中小民营企业融资困境的形成机理及政策支持体系研究——基于群体性与个体性金融声誉交互作用视角
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摘要
金融声誉作为表征中小民营企业资信水平的重要信号,对关系型融资模式下中小民营企业的融资能力具有重要影响。从动态视角出发,基于群体性与个体性金融声誉交互作用理论,着重考察了二者的交互作用对中小民营企业融资能力的影响过程,并从规模经济效益和信贷资产质量两个角度对其形成机理进行了细致探讨。研究结果表明:群体性金融声誉水平过低,并对个体性金融声誉构成了严重的"侵蚀"是导致当前我国广大中小民营企业陷入融资困境的重要原因,而对规模经济和信贷资产质量的权衡是触发金融声誉"侵蚀效应"的内在根源。当群体性金融声誉水平过低时,中小民营企业信贷资产质量下滑所带来的损失将超过规模经济效率的提升所带来的好处,为了规避信贷风险,提高信贷收益,金融机构将有意识地调高群体性金融声誉对个体性金融声誉的侵蚀系数,这将降低银行据以做出信贷决策的"评估金融声誉"水平,弱化中小民营企业的融资能力,加剧其融资困境。
Financial reputation which characterization the crediet status of small and medium-sized private enterprises plays a crucial role in the improvement of it's financial ability under the circumustance of relationship financial model.In order to analysis the influence of financial reputation on financial ability,the author mande an theoratical analysis based on the interactive of group and individual financial reputation theory from the perspective of dynamic angle. Specifically, the author investigated the affect process that interactive between group and individual fiancial reputation imposed on the improvement of financial ability for small medium-sized enterprises.At meanwhile,the author deducted the mechanism that why a vast of small and medium-sized private enterprises would involved into financial dilemma.The research demonstraed that:group financial reputation is so low that erode the individual financial reputation is the mainly cause that render small and medium-sized private enterprises involve into the quandary cituation of financial dilemma.Futher more,trade off between the benefit from the adjust of credit scale and crediet aseet quality is the intrinsic factor that triggered the financial dilemma.Once the group finacial reputation of small and medium-sized enterprises crossed the criticdal point,loss from the clapse of credit asset quality would exceed the earning from the increasing of scale effect,in order to avoid the credit risk and improve the revenue of credit acivility,fiancial instution would amplifer the erode coefficient that group finacial reputation imposed on individual financial reputation.What's worse,the?‘asset financial reputation' which conducted by the finacial insititution would decreased and the financial ability for small and medium-sized private enterprises would be weaken and the financial dilemma would be deteriorated.
Financial reputation which characterization the crediet status of small and medium-sized private enterprises plays a crucial role in the improvement of it's financial ability under the circumustance of relationship financial model.In order to analysis the influence of financial reputation on financial ability,the author mande an theoratical analysis based on the interactive of group and individual financial reputation theory from the perspective of dynamic angle. Specifically, the author investigated the affect process that interactive between group and individual fiancial reputation imposed on the improvement of financial ability for small medium-sized enterprises.At meanwhile,the author deducted the mechanism that why a vast of small and medium-sized private enterprises would involved into financial dilemma.The research demonstraed that:group financial reputation is so low that erode the individual financial reputation is the mainly cause that render small and medium-sized private enterprises involve into the quandary cituation of financial dilemma.Futher more,trade off between the benefit from the adjust of credit scale and crediet aseet quality is the intrinsic factor that triggered the financial dilemma.Once the group finacial reputation of small and medium-sized enterprises crossed the criticdal point,loss from the clapse of credit asset quality would exceed the earning from the increasing of scale effect,in order to avoid the credit risk and improve the revenue of credit acivility,fiancial instution would amplifer the erode coefficient that group finacial reputation imposed on individual financial reputation.What's worse,the?‘asset financial reputation' which conducted by the finacial insititution would decreased and the financial ability for small and medium-sized private enterprises would be weaken and the financial dilemma would be deteriorated.
引文
① 数据来源于《2017-2022年中国企业经营项目行业市场深度调研及投资战略研究分析报告》。
(1)Fombrun,C.J,“Reputation:Realizing value from the corporate image” Boston:Harvard Business School Press,1996.白永秀、徐鸿:《论市场秩序和企业声誉》,《福建论坛 (人文社会科学版) 》2001年第6期。
(2)Jensen M C,“Meckling W.Theory of the Firm:ManagerialBehavior,Agency Costs and Ownership Structure”,.Journal of Financial Economics,3 (4),1976,pp .305-360.
(3)韩静、陈吉凤:《企业声誉问题的经济学分析》,《南京林业大学学报(人文社会科学版)》2005年第4期。
(4)李亚新:《信贷市场中的企业声誉与机制研究》,《金融发展研究》2009年第1期。
(5)张春香、张百舸:《新创高科技企业声誉对其风险投资获得时间的影响——基于Cox比例风险模型的实证分析》,《技术经济与管理研究》2018年第9期。
(6)郭倩:《劳动保障状况、企业声誉与债务融资》,重庆大学,2014年。汪帅东:《企业声誉的概念认知与多维评价》,《现代管理科学》2018年第12期。任汝娟、杨泽宇、曹丹婷:《.环境不确定性、企业声誉与权益资本成本——基于民营上市公司的经验证据》,《财会通讯》2017年第18期。
(7)任汝娟、冯少勤、冯进展:《会计师事务所声誉、企业声誉与权益资本成本——基于民营上市公司的经验证据》,《财会月刊》2016第27期。
(8)李亚新:《信贷市场中的企业声誉与机制研究》,《金融发展研究》2009年第1期。
(9)蓝虹、穆争社:《构建融资企业声誉机制的博弈分析》,《中央财经大学学报》2005年第2期。
(10)王秋玲:《外贸企业声誉传播的主体行为经济分析与破解》,《经济问题》2018年第7期。
(1)Fombrun,C.J,“Reputation:Realizing value from the corporate image” Boston:Harvard Business School Press,1996.白永秀、徐鸿:《论市场秩序和企业声誉》,《福建论坛 (人文社会科学版) 》2001年第6期。
(2)Jensen M C,“Meckling W.Theory of the Firm:ManagerialBehavior,Agency Costs and Ownership Structure”,.Journal of Financial Economics,3 (4),1976,pp .305-360.
(3)韩静、陈吉凤:《企业声誉问题的经济学分析》,《南京林业大学学报(人文社会科学版)》2005年第4期。
(4)李亚新:《信贷市场中的企业声誉与机制研究》,《金融发展研究》2009年第1期。
(5)张春香、张百舸:《新创高科技企业声誉对其风险投资获得时间的影响——基于Cox比例风险模型的实证分析》,《技术经济与管理研究》2018年第9期。
(6)郭倩:《劳动保障状况、企业声誉与债务融资》,重庆大学,2014年。汪帅东:《企业声誉的概念认知与多维评价》,《现代管理科学》2018年第12期。任汝娟、杨泽宇、曹丹婷:《.环境不确定性、企业声誉与权益资本成本——基于民营上市公司的经验证据》,《财会通讯》2017年第18期。
(7)任汝娟、冯少勤、冯进展:《会计师事务所声誉、企业声誉与权益资本成本——基于民营上市公司的经验证据》,《财会月刊》2016第27期。
(8)李亚新:《信贷市场中的企业声誉与机制研究》,《金融发展研究》2009年第1期。
(9)蓝虹、穆争社:《构建融资企业声誉机制的博弈分析》,《中央财经大学学报》2005年第2期。
(10)王秋玲:《外贸企业声誉传播的主体行为经济分析与破解》,《经济问题》2018年第7期。