of approval are the main reasons for the difficulty of SMEs’ bank financing. In China, discrimination of SMEs’ bank financing isn’t caused by bank scale, but by bank ownership and governance mechanism. Therefore, it is unilateral in China to over- emphasize the idea that deal with the problem of SMEs’ bank financing only by developing small banks and small non-bank financial institutions.The Eighth chapter dwells on the institutional causes of Chinese SMEs’ bank financing constraint and discusses its possible countermeasures. There are many kinds of institutional factors preventing SMEs’ bank financing, which contains lack of SMEs’ credit system, the drawback of bank mechanism and competition structure, the lagging of bank credit management and techniques, financial repression, etc. China should learn experiences on SMEs’ bank financing policies from developed countries to build SMEs’ credit system and strengthen creditor’s right protection. In order to improve SMEs’ bank financing, it is also necessary for China to take many important measures such as adjusting its bank structure, building its mechanism for credit incentive and constraint, innovating SMEs’ credit technique and setting up laws and regulations system at all levels.The innovations of this paper are as follows. Firstly, the paper investigates the characters of SMEs’ bank financing in terms of different types, phases and scales as well. Secondly, it tries to search for the conniving theories that SMEs’ bank financing concerned by making use of the new economic theories, such as financial structure, financial intermediary and credit ration theories. Thirdly, it applies the debt contract approaches into the study of SMEs’ bank financing, and infers some valuable policy implications. In addition, it affords a new theoretic framework to discuss the relationship between bank structure and SMEs’ bank financing, from the angles of theory, history and technology. At last, the paper makes a systematic analysis on loan guarantee of SMEs’ bank financing.This paper attaches more importance on theoretic analysis by reason of data availability. And meanwhile, the positive analysis is lack of applicability to some extent caused by selecting the special samples. What’s more, SMEs’ bank financing is such a kind of research issue that covers many fields. On account of limited literatures, this paper only selects some aspects to make analysis. Until now, it has not found an appropriate and comprehensive theoretical framework to research, which is also the direction for further study.更多还原