Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises
Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises
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DOI：
10.1155/2014/453458
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发表时间：
2014-07
影响因子：
1.4
通讯作者：
Xiuzhen Wang;Y. Hu;X. Xia;Ying Deng
中科院分区：
文献类型：
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作者：
Xiuzhen Wang;Y. Hu;X. Xia;Ying Deng
中小企业是中国经济增长的重要推动力。然而，融资难一直是困扰中小企业发展的重要问题。尤其是近年来，2008年美国次贷危机对一些外向型中小企业的发展造成了沉重的打击。因此，如何有效地克服中小企业的融资困境是摆在中国政府面前的关键问题。本文基于中国工业企业数据库的微观数据，采用倾向得分匹配法，对不同制度下中小企业间接融资水平的待遇效果进行了实证分析。实证结果表明，与其他企业相比，国有企业享有间接融资优势，对外资企业和民营企业存在一定的所有权歧视。特别是国有企业间接融资率高于其他企业1.4%，外资企业间接融资率低于其他企业6%；民营企业在间接融资方面较其他企业具有优势；但民营企业间接融资率低于国有企业1.8%，也在一定程度上暴露出所有制歧视。
Small- and medium-sized enterprises (SMEs) are the important driving forces for the growth of China’s economy. However, financing difficulty has always been the important problem besetting the development of SMEs for a long time. In particular, in recent years, US subprime crisis in 2008 caused a heavy blow to the development of some externally oriented SMEs. Thus, how to effectively overcome financing predicament for the SMEs is crucial for Chinese government. In this paper, based on microdata from China Industrial Enterprise Database, propensity score matching (PSM) method is adopted to conduct empirical analysis about the treatment effects of indirect financing level of SMEs under different systems. Empirical results reveal that state-owned enterprises enjoy indirect financing advantages compared with other enterprises and there is certain ownership discrimination against foreign-funded enterprises and private enterprises. In particular, the indirect financing rate of state-owned enterprises is 1.4% higher than that of other enterprises, and the indirect financing rate of foreign-funded enterprises is 6% lower than that of other enterprises; private enterprises are advantageous in indirect financing compared with other enterprises; however, indirect financing rate of private enterprises is 1.8% lower than that of state-owned enterprises, which also reveals ownership discrimination to certain extent.