CAJ | 학술논문

本文基于中小企业板样本公司数据，利用现金一现金流敏感性模型考察了金融发展水平和金融结构对中小企业融资约束的影响。研究发现，由中小银行发展所推动的银行业结构变化显著缓解了中小企业融资约束，而银行中介与金融市场的比例构成以及金融发展水平都未与中小企业融资约束形成稳健的联系。文章的政策含义是，在银行业结构与实体经济不相适应的情况下，由金融总量扩张所推动的金融发展水平提升对实体经济的贡献十分有限，因此，中国金融改革应紧紧围绕银行业结构调整来推进金融结构优化进程，其中银行业结构调整的要旨在于为中小银行发展创造有利空间。
본문기우중소기업판양본공사수거，이용현금일현금류민감성모형고찰료금융발전수평화금융결구대중소기업융자약속적영향。연구발현，유중소은행발전소추동적은행업결구변화현저완해료중소기업융자약속，이은행중개여금융시장적비례구성이급금융발전수평도미여중소기업융자약속형성은건적련계。문장적정책함의시，재은행업결구여실체경제불상괄응적정황하，유금융총량확장소추동적금융발전수평제승대실체경제적공헌십분유한，인차，중국금융개혁응긴긴위요은행업결구조정래추진금융결구우화진정，기중은행업결구조정적요지재우위중소은행발전창조유리공간。
Using cash - cash flow sensitivity model, this paper investigates the effect on financing constraints of the small and medium - sized enterprise （SMEs） of financial development level and financial structure by the data of China＇ s companies listed on SME board. The main findings in the paper are that banking structural change, which is driven by the development of the small and medium - sized banks, significantly eases financing constraints of SMEs, and there is no robust link between financing constraints of SMEs and the relative proportion of financial markets or financial development level. The policy implication of the paper is that, when banking structure does not adapt to the real economy, the increase of financial development level prompted by finance volume expansion makes little contribution to the real economy, so, China＇ s financial reform should advance the process of optimizing financial structure closely around the adjustment of banking structure, and the core of adjusting banking structure is to provide the advantageous space for the development of small and medium - sized banks.