摘要
运用VAR模型,通过格兰杰非因果检验、结合脉冲响应函数及方差分解方法,实证分析了我国微型金融对小微企业的支持力度以及影响的差异性。实证结果表明:我国微型金融对小微企业发展的支持效应滞后且力度有限。相比较而言,直接融资方式对小微企业发展的支持力度较显著,而间接融资对小微企业的支持力度远远不能满足小微企业的发展需要。因此,要进一步拓宽小微企业融资渠道,强化间接融资对小微企业发展的支持力度,引导不同的金融机构在微型金融服务中合理定位,同时大力发展为小微企业服务的直接融资市场,形成多渠道、多元化的微型金融服务体系,更有效地支持小微企业发展。
This paper empirical analyzes the support effect and different influence of the micro-finance on small micro-enterprise development by the VAR model, the granger causality test, and impulse response function and variance decomposition methods. The empirical results found that the micro-finance has a limited and lag support effect on the microenterprise＇s development. In comparison, direct financing market has a significant support effect on the development of small micro-enterprise, but indirect financing market is far from meeting the requirements of the development of small micro-enterprise. Therefore, we should further broaden the small micro-enterprise financing channels for small micro-enterprise,continue to strengthen the indirect financing market＇s support effect for small micro enterprise development and guide the different financial institutions in micro-finance service to position reasonably, while make every effort to develop the direct financing market in order to better serve the development of small micro-enterprise.
出处
《河北经贸大学学报》
CSSCI
北大核心
2015年第6期66-70,81,共6页
Journal of Hebei University of Economics and Business
基金
国家社会科学基金项目"城镇化进程中县域经济与县域金融服务协同发展研究"(13BJY172)
"小微企业的创新发展机制及国际比较研究"创新团队项目
关键词
微型金融
小微企业
VAR模型
直接融资
间接融资
私募股权
风险投资
microfinance
small micro enterprises
VAR model
direct financing
indirect financing
private equity
venture investment
