Abstract:
How to effectively solve the financing difficulty of small and medium-sized enterprises (SMEs) is an issue of common concern in academic and practical circles. Based on China industrial dataset, this paper investigates whether the development of small and medium-sized banks (SMBs) helps to mitigate SMEs’ financing difficulty. This paper further analyzes the mediator effects through which SMBs’ development mitigates SMEs’ financing difficulty based on multiple mediation models. We find that, SMBs’ development can effectively narrow the gap of loan financing between SMEs and big companies, and can mitigate the negative impact of tight monetary policy on SMEs’ loan financing as well. This paper further compares two channels (improving financial development channel and optimizing banking structure channel) through which SMBs’ development mitigates SMEs’ financing difficulty. We find that, improving financial development channel is more important than optimizing banking structure channel. Our research has an important reference value to mitigate SMEs’ financing difficulty.
李广子, 熊德华, 刘力. 中小银行发展如何影响中小企业融资？——兼析产生影响的多重中介效应[J]. 金融研究, 2016, 438(12): 78-94.
LI Guangzi, XIONG Dehua, LIU Li. How Does SMBs’ Development Affect SMEs’ Financing?. Journal of Financial Research, 2016, 438(12): 78-94.
Berger, A. and L. Black, 2011, “Bank Size, Lending Technologies, and Small Business Finance,” Journal of Banking and Finance, 35(3), pp.724~735.
[14]
Berger, A., L. Klapper and G. Udell, 2001, “The Ability of Banks to Lend to Informationally Opaque Small Businesses,” Journal of Banking and Finance, 25(12), pp.2127~2167.
[15]
Berger, A., N. Miller, M. Petersen, R. Rajan and J. Stein, 2005, “Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks,” Journal of Financial Economics, 76(2), pp.237~269.
[16]
Berger, A., R. Rosen and G. Udell, 2007, “Does Market Size Structure Affect Competition? The Case of Small Business Lending,” Journal of Banking and Finance, 31(1), pp.11~33.
[17]
Berger A., A. Saunders, J. Scalise and G. Udell,1998, “The Effects of Bank Mergers and Acquisitions on Small Business Lending,” Journal of Financial Economics, 50(2), pp.187~229.
[18]
Berger, A. and G. Udell, 2002, “Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure,” Economic Journal, 112(447), pp.32~53.
[19]
Berger, A. and G. Udell, 2006, “A More Complete Conceptual Framework for SME Finance,” Journal of Banking and Finance, 30(11), pp.2945~2966.
[20]
Cai, H. and Q. Liu, 2009, “Competition and Tax Avoidance: Evidence from China Industrial Firms,” Economic Journal, 119(537), pp.764~795.
[21]
Cetorelli, N. and P. Strahan, 2006, “Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets,” Journal of Finance, 61(1), pp.437~461.
[22]
Craig, S. and P. Hardee, 2007, “The Impact of Bank Consolidation on Small Business Credit Availability,” Journal of Banking and Finance, 31(4), pp.1237~1263
[23]
De la Torre A., M. Martinez Peria, and S. Schmukler, 2010, “Bank Involvement with SMEs: Beyond Relationship Lending,” Journal of Banking and Finance, 34(9), pp.2280~2293.
[24]
Demirguc-kunt, A. and V. Maksimovic, 1998, “Law, Finance, and Firm Growth,” Journal of Finance, 53(6), pp.2107~2137.
[25]
Frame, W., A. Srinivasan and L. Woosley, 2001, “The Effect of Credit Scoring on Small-Business Lending,” Journal of Money, Credit and Banking, 33(3), pp.813~825.
[26]
Jaffee, D. and R. Thomas, 1976, “The Imperfect Information, Uncertainty, and Credit Rationing,” Quarterly Journal of Economics, 90(4), pp.651~666.
[27]
Jayaratne, J. and J. Wolken, 1999, “How Important Are Small Banks to Small Business Lending? New Evidence from a Survey of Small Firms,” Journal of Banking and Finance, 23(s2-4), pp.427~458.
[28]
Kashyap, A., J. Stein, and D. Wilcox, 1993, “Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance,” American Economic Review, 83(1), pp.78~98.
[29]
Korajczyk R. and A. Levy, 2003, “Capital Structure Choice: Macroeconomic Conditions and Financial Constraints,” Journal of Financial Economics, 68(1), pp.75~109.
[30]
Nilsen, J., 2002, “Trade Credit and the Bank Lending Channel”, Journal of Money, Credit, and Banking, 34(1), pp.226~253.
[31]
Petersen, A. and R. Rajan, 1995, “The Effect of Credit Market Competition on Lending Relationships,” Quarterly Journal of Economics, 110(3), pp.407~443.
[32]
Preacher, K. and A. Hayes, 2008, “Asymptotic and Resampling Strategies for Assessing and Comparing Indirect Effects in Multiple Mediator Models,” Behavioral Research Methods, 40(3), pp.879~891.
[33]
Rajan, R. and L. Zingales, 1998, “Financial Dependence and Growth,” American Economic Review,88(3), pp.559~587.
[34]
Rice T. and P. Strahan, 2010, “Does Credit Competition Affect Small-Firm Finance?” Journal of Finance, 65(3), pp.861~889.
[35]
Scott, J. and W. Dunkelberg, 2010, “Competition for Small Firm Banking Business: Bank Actions versus Market Structure,” Journal of Banking and Finance, 34(11), pp.2788~2800.
[36]
Stein, J., 2002, “Information Production and Capital Allocation: Decentralized versus Hierarchical Firms,” Journal of Finance, 57(5), pp.1891~1921.
[37]
Stiglitz, J. and A. Weiss, 1981, “Credit Rationing in Market with Imperfect Information,” American Economic Review, 71(3), pp.393~410.
[38]
Strahan, P. and J. Weston, 1998, “Business Lending and the Changing Structure of the Banking Industry,” Journal of Banking and Finance, 22(s6-8), pp.821~845.
[39]
Uchida, H., G. Udell and N. Yamori, 2012, “Loan Officers and Relationship Lending to SMEs,” Journal of Financial Intermediation, 21(1), pp.97~122.
