摘 要
中小企业作为推动经济增长和促进就业的重要力量，在现代经济体系中占据着不可替代的地位，但其资本结构优化问题却长期受到融资约束的制约。本研究以金融机构对中小企业资本结构的影响为核心，旨在探讨不同类型金融机构的支持方式如何作用于中小企业的资本配置效率与风险控制能力。研究基于中国上市中小企业2015年至2022年的面板数据，采用固定效应模型和工具变量法，分析了商业银行信贷、政策性金融支持以及资本市场融资等不同渠道对中小企业资本结构的影响机制及其异质性特征。研究表明，商业银行信贷显著提升了中小企业的短期债务比例，而政策性金融支持则更倾向于优化长期资本结构；此外，资本市场直接融资能够有效降低中小企业的财务杠杆水平并增强其抗风险能力。本研究进一步发现，区域金融发展水平和企业治理质量在上述关系中发挥了重要的调节作用。创新点在于首次将金融机构类型与中小企业资本结构调整相结合，并通过引入动态面板模型检验了资本结构的路径依赖特征。研究结果不仅为完善中小企业融资服务体系提供了理论依据，还为政策制定者优化金融资源配置、提升金融服务实体经济效能提供了实践参考。
关键词：中小企业资本结构；金融机构影响；融资渠道异质性
Abstract: SMEs, as a crucial force driving economic growth and promoting employment, occupy an irreplaceable position in the modern economic system; however, their efforts to optimize capital structures have long been constrained by financing constraints. This study focuses on the impact of financial institutions on the capital structure of SMEs, exploring how support from different types of financial institutions affects the efficiency of capital allocation and risk control capabilities of SMEs. Based on panel data from Chinese listed SMEs between 2015 and 2022, this research employs fixed-effects models and instrumental variable methods to analyze the influence mechanisms and heterogeneous characteristics of various channels, including commercial bank loans, policy-oriented financial support, and capital market financing, on the capital structure of SMEs. The findings indicate that commercial bank loans significantly increase the proportion of short-term debt for SMEs, whereas policy-oriented financial support tends to optimize long-term capital structures. Moreover, direct financing from capital markets effectively reduces the financial leverage of SMEs and enhances their risk-resistance capabilities. This study further reveals that regional financial development levels and corporate governance quality play important moderating roles in these relationships. An innovation of this research lies in its first-time integration of financial institution types with SME capital structure adjustments, complemented by the application of dynamic panel models to examine the path-dependent characteristics of capital structures. The results not only provide theoretical support for improving the financing service system for SMEs but also offer practical references for policymakers to optimize financial resource allocation and enhance the effectiveness of financial services in supporting the real economy.
Keywords: Sme Capital Structure; Financial Institution Impact; Financing Channel Heterogeneity
目 录
1绪论 1
1.1金融机构与中小企业资本结构的研究背景 1
1.2研究意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与创新点 2
2金融机构支持中小企业的理论基础 2
2.1中小企业资本结构的定义与特征 2
2.2金融机构在资本结构中的作用机制 2
2.3资本结构优化的相关理论分析 3
2.4金融机构与中小企业融资约束的关系 4
2.5理论框架构建 4
3金融机构对中小企业资本结构影响的实证分析 5
3.1数据来源与样本选择 5
3.2实证模型的设计与变量选取 5
3.3实证结果分析与解释 6
3.4不同类型金融机构的作用差异 6
3.5实证结论与政策建议 7
4改善中小企业资本结构的对策研究 7
4.1金融机构服务中小企业的模式创新 7
4.2提升中小企业资本结构优化的路径 8
4.3政策支持对金融机构行为的影响 8
4.4中小企业自身能力提升的重要性 9
4.5未来研究方向展望 9
结论 10
参考文献 11
致 谢 12
