Influencing Factors of Financing Constraints of Micro and Small Enterprises (MSEs) in China: A Risk Information Conveyance Perspective

IF 4.3 Q1 PSYCHOLOGY, MULTIDISCIPLINARY
Yuhuan Jin, Sheng Zhang, Ruoxi Yu, Tao Huang
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Abstract

Given the phenomenon of “financing is difficult and expensive” for MSEs, this paper empirically investigated the influencing mechanism of the credit demand side characteristics on the financing constraints of MSEs based on the information conveyance perspective. The conclusions show that MSEs in China are severely suffering from financing constraints and 57.17% and 50.00% of MSEs with credit demand have not applied for loans from formal and informal financing channels, respectively. In terms of enterprise characteristics, MSEs have low asset size, short establishment history, weak profitability, and lack of tools such as fixed assets, complete financial management system, professional technicians, and private brands to convey risk information to financing institutions, which are key factors resulting in their financing constraints. In terms of owner characteristics, young owners lack financing experience and convey higher risk information to financing institutions; therefore, owners’ age negatively influences the financing constraints of MSEs. These findings suggest that banks can use big data credit technology as a tool to obtain risk information about MSEs, and the government should implement diversified interventions to improve the information environment in financial markets. These findings provide empirical evidence for banks and governments to address the financing constraints of MSEs.

Abstract Image

中国小微企业融资约束的影响因素:风险信息传递视角
针对微小企业 "融资难、融资贵 "的现象,本文基于信息传递视角,实证研究了信贷需求侧特征对微小企业融资约束的影响机制。结论显示,我国中小微企业融资约束严重,分别有 57.17%和 50.00%的有信贷需求的中小微企业没有从正规和非正规融资渠道申请过贷款。从企业特征来看,中小微企业资产规模小、成立时间短、盈利能力弱,缺乏固定资产、完善的财务管理制度、专业技术人员、自有品牌等向融资机构传递风险信息的工具,是导致其融资约束的关键因素。从所有者特征来看,年轻所有者缺乏融资经验,向融资机构传递的风险信息较高,因此,所有者年龄对中小微企业融资约束有负面影响。这些研究结果表明,银行可以利用大数据征信技术作为获取中小微企业风险信息的工具,政府也应实施多元化的干预措施来改善金融市场的信息环境。这些研究结果为银行和政府解决中小微企业融资约束问题提供了经验证据。
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来源期刊
Human Behavior and Emerging Technologies
Human Behavior and Emerging Technologies Social Sciences-Social Sciences (all)
CiteScore
17.20
自引率
8.70%
发文量
73
期刊介绍: Human Behavior and Emerging Technologies is an interdisciplinary journal dedicated to publishing high-impact research that enhances understanding of the complex interactions between diverse human behavior and emerging digital technologies.
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