CAJ | 학술논문

文章通过分析民营中小企业融资现状，构建SVAR模型证实影子银行与民营中小企业融资之间互为Granger原因，脉冲响应得出影子银行对民营中小企业从正规金融机构的融资具有“挤出”效应，而中小企业的融资需求短期会刺激影子银行的膨胀，但长期不具有持续性。进一步分析发现影子银行能够补充企业融资缺陷，但同时会提高企业融资成本、风险和融资难度。最后提出深化金融改革应该以市场为导向并坚持金融服务实体经济的本质，并发挥互联网金融的在中小企业融资中的积极作用。
문장통과분석민영중소기업융자현상，구건SVAR모형증실영자은행여민영중소기업융자지간호위Granger원인，맥충향응득출영자은행대민영중소기업종정규금융궤구적융자구유“제출”효응，이중소기업적융자수구단기회자격영자은행적팽창，단장기불구유지속성。진일보분석발현영자은행능구보충기업융자결함，단동시회제고기업융자성본、풍험화융자난도。최후제출심화금융개혁응해이시장위도향병견지금융복무실체경제적본질，병발휘호련망금융적재중소기업융자중적적겁작용。
This paper, by making an analysis on the present situation of small and medium-sized private enterprises financing, builds the SVAR model to confirm that the relationship between shadow banking and small and medium-sized private enterprises financing is mutual Granger causality. The study shows that shadow banking has a“crowding out”effect on small and medium-sized private enterprises financing from formal financial institutions, whereas small and medium-sized enterprises short-term financing demand will stimulate the expansion of shadow banking, but is unsustainable in the long run. Further analysis reveals that shadow banking can make up for enterprises financing defects, but also, will increase enterprises financing cost, risk and difficulty. Finally, the paper puts forward that deepening financial reform should be market-oriented and stick to the essence of finance to serve the real economy, and develop the positive role of the Internet finance in small and medium-sized enterprise financing.