摘要
小微企业融资难融资贵是世界性难题,中国尝试将企业"纳税信用"转化为"融资信用",以数据互联共享和税务信用贷款为基础来缓解这一难题,实施推广了"银税互动"政策。本文基于2015—2017年浙江省的小微企业月度动态调查数据库,考察了银税互动政策对小微企业融资的影响。研究发现,该政策显著提高了小微企业平均的银行贷款可得性与贷款额度,贷款成本的下降在开展初期并不显著,在后期有所显现。享受这一政策红利的主体是小型企业,微型企业平均而言没有明显受益,但其内部的信贷分配有显著变化;银税互动信贷配给更偏向政策前无贷款、流动资金不足的企业;纳税信用评级为A、纳税额高的企业更容易受益。此外,银税互动的效果随银行密度和银企距离显著变化,意味着银税互动政策的效果与降低信息不对称和交易成本有关。政策效果还会随当地经济发展而变化。这些发现为"以税增信"这一新思路以及政策实践的可行性提供了事实依据和完善方向。
Financing for micro enterprises is a world-wide challenge. It is generally difficult for micro enterprises to acquire bank loans and the cost of getting loans is often high for them. The conundrum results from two major reasons: asymmetric information and high transaction cost(relative to its return). Various policies have been implemented to address the challenge in many countries, but the effects of most policies are not satisfactory. These traditional solutions mostly emphasize the role of financial intermediates or small financial institutions, and follow the model of collecting more information by increasing cost input, reducing banks’ cost of loan default by emphasizing mortgage or assurance, and rationing loans case by case. These solutions did not reduce transaction costs effectively. Since 2015, the Chinese government has piloted a project named tax credit bank loans(TCBL) to improve financing for micro enterprises. The project enforces data sharing of enterprises’ tax credit between the tax bureau and banks to reduce banks’ cost of collecting important information on enterprises. It also transforms the tax credit of enterprises into financing credit, encourages offering mortgage-free loans solely based on(tax) credit, and recommends digitalization of the loan rationing model to automatize loan application and online loan approval. All these elements can promote the scale-up of lending to micro enterprises, which is crucial for reducing the average transaction cost for each individual loan. This project is different from the traditional solutions to the financing challenge for micro enterprises, as it emphasizes on reducing information cost, focusing on credit rather than mortgage or assurance, and promoting large-scale expansion. However, how effective this project has been on improving the financing of micro enterprises is largely unknown. Based on the Micro Enterprises Dynamic Survey in Zhejiang Province and taxpayer credit information of enterprises in the State Taxation Administration of China
作者
杨龙见
吴斌珍
李世刚
彭凡嘉
YANG Longjian;WU Binzhen;LI Shigang;PENG Fanjia(School of Public Finance and Taxation,Central University of Finance and Economics;School of Economics and Management,Tsinghua University;International School of Business and Finance,Sun Yat-sen University;School of Economics,Peking University)
出处
《经济研究》
CSSCI
北大核心
2021年第7期96-112,共17页
Economic Research Journal
基金
北京高校高精尖学科“金融安全工程”2020年度应急项目“新冠疫情冲击下的中国金融安全研究”
中央财经大学科研创新团队支持计划项目
国家自然科学基金面上项目(72073079)
国家自然科学基金青年项目(71803199)的阶段性成果。
关键词
银税互动
小微企业贷款
纳税信用
融资成本
信用贷款
Tax Credit Bank Loans
Small Business Loans
Tax Credit
The Cost of Financing
Loan on Credit
