高管金融素养是否影响企业金融排斥?——基于缓解中小企业融资难的视角
|
摘要
民营企业融资难等问题的理论视角的界定即为企业的金融排斥。已有研究多从宏观视角研究企业金融排斥问题。那么企业高管的金融素养能否改进企业的金融排斥状况?笔者使用课题组于2017年开展的京津冀、江浙沪和广东三个地区(省份)企业的调查数据,分析企业金融排斥指标,构建企业高管金融素养与企业金融排斥水平之间的关系模型并进行实证检验。研究结果表明,高管金融素养的提高可以显著降低企业受到金融排斥的概率,进一步机制检验表明,高管金融素养通过影响企业风险管理能力和现金流管理能力影响企业金融排斥。因此,提升高管金融素养对缓解企业金融排斥具有一定的实践意义,地方政府、企业推进高管素养提升是解决中小企业融资难问题的着力点。
The definition of the theoretical perspective of the financing difficulties of private enterprises is the financial exclusion of enterprises. Most of the current studies focus on corporate financial exclusion from a macro perspective. Can the financial literacy of executives polish up financial exclusion? Based on the survey data of enterprises in Beijing,Tianjin,Hebei,Jiangsu,Zhejiang,Shanghai and Guangdong in 2017,this paper analyses the index of Financial Exclusion of enterprises,builds a model of between the financial literacy of executives and the level of Financial Exclusion of enterprises,and conducts an empirical test. The results show that the improvement of senior managers' financial literacy can significantly reduce the probability of financial exclusion. Further mechanism tests show that senior managers' financial literacy affects corporate financial exclusion by influencing corporate risk management ability and cash flow management ability. Therefore,improving the financial literacy of senior managers has some practical significance to alleviate the financial exclusion of enterprises. Promoting the financial literacy of senior managers by local governments and enterprises is the key point to solve the financing difficulties of small and medium-sized enterprises.
The definition of the theoretical perspective of the financing difficulties of private enterprises is the financial exclusion of enterprises. Most of the current studies focus on corporate financial exclusion from a macro perspective. Can the financial literacy of executives polish up financial exclusion? Based on the survey data of enterprises in Beijing,Tianjin,Hebei,Jiangsu,Zhejiang,Shanghai and Guangdong in 2017,this paper analyses the index of Financial Exclusion of enterprises,builds a model of between the financial literacy of executives and the level of Financial Exclusion of enterprises,and conducts an empirical test. The results show that the improvement of senior managers' financial literacy can significantly reduce the probability of financial exclusion. Further mechanism tests show that senior managers' financial literacy affects corporate financial exclusion by influencing corporate risk management ability and cash flow management ability. Therefore,improving the financial literacy of senior managers has some practical significance to alleviate the financial exclusion of enterprises. Promoting the financial literacy of senior managers by local governments and enterprises is the key point to solve the financing difficulties of small and medium-sized enterprises.
引文
[1]田霖.城乡统筹视角下的金融排斥[J].工业技术经济,2007(7):136-137.
[2]何德旭,苗文龙.金融排斥、金融包容与中国普惠金融制度的构建[J].财贸经济,2015(3):5-16.
[3]高沛星,王修华.我国农村金融排斥的区域差异与影响因素——基于省际数据的实证分析[J].农业技术经济,2011(4):93-102.
[4]李建军,张丹俊.中小企业金融排斥程度的省域差异[J].经济理论与经济管理,2015(8):92-103.
[5]李建军,韩珣.金融密度的省际差异及其决定因素——基于四层次三维度空间分布评价系统的构建与实证检验[J].中央财经大学学报,2017(7):28-44.
[6]Leyshon A,Thrift N.Access to Financial Services and Financial Infrastructure Withdrawal:Problems and Policies[J].Area,1994,26(3):268-275.
[7]Leyshon A,Thrift N.Geographies of Financial Exclusion:Financial Abandonment in Britain and the United States[J].Transactions of the Institute of British Geographers,1995,20(3):312-341.
[8]Kempson E,Whyley C.Kept out or Opted out?Understanding and Combating Financial Exclusion[M].Bristol:Policy Press,1999.
[9]Rogaly B,Fisher T,Mayo E.Poverty,Social Exclusion and Microfinance in Britain[M].Oxford:Oxfam Professional,1999.
[10]王志军.金融排斥:英国的经验[J].世界经济研究,2007(2):64-68.
[11]王修华.新农村建设中的金融排斥与破解思路[J].农业经济问题,2009,30(7):42-48.
[12]董晓林,徐虹.我国农村金融排斥影响因素的实证分析——基于县域金融机构网点分布的视角[J].金融研究,2012(9):115-126.
[13]隋艳颖,马晓河.西部农牧户受金融排斥的影响因素分析——基于内蒙古自治区7个旗(县)338户农牧户的调查数据[J].中国农村观察,2011(3):50-60.
[14]李涛,王志芳,王海港,谭松涛.中国城市居民的金融受排斥状况研究[J].经济研究,2010,45(7):15-30.
[15]田霖.我国金融排斥的城乡二元性研究[J].中国工业经济,2011(2):36-45.
[16]孙武军,林惠敏.金融排斥、社会互动和家庭资产配置[J].中央财经大学学报,2018(3):21-38.
[17]Panigyrakis G G,Theodoridis P K,Veloutsou C A.All Customers Are Not Treated Equally:Financial Exclusion in Isolated Greek Islands[J].Journal of Financial Services Marketing,2002,7(1):54-66.
[18]Fazzari S M,Hubbard R G,Petersen B C.Financing Constraints and Corporate Investment[J].Brookings Papers on Economic Activity,1988(1):141-206.
[19]邓可斌,曾海舰.中国企业的融资约束特征现象与成因检验[J].经济研究,2014,49(2):47-60.
[20]顾雷雷,李建军,彭俞超.内外融资条件、融资约束与企业绩效——来自京津冀地区企业调查的新证据[J].经济理论与经济管理,2018(7):88-99.
[21]Lusardi A,Mitchell O S.Baby Boomer Retirement Security:The Roles of Planning,Financial Literacy,and Housing Wealth[J].Journal of Monetary Economics,2007,54(1):205-224.
[22]Huston S J.Measuring Financial Literacy[J].Journal of Consumer Affairs,2010,44(2):296-316.
[23]Ameriks J,Caplin A,Leahy J.Wealth Accumulation and the Propensity to Plan[J].Quarterly Journal of Economics,2003,118(3):1007-1047.
[24]Murendo C,Mutsonziwa K.Financial Literacy and Savings Decisions by Adult Financial Consumers in Zimbabwe[J].International Journal of Consumer Studies,2017,41(1):95-103.
[25]Clark R L,Lusardi A,Mitchell O S.Financial Knowledge and 401(k)Investment Performance:A Case Study[J].Journal of Pension Economics&Finance,2017,16(3):324-347.
[26]Gathergood J,Weber J.Financial Literacy,Present Bias and Alternative Mortgage Products[J].Journal of Banking and Finance,2017,78(5):58-83.
[27]胡振,臧日宏.金融素养对家庭理财规划影响研究——中国城镇家庭的微观证据[J].中央财经大学学报,2017(2):72-83.
[28]张号栋,尹志超.金融知识和中国家庭的金融排斥——基于CHFS数据的实证研究[J].金融研究,2016(7):80-95.
[29]全国工商联课题组,陈永杰.把解决企业融资问题的政策着力点放在小型企业上——中小企业融资问题调查报告[J].经济理论与经济管理,2010(4):33-40.
[30]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
[31]尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
[32]王晓颖,肖忠意,廖元和.上市公司履行企业社会责任水平与银行债务融资能力的提升[J].改革,2018(7):108-115.
[33]Allen F,Demirguc-Kunt A,Klapper L.The Foundations of Financial Inclusion:Understanding Ownership and Use of Formal Accounts[J].Journal of Financial Intermediation,2016(27):1-30.
[34]许圣道,田霖.我国农村地区金融排斥研究[J].金融研究,2008(7):195-206.
[35]王修华,邱兆祥.农村金融排斥:现实困境与破解对策[J].中央财经大学学报,2010(10):47-52.
[36]王修华,傅勇,贺小金,谭开通.中国农户受金融排斥状况研究——基于我国8省29县1 547户农户的调研数据[J].金融研究,2013(7):139-152.
[37]陆正飞,高强.中国上市公司融资行为研究——基于问卷调查的分析[J].会计研究,2003(10):16-24.
[38]Rooij M C J V,Lusardi A,Alessie R J M.Financial Literacy and Retirement Planning in the Netherlands[J].Journal of Economic Psychology,2011,32(4):593-608.
[39]Robb C A,Woodyard A S.Financial Knowledge and Best Practice Behavior[J].Journal of Financial Counseling&Planning,2011,22(1):60-70.
[40]Delavande A,Rohwedder S,Willis R J.Preparation for Retirement,Financial Literacy and Cognitive Resources[Z/OL].(2008-01-09)[2019-01-15].https://mrdrc.isr.umich.edu.
[41]Rooij M C J V,Lusardi A,Alessie R J M.Financial Literacy and Stock Market Participation[J].Journal of Financial Economics,2011,(101):449-472.
[42]Letkiewicz J C,Fox J J.Conscientiousness,Financial Literacy,and Asset Accumulation of Young Adults[J].Journal of Consumer Affairs,2014,48(2):274-300.
[43]尹志超,宋全云,吴雨,彭嫦燕.金融知识、创业决策和创业动机[J].管理世界,2015(1):87-98.
[44]吴雨,宋全云,尹志超.农户正规信贷获得和信贷渠道偏好分析——基于金融知识水平和受教育水平视角的解释[J].中国农村经济,2016(5):43-55.
[45]刘国强.我国消费者金融素养现状研究——基于2017年消费者金融素养问卷调查[J].金融研究,2018(3):1-20.
(1)详情见新华网“习近平:在民营企业座谈会上的讲话”,2018年11月1日,网址http://www.xinhuanet.com/politics/2018-11/01/c_1123649488.htm。
(2)详情见国家税务总局网站“关于支持小微企业融资有关税收政策的通知”,2017年10月26日,网址http://www.chinatax.gov.cn/n810341/n810755/c2897221/content.html。
(3)详情见中国人民银行网站“中国人民银行有关负责人表示:再次降准置换中期借贷便利稳健中性的货币政策取向保持不变”,2018年10月7日,网址http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3639444/index.html。
(1)数据来自中华人民共和国国家工商行政管理总局“党的十八大以来全国企业发展分析”,网址http://home.saic.gov.cn/sj/tjsj/201710/t20171026_269949.html。
(1)篇幅所限,企业风险管理水平、企业内部控制水平、企业财务预警系统水平、企业应收账款管理水平、企业外部资源整合能力和企业货币资金运作能力变量问卷问题在此省略汇报,可向作者索要。
(1)篇幅所限,实证检验结果在此省略汇报,可向作者索要。
[2]何德旭,苗文龙.金融排斥、金融包容与中国普惠金融制度的构建[J].财贸经济,2015(3):5-16.
[3]高沛星,王修华.我国农村金融排斥的区域差异与影响因素——基于省际数据的实证分析[J].农业技术经济,2011(4):93-102.
[4]李建军,张丹俊.中小企业金融排斥程度的省域差异[J].经济理论与经济管理,2015(8):92-103.
[5]李建军,韩珣.金融密度的省际差异及其决定因素——基于四层次三维度空间分布评价系统的构建与实证检验[J].中央财经大学学报,2017(7):28-44.
[6]Leyshon A,Thrift N.Access to Financial Services and Financial Infrastructure Withdrawal:Problems and Policies[J].Area,1994,26(3):268-275.
[7]Leyshon A,Thrift N.Geographies of Financial Exclusion:Financial Abandonment in Britain and the United States[J].Transactions of the Institute of British Geographers,1995,20(3):312-341.
[8]Kempson E,Whyley C.Kept out or Opted out?Understanding and Combating Financial Exclusion[M].Bristol:Policy Press,1999.
[9]Rogaly B,Fisher T,Mayo E.Poverty,Social Exclusion and Microfinance in Britain[M].Oxford:Oxfam Professional,1999.
[10]王志军.金融排斥:英国的经验[J].世界经济研究,2007(2):64-68.
[11]王修华.新农村建设中的金融排斥与破解思路[J].农业经济问题,2009,30(7):42-48.
[12]董晓林,徐虹.我国农村金融排斥影响因素的实证分析——基于县域金融机构网点分布的视角[J].金融研究,2012(9):115-126.
[13]隋艳颖,马晓河.西部农牧户受金融排斥的影响因素分析——基于内蒙古自治区7个旗(县)338户农牧户的调查数据[J].中国农村观察,2011(3):50-60.
[14]李涛,王志芳,王海港,谭松涛.中国城市居民的金融受排斥状况研究[J].经济研究,2010,45(7):15-30.
[15]田霖.我国金融排斥的城乡二元性研究[J].中国工业经济,2011(2):36-45.
[16]孙武军,林惠敏.金融排斥、社会互动和家庭资产配置[J].中央财经大学学报,2018(3):21-38.
[17]Panigyrakis G G,Theodoridis P K,Veloutsou C A.All Customers Are Not Treated Equally:Financial Exclusion in Isolated Greek Islands[J].Journal of Financial Services Marketing,2002,7(1):54-66.
[18]Fazzari S M,Hubbard R G,Petersen B C.Financing Constraints and Corporate Investment[J].Brookings Papers on Economic Activity,1988(1):141-206.
[19]邓可斌,曾海舰.中国企业的融资约束特征现象与成因检验[J].经济研究,2014,49(2):47-60.
[20]顾雷雷,李建军,彭俞超.内外融资条件、融资约束与企业绩效——来自京津冀地区企业调查的新证据[J].经济理论与经济管理,2018(7):88-99.
[21]Lusardi A,Mitchell O S.Baby Boomer Retirement Security:The Roles of Planning,Financial Literacy,and Housing Wealth[J].Journal of Monetary Economics,2007,54(1):205-224.
[22]Huston S J.Measuring Financial Literacy[J].Journal of Consumer Affairs,2010,44(2):296-316.
[23]Ameriks J,Caplin A,Leahy J.Wealth Accumulation and the Propensity to Plan[J].Quarterly Journal of Economics,2003,118(3):1007-1047.
[24]Murendo C,Mutsonziwa K.Financial Literacy and Savings Decisions by Adult Financial Consumers in Zimbabwe[J].International Journal of Consumer Studies,2017,41(1):95-103.
[25]Clark R L,Lusardi A,Mitchell O S.Financial Knowledge and 401(k)Investment Performance:A Case Study[J].Journal of Pension Economics&Finance,2017,16(3):324-347.
[26]Gathergood J,Weber J.Financial Literacy,Present Bias and Alternative Mortgage Products[J].Journal of Banking and Finance,2017,78(5):58-83.
[27]胡振,臧日宏.金融素养对家庭理财规划影响研究——中国城镇家庭的微观证据[J].中央财经大学学报,2017(2):72-83.
[28]张号栋,尹志超.金融知识和中国家庭的金融排斥——基于CHFS数据的实证研究[J].金融研究,2016(7):80-95.
[29]全国工商联课题组,陈永杰.把解决企业融资问题的政策着力点放在小型企业上——中小企业融资问题调查报告[J].经济理论与经济管理,2010(4):33-40.
[30]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?——来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
[31]尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
[32]王晓颖,肖忠意,廖元和.上市公司履行企业社会责任水平与银行债务融资能力的提升[J].改革,2018(7):108-115.
[33]Allen F,Demirguc-Kunt A,Klapper L.The Foundations of Financial Inclusion:Understanding Ownership and Use of Formal Accounts[J].Journal of Financial Intermediation,2016(27):1-30.
[34]许圣道,田霖.我国农村地区金融排斥研究[J].金融研究,2008(7):195-206.
[35]王修华,邱兆祥.农村金融排斥:现实困境与破解对策[J].中央财经大学学报,2010(10):47-52.
[36]王修华,傅勇,贺小金,谭开通.中国农户受金融排斥状况研究——基于我国8省29县1 547户农户的调研数据[J].金融研究,2013(7):139-152.
[37]陆正飞,高强.中国上市公司融资行为研究——基于问卷调查的分析[J].会计研究,2003(10):16-24.
[38]Rooij M C J V,Lusardi A,Alessie R J M.Financial Literacy and Retirement Planning in the Netherlands[J].Journal of Economic Psychology,2011,32(4):593-608.
[39]Robb C A,Woodyard A S.Financial Knowledge and Best Practice Behavior[J].Journal of Financial Counseling&Planning,2011,22(1):60-70.
[40]Delavande A,Rohwedder S,Willis R J.Preparation for Retirement,Financial Literacy and Cognitive Resources[Z/OL].(2008-01-09)[2019-01-15].https://mrdrc.isr.umich.edu.
[41]Rooij M C J V,Lusardi A,Alessie R J M.Financial Literacy and Stock Market Participation[J].Journal of Financial Economics,2011,(101):449-472.
[42]Letkiewicz J C,Fox J J.Conscientiousness,Financial Literacy,and Asset Accumulation of Young Adults[J].Journal of Consumer Affairs,2014,48(2):274-300.
[43]尹志超,宋全云,吴雨,彭嫦燕.金融知识、创业决策和创业动机[J].管理世界,2015(1):87-98.
[44]吴雨,宋全云,尹志超.农户正规信贷获得和信贷渠道偏好分析——基于金融知识水平和受教育水平视角的解释[J].中国农村经济,2016(5):43-55.
[45]刘国强.我国消费者金融素养现状研究——基于2017年消费者金融素养问卷调查[J].金融研究,2018(3):1-20.
(1)详情见新华网“习近平:在民营企业座谈会上的讲话”,2018年11月1日,网址http://www.xinhuanet.com/politics/2018-11/01/c_1123649488.htm。
(2)详情见国家税务总局网站“关于支持小微企业融资有关税收政策的通知”,2017年10月26日,网址http://www.chinatax.gov.cn/n810341/n810755/c2897221/content.html。
(3)详情见中国人民银行网站“中国人民银行有关负责人表示:再次降准置换中期借贷便利稳健中性的货币政策取向保持不变”,2018年10月7日,网址http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3639444/index.html。
(1)数据来自中华人民共和国国家工商行政管理总局“党的十八大以来全国企业发展分析”,网址http://home.saic.gov.cn/sj/tjsj/201710/t20171026_269949.html。
(1)篇幅所限,企业风险管理水平、企业内部控制水平、企业财务预警系统水平、企业应收账款管理水平、企业外部资源整合能力和企业货币资金运作能力变量问卷问题在此省略汇报,可向作者索要。
(1)篇幅所限,实证检验结果在此省略汇报,可向作者索要。