摘要
融资难、融资贵是制约我国中小微企业发展的重要难题。本文使用江苏省4925家中小微企业的追踪调研数据,实证研究了房价上涨对中小微企业融资成本的影响。本文发现:(1)商品房销售价格上涨会导致当地金融机构信贷资金过多流向居民购房贷款,挤占中小微企业的信贷融资空间,推高其融资成本。(2)在企业异质性方面,苏南地区的中小微企业融资成本受当地“炒房”热潮的冲击要比苏中和苏北地区更加显著;企业规模越小或盈利能力越差,房价上涨给其融资成本造成的正向冲击也越显著。(3)采用替代变量和工具变量等多种方法控制潜在的内生性问题后,本文的结论依旧稳健。本文建议中国政府在扩大对中小微企业信贷资金总量供给的同时,必须阻止信贷资金过度流向房地产市场,切实增强金融服务实体经济的能力。
This paper studies the impact of rising house price on financing cost of SMEs by using a survey data of SMEs in Jiangsu province.We find that(1)the increase of house price will lead to an excessive flow of credit funds from local financial institutions to residents’loans for house purchase,which will crowd out the financing chance of local SMEs and drive up their financing costs;(2)in terms of firm heterogeneity,the financing costs of the SMEs in Southern Jiangsu,the smaller SMEs and the continuously lossmaking SMEs are more significantly impacted by the increase of house price;(3)we adopt both alternative variable method and instrumental variable method to deal with the underlying endogenous problem and the re-estimated results are still robust.In conclusion,this paper suggests that the Chinese government should expand the total supply of credit funds to SMEs and prevent the excessive flow of credit funds to the real estate market at the same time.
作者
张晓磊
徐林萍
ZHANG Xiao-lei;XU Lin-ping(School of International Economics and Business,Nanjing University of Finance and Economics,Nanjing 210023,China;School of Economics,Nanjing University,Nanjing 210093,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2020年第4期35-45,共11页
China Soft Science
基金
教育部人文社会科学研究基地重大项目(16JJD790025)
国家社会科学基金青年项目(19CJY034)
教育部人文社科青年项目(18YJC790002)
江苏省社科基金项目(18EYD006)。
关键词
房价上涨
中小微企业
融资成本
house price
small and medium-sized enterprises
financing cost
