| At present,small,medium and micro enterprises have become an important force to promote China's economic development,and also an important body to absorb employment.They play an important role in promoting China's high-quality economic growth and stimulating innovation and entrepreneurship.Small,medium and micro enterprises in the county are the main body of urbanization and industrialization,but the financing difficulty has been hindering the development of small,medium and micro enterprises.Small,medium and micro enterprises are small in scale,which do not meet the listing conditions,and they are basically unable to raise funds from the capital market,and the difficulty of financing is more reflected in the difficulty of obtaining loans from commercial banks.Since 2013,although China has taken a series of measures to promote commercial banks to improve the financial services for small,medium and micro enterprises,the problem of financing for small,medium and micro enterprises still exists.Especially in recent years,due to the increase of external environment uncertainty and the slowdown of domestic economic growth,the financing problem of small,medium and micro enterprises has become more prominent.The proportion of loan balance of small and micro enterprises in total loan balance of banking financial institutions decreased from 25.82%in 2017 to 23.82%in 2018.In addition,the process of getting loans from commercial banks for small,medium and micro enterprises is tedious,the examination and approval time is long,and the interest and other costs of getting loans are also high.In addition to the difficulty of financing,the problems of slow and expensive financing are also the problems faced by small,medium and micro enterprises.In most industries,competition is generally considered to increase supply,improve efficiency,reduce costs and stimulate innovation.Since 2006,China has relaxed the access of banking financial institutions in rural areas,and adopted a series of policies to relax the market access restrictions of banking industry,so that more financial institutions can enter,so as to improve the market structure of banking industry,strengthen market competition,and increase the supply of financial services for small,medium and micro enterprises.The Central Economic Working Conference held in December 2019 once again stressed the need to deepen the supply-side reform of finance,so as to better alleviate the difficult,slow and expensive financing problems of small,medium and micro enterprises.In this context,can the increase of supply subjects and competition in County banking market alleviate the financing difficulties of small,medium and micro enterprises?This has always been the focus of academic attention.A lot of research has been done in the existing literature,but there is still something to be improved.First,the current research on the relationship between banking competition and small,medium and micro enterprises' credit mainly analyzes the relationship between competition and credit availability,focusing more on the "financing difficulty" of small,medium and micro enterprises,but not enough on the"slow financing" and "expensive financing".There is less literature to directly analyze the impact of banking competition on small,medium and micro enterprises' credit approval efficiency and credit cost.Few literatures put the impact of banking market competition on the slow and expensive financing of small,medium and micro enterprises into the analysis framework.Second,most of the existing literatures on the relationship between banking competition and credit availability of small,medium and micro enterprises analyze commercial banks as a homogeneous whole,and then draw different conclusions.This is because it ignores the heterogeneity of different supply subjects in the banking market.Compared with other industries,the particularity of banking industry is reflected in the higher degree of information asymmetry between banks and enterprises,which is also the source of the financing difficulty of small,medium and micro enterprises.On the one hand,due to the different size of large banks and small banks,there are differences in their market positioning and capital costs;on the other hand,due to the different organizational structure of large banks and small banks,there are differences in the cost of collection,transmission and processing of soft information and hard information,so that they are good at transaction lending technology based on hard information or relationship lending technology based on soft information.These differences ultimately lead to the impact of market competition on the credit availability,credit approval efficiency and credit cost of small,medium and micro enterprises,and there are differences among different commercial banks.Therefore,under the background of the increasingly fierce competition in the banking market and the rapid development of financial science and technology,based on competition theory,combined with the particularity of information asymmetry in the banking market,this paper will bring the heterogeneity of banking market supply main body into the analysis framework of market competition for the credit of small,medium and micro enterprises,so as to reveal the mechanism of the difference of market competition on the credit availability,credit approval efficiency and credit cost of small,medium and micro enterprises.According to the reasons of the differences,this paper also puts forward that we should give full play to the comparative advantages of large banks and small banks in different information screening,and promote the reasonable division of labor of big and small banks.This is of great theoretical and practical significance to fundamentally solve the problems of financing difficulty,slow financing and expensive financing of small,medium and micro enterprises.The main contents and conclusions of this study are as follows:Part one:analysis on the heterogeneity of commercial banksBased on the data analysis of 70 commercial banks and 205 small,medium and micro enterprises in Jiangsu Province,the results show that:(1)the differences in the scale,organizational structure and different information application costs of commercial banks lead to the heterogeneity in market positioning,credit technology,credit approval efficiency and credit cost.The loan proportion of small,medium and micro enterprises in large banks is lower than that of small banks,and they use more transaction-based credit technology based on hard information;large banks are larger,have more organizational levels,lower capital costs,and lower loan interest rates than small banks.(2)The competitive environment of the banking market also has an impact on the market positioning,credit approval process,efficiency and credit cost of commercial banks.Even in different areas of the same type of commercial banks in southern,central and northern Jiangsu,there are differences in the market positioning,approval authority and credit interest rate of small,medium and micro enterprises loans.Part two:analysis on the impact of market competition on the credit availability of small,medium and micro enterprises in different commercial banksBased on the micro survey data of 70 commercial banks in Jiangsu Province,this paper puts the heterogeneity of commercial banks into the analysis framework,and uses multiple regression model to explore the differences of market competition on the credit availability of small,medium and micro enterprises in different commercial banks.The results show that:(1)Compared with national commercial banks,local commercial banks such as rural commercial banks and urban commercial banks have a positive impact on the credit availability of small,medium and micro enterprises.(2)Banking market competition has a significant impact on the credit availability of small,medium and micro enterprises in commercial banks.The more intense the market competition is,the higher the credit availability of small,medium and micro enterprises is.(3)The effect of market competition on the credit availability of small,medium and micro enterprises in different commercial banks is heterogeneous.Compared with other commercial banks,the more intense of banking market competition can make rural commercial banks increase the loan proportion of small,medium and micro enterprises,so as to improve the credit availability of small,medium and micro enterprises.Part three:analysis on the impact of market competition on the credit approval efficiency for small,medium and micro enterprises of different commercial banksBased on the micro survey data of 205 small,medium and micro enterprises in Jiangsu counties,this paper uses multiple regression model to analyze the impact of market competition on the credit approval efficiency of small,medium and micro enterprises in different commercial banks.The results show that the higher the degree of banking competition,the shorter the credit approval time of commercial banks for small,medium and micro enterprises,indicating that banking competition promotes the improvement of credit approval efficiency of small,medium and micro enterprises;however,there are also differences in the effects of banking competition on the credit approval efficiency of small,medium and micro enterprises in different commercial banks.Large banks have more layers,more centralized approval authority and longer approval time compared to small banks;however,competition in the banking industry will promote large banks to decentralize their approval authority and increase their credit limits to shorten loan approval time and compete with small banks.Thus,the market competition is more likely to promote large banks,such as state-owned commercial banks,to improve the speed of response to loan demand and the timeliness of approval,and to promote the efficiency of their credit approval.Part four:analysis on the impact of market competition on the credit cost of small,medium and micro enterprises of different commercial banksBased on the micro survey data of small,medium and micro enterprises,this paper brings the heterogeneity of banks into the analysis framework,and uses multiple regression model to analyze the impact of market competition on the credit cost of small,medium and micro enterprises of different commercial banks.The results show that:The more competitive the banking industry is,the lower the credit cost of commercial banks to small,medium and micro enterprises is,indicating that the competition of banking industry is conducive to the reduction of credit cost of small,medium and micro enterprises.However,due to the differences in the scale of commercial banks and the cost of information application,the impact of banking competition on the credit cost of small,medium and micro enterprises of different commercial banks is different.The competition in the banking industry mainly promotes the reduction of the credit cost of small,medium and micro enterprises in state-owned commercial banks and other large banks.To sum up,the intensified competition in the county banking industry is conducive to improving the credit availability and efficiency of credit services of small,medium and micro enterprises,and reducing the cost of credit.However,due to the heterogeneity of banking market entities,there are differences in the size,organizational structure and application cost of different information between large banks and small banks,and the reform of information technology will also improve the ability of commercial banks to obtain,process and apply information,reduce the corresponding costs,which leads to differences in the effects of banking competition on the credit of small,medium and micro enterprises of different commercial banks.Banking market competition can promote small banks to increase credit to small,medium and micro enterprises and ease the financing difficulty of small,medium and micro enterprises;and banking market competition can promote large banks to improve the credit approval efficiency,reduce the cost of credit,and ease the financing slow and expensive problems of small,medium and micro enterprises.Based on the above conclusions,this paper puts forward the following countermeasures and suggestions:(1)all kinds of financial institutions,especially large banks,should be encouraged to set up branches in counties in underdeveloped areas,enrich the main body of the county banking market,and increase the competition in the county banking market;(2)promote large banks to improve the credit business authorization mechanism,and municipal branches can delegate the approval authority to county branches according to the types and limits of credit business,so as to improve the approval efficiency of small,medium and micro enterprises' credit business in county;(3)develop local small banks and strengthening the supervision of small banks,and play the key role of small banks in alleviating the financing difficulties of small,medium and micro enterprises;(4)improve the financial infrastructure related to lending technology based on hard information,and improve the information supply system to give full play to the role of large banks in alleviating the slow and expensive financing of small,medium and micro enterprises.This can effectively alleviate the financing difficulty,slow financing and expensive financing problems of small,medium and micro enterprises. |
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