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

Journal of Financial Research

2016, Vol. 438

Issue (12): 78-94 DOI:

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How Does SMBs’ Development Affect SMEs’ Financing?

LI Guangzi, XIONG Dehua, LIU Li

Institute of Finance & Banking and National Institution for Finance & Development, CASS;
Guanghua School of Management, Peking University

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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.

Key words： SMBs Financial Development Banking Structure SMEs’ Financing Multiple Mediation Models

Received: 01 July 2016 Published: 01 January 1900

JEL分类号:	G14
	G15
	D83

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LI Guangzi,XIONG Dehua,LIU Li. How Does SMBs’ Development Affect SMEs’ Financing?[J]. Journal of Financial Research, 2016, 438(12): 78-94.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V438/I12/78

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