CAJ | 학술논문

与现有文献分别从融资方式和融资环境角度研究中小企业信贷可得性问题不同，文章利用2003—2008年我国非上市制造业企业数据，主要考察了融资缺口和市场化程度对中小企业信贷可得性的影响。研究发现，随着中小企业融资缺口的增大，其信贷可得性有所提高，但新增的信贷融资只能在一定程度上弥补企业的资金缺口；同时，在市场化程度较低的地区，融资缺口较大的中小企业尤其是小企业的信贷可得性较低。文章研究表明，小企业尤其是市场化程度较低地区的小企业面临更严重的信贷约束，而企业规模因素和市场环境因素显著影响中小企业的信贷可得性。
여현유문헌분별종융자방식화융자배경각도연구중소기업신대가득성문제불동，문장이용2003—2008년아국비상시제조업기업수거，주요고찰료융자결구화시장화정도대중소기업신대가득성적영향。연구발현，수착중소기업융자결구적증대，기신대가득성유소제고，단신증적신대융자지능재일정정도상미보기업적자금결구；동시，재시장화정도교저적지구，융자결구교대적중소기업우기시소기업적신대가득성교저。문장연구표명，소기업우기시시장화정도교저지구적소기업면림경엄중적신대약속，이기업규모인소화시장배경인소현저영향중소기업적신대가득성。
Different from current literature which studies the credit availability of SMEs from the perspectives of financing ways and environments, this paper mainly analyzes the effects of financing deficit and marketization on the credit availability of SMEs by using the data of unlisted manufacturing enterprises in China from 2003 to 2008. It concludes that with the increase in financing deficit in SMEs, their credit availability rises to some extent, but new credit loans only compensate for corporate funding gap to a certain extent. Meanwhile, in regions with low marketization degree, SMEs with great financing deficit, especially small enterprises, have lower credit availability. This paper indicates that small enterprises, especially ones in regions with low rnarketization degree, confront more serious credit constraints, and firm scale and market environments significantly affect the credit availability of SMEs.