Research On The Self-credit Rationing And The Influencing Factors Of Small And Micro Enterprises In China

Small and micro enterprises as an important engine to stimulate economic growth and promote scientific and technological innovation,their long-term problems of "financing difficulties" and "expensive financing" have always been the focus of attention of all sectors of society.The problems of small and micro enterprises' own non-standard operations and opaque information make financial institutions lack the internal motivation to lend to them,and it is difficult to form long-term effective financial support.The credit constraints imposed on small and micro enterprises come not only from the credit rations of the financial institutions formed by the supplier who refuses to apply for loans,but also from companies that actively suppress the self-credit allocation of credit requirements.Especially in the economically underdeveloped regions,the level of financial development and market competition is relatively low,and the self-credit rationing phenomenon is even more serious than that of financial institutions.The current research on the financing constraints of small and micro enterprises mostly focuses on credit rationing at the supply level.The problem of information asymmetry will not only result in financial institutions rejecting the loan application of small businesses due to maximization of profits,but will also hinder companies with credit needs from applying for loans because of screening errors and transaction costs.Foreign scholars have conducted extensive research on the causes and influencing factors of self-credit rationing.However,few scholars have conducted empirical analysis on the self-credit rationing phenomenon existing in the credit market in China.Based on this,this paper combines theory of information asymmetry,advantages of small banks,and the theory of optimal financial institutions to theoretically analyze the influencing factors of self-credit rationing.And using the World Bank's survey data on 2,700 private enterprises in China,the Probit model and multiple Logit models were established for empirical testing.In addition,this article focuses on whether there are differences in the macroeconomic environment such as the banking market structure for companies of different sizes and different credit allocation types.The main research findings are:(1)The phenomenon of self-credit rationing in China's small and micro enterprises is widespread.Among them,the complexity of credit procedures is the main reason for self-credit rationing.This shows that the current financial institution's loan technology still needs to be improved.(2)The external economic environment such as the banking market structure will affect the self-credit rationing behavior of the company.Optimizing the market structure of the banking industry,promoting market competition and raising the level of financial development can significantly reduce the probability of enterprises'self-credit rationing.In addition,the company's own credit profile is also an important factor affecting self-credit rationing behavior.(3)The increase in banking industry concentration will reduce the credit rationing of financial institutions,but the excessively high transaction costs caused by the lack of competition in the market will increase the probability of self-credit rationing.Therefore,ignoring self-credit rationing will cause small and micro enterprises to face Biased estimates of credit constraints.This article believes that to ease the credit constraints of small and micro enterprises,we should pay attention to the phenomenon of self-credit rationing at the level of demand.The excessive concentration of banking market and the low level of financial development will cause a large number of potential demands in the credit market that cannot be tapped.This also reflects the problems of the current imperfect credit market,inadequate guarantee system and insufficient market competition.Therefore,it is necessary to vigorously support the development of small and medium-sized financial institutions,optimize the market structure of the banking industry,promote market competition,and solve problems such as high transaction costs and information asymmetry through the use of credit technology innovation,eliminate the institutional roots of demand suppression,and fundamentally improve small Microenterprise credit availability.