产业集群与中小企业融资：基于浙江的实证研究
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摘要
改革开放以来,我国中小企业进入了一个快速发展的阶段,逐渐成为缓解我国就业压力、增加税收、推动技术进步的重要力量。然而,我国中小企业在快速发展的同时,难以逾越麦克米伦缺口(Macmillan Gap)这一世界性难题,面临着严峻的融资困境。中小企业融资难严重影响了企业规模的扩大、产品与技术的创新,甚至影响到中小企业的持续经营,进而难以持续发挥其国民经济主力军作用,将对我国经济与社会发展产生严重的负向影响。产业集群作为一种重要的生产组织创新模式,具有升级集群内中小企业信用、降低金融机构向其内部中小企业提供信贷服务的风险与成本等优势,能给集群内中小企业带来各种融资便利,从而帮助中小企业在一定程度上克服融资约束。但是有关这一问题的实证研究在文献中依然非常欠缺。
为此,本文在浙江省产业集群发展状况的基础上,深入剖析了某大型国有商业银行浙江省分行2004年中小企业信贷数据,从理论和实证上回答了产业集群模式下中小企业融资的3个关键性问题：(1)产业集群内中小企业在获取银行融资上是否存在显著的优势?(2)产业集群内中小企业信用是否存在增级机制,如果存在的话,中小企业信用又是如何实现增级的?(3)产业集群内经过信用增级的中小企业的融资规模较产业集群外的中小企业有何区别?融资效率又有何区别?
对于上述3个问题的回答形成了本文的主要结论：
(1)产业集群内中小企业在获取银行融资上存在显著优势。具体而言,产业集群集中了同一产业不同规模与类型的企业,产业特征较为明显,加之集群内各企业位于价值链上的不同节点,企业间的分工与合作也非常密切,金融机构也可以非常容易地从企业所处价值链的地位,以及其与关联企业的业务状况等方面判断企业的真实经营情况,从而降低信息不对称,使得集群内中小企业较集群外中小企业更易获取银行贷款。
(2)产业集群内中小企业信用存在增级机制。首先,以产业集群内的核心企业为风险承担主体的价值链融资促进了产业集群内中小企业信用增级；其次,产业集群内企业之间的重复博弈促进了产业集群内中小企业的信用增级；再次,银行与集群内企业信贷交易的重复博弈促进了产业集群内中小企业的信用增级。
(3)产业集群中资本雄厚的企业更加容易获取诸如商业银行贷款形式的外部融资,而产业集群中企业数量的增加降低了单个企业所获取的外部融资额；产业集群因整体信用的升级所带来的规模效应,有助于企业以通过扩大生产链条上的可抵押资产范围的形式来获取外部融资；产业集群对其内部企业获取外部融资的可获得性,以及融资的广度都具有显著的积极影响。
总体而言,本文很好地将理论与实证结合到一起,从产业集群视角,梳理了产业集群的治理机制与治理结构,并在此基础上阐述了产业集群内中小企业信用增级的三个机制,并进行了实证检验。本文在如下方面可能对现有文献产生贡献：首先,将产业集群治理、产业集群内中小企业信用增级机制联系起来,弥补了现有文献的空白；其次,本文采用某商业银行的企业信贷数据,实证检验了三个理论命题。
Since China adopted the policy of reform and opening-up, its SMEs have stepped into the stage of rapid growth. Gradually, they have become the important driving force that helps alleviate the unemployment pressures, increase taxes and push forward technological progress. Nevertheless, as the Chinese SMEs develop rapidly, they are also confronted with the same problem of transcending the Macmillan Gap faced by their counterparts in other parts of the world. To be specific, they meet with serious difficulty in financing, which hinders SMEs from enlarging their size, developing new products and making technological innovations. Sometimes it even leads to bankruptcy. In this way, the problem of financing faced by SMEs will stop them from constantly playing the dominant role in the national economy, thus impacting on the Chinese economy seriously. As an important and innovative model of organizing production, industrial cluster boasts such strong points as upgrading the credit of SMEs in the cluster, and reducing the financial institutions" risks and costs when providing credit service to SMEs in the industrial cluster. It can facilitate financing for its SMEs. and help them get out of the financing constraint. However, few existing literatures about empirical studies on this issue can be found.
In light of this, the thesis, by making in-depth analysis of the credit for SMEs made by the Zhejiang Branch of a large state-owned commercial bank in2004and considering the development of industrial clusters in Zhejiang Province, answers three major questions, from theoretical and empirical perspectives, about SMEs financing efficiency in the framework of industrial clusters:(1) Do SMEs in the industrial cluster have evident advantage in getting bank financing?(2) Is there credit enhance mechanism for SMEs in the industrial cluster? If there is, how is the SMEs'credit enhanced?(3) Is there any difference in the financing scales between the credit-enhanced SMEs in and beyond the industrial clusters? And what is the difference in the financing efficiency?
The answers to the above three questions constitute the main conclusions in this thesis:
(1) SMEs in the industrial clusters have evident advantage in getting bank financing. To be specific, an industrial cluster pools enterprises with different sizes and types in the same sector, which have evident industrial features. Furthermore, the enterprises in the industrial cluster are on different nodes along the value chain. Duty division and cooperation among them are quite intimate. As a result, it is easy for financial institutions to judge the real operations of enterprising by identifying their position in the value chain, and their transactions and interactions with other affiliates. Thus it is easier for SMEs in the cluster to get bank loans than those beyond the cluster.
(2) There is credit enhance mechanism for SMEs in the industrial cluster. First, the value-chain financing, with core enterprises in the cluster as the subjects of risk taking, promotes credit enhancement for SMEs in the cluster; second, the dynamic games on cooperation among enterprises in the industrial cluster promotes credit enhancement for SMEs in the cluster; third, the dynamic games on credit transactions between banks and enterprises in the cluster promotes credit enhancement for SMEs in the industrial cluster.
(3) It is easier for enterprises with abundant capital in the industrial cluster to get external financing such as in the form of loans from commercial banks. And the reduction in the number of in-cluster enterprises also helps decrease the amount of external financing for an individual enterprise; the scale effect brought by the overall credit upgrading for the industrial cluster helps enterprises get external financing by enlarging the scope of collateralizable assets on the production chain; the industrial clusters have evidently positive effect on the availability of external financing for in-cluster enterprises and on the range of financing.
In all, the thesis perfectly combines theories and empirical studies. From the perspective of industrial cluster, it assorts the governance mechanism and structure of industrial clusters. Based on this, it further discusses about the three mechanisms of SMEs credit enhancement in the industrial cluster while proposing three topics before making empirical proof. The thesis will contribute to existing literatures in the following three aspects:first, it links the governance of industrial clusters with credit enhance mechanism for in-cluster SMEs, which is the first time in the literatures; second, it employs the corporate credit data of a certain commercial bank and proves the three theoretical topics in the empirical way.
为此,本文在浙江省产业集群发展状况的基础上,深入剖析了某大型国有商业银行浙江省分行2004年中小企业信贷数据,从理论和实证上回答了产业集群模式下中小企业融资的3个关键性问题：(1)产业集群内中小企业在获取银行融资上是否存在显著的优势?(2)产业集群内中小企业信用是否存在增级机制,如果存在的话,中小企业信用又是如何实现增级的?(3)产业集群内经过信用增级的中小企业的融资规模较产业集群外的中小企业有何区别?融资效率又有何区别?
对于上述3个问题的回答形成了本文的主要结论：
(1)产业集群内中小企业在获取银行融资上存在显著优势。具体而言,产业集群集中了同一产业不同规模与类型的企业,产业特征较为明显,加之集群内各企业位于价值链上的不同节点,企业间的分工与合作也非常密切,金融机构也可以非常容易地从企业所处价值链的地位,以及其与关联企业的业务状况等方面判断企业的真实经营情况,从而降低信息不对称,使得集群内中小企业较集群外中小企业更易获取银行贷款。
(2)产业集群内中小企业信用存在增级机制。首先,以产业集群内的核心企业为风险承担主体的价值链融资促进了产业集群内中小企业信用增级；其次,产业集群内企业之间的重复博弈促进了产业集群内中小企业的信用增级；再次,银行与集群内企业信贷交易的重复博弈促进了产业集群内中小企业的信用增级。
(3)产业集群中资本雄厚的企业更加容易获取诸如商业银行贷款形式的外部融资,而产业集群中企业数量的增加降低了单个企业所获取的外部融资额；产业集群因整体信用的升级所带来的规模效应,有助于企业以通过扩大生产链条上的可抵押资产范围的形式来获取外部融资；产业集群对其内部企业获取外部融资的可获得性,以及融资的广度都具有显著的积极影响。
总体而言,本文很好地将理论与实证结合到一起,从产业集群视角,梳理了产业集群的治理机制与治理结构,并在此基础上阐述了产业集群内中小企业信用增级的三个机制,并进行了实证检验。本文在如下方面可能对现有文献产生贡献：首先,将产业集群治理、产业集群内中小企业信用增级机制联系起来,弥补了现有文献的空白；其次,本文采用某商业银行的企业信贷数据,实证检验了三个理论命题。
Since China adopted the policy of reform and opening-up, its SMEs have stepped into the stage of rapid growth. Gradually, they have become the important driving force that helps alleviate the unemployment pressures, increase taxes and push forward technological progress. Nevertheless, as the Chinese SMEs develop rapidly, they are also confronted with the same problem of transcending the Macmillan Gap faced by their counterparts in other parts of the world. To be specific, they meet with serious difficulty in financing, which hinders SMEs from enlarging their size, developing new products and making technological innovations. Sometimes it even leads to bankruptcy. In this way, the problem of financing faced by SMEs will stop them from constantly playing the dominant role in the national economy, thus impacting on the Chinese economy seriously. As an important and innovative model of organizing production, industrial cluster boasts such strong points as upgrading the credit of SMEs in the cluster, and reducing the financial institutions" risks and costs when providing credit service to SMEs in the industrial cluster. It can facilitate financing for its SMEs. and help them get out of the financing constraint. However, few existing literatures about empirical studies on this issue can be found.
In light of this, the thesis, by making in-depth analysis of the credit for SMEs made by the Zhejiang Branch of a large state-owned commercial bank in2004and considering the development of industrial clusters in Zhejiang Province, answers three major questions, from theoretical and empirical perspectives, about SMEs financing efficiency in the framework of industrial clusters:(1) Do SMEs in the industrial cluster have evident advantage in getting bank financing?(2) Is there credit enhance mechanism for SMEs in the industrial cluster? If there is, how is the SMEs'credit enhanced?(3) Is there any difference in the financing scales between the credit-enhanced SMEs in and beyond the industrial clusters? And what is the difference in the financing efficiency?
The answers to the above three questions constitute the main conclusions in this thesis:
(1) SMEs in the industrial clusters have evident advantage in getting bank financing. To be specific, an industrial cluster pools enterprises with different sizes and types in the same sector, which have evident industrial features. Furthermore, the enterprises in the industrial cluster are on different nodes along the value chain. Duty division and cooperation among them are quite intimate. As a result, it is easy for financial institutions to judge the real operations of enterprising by identifying their position in the value chain, and their transactions and interactions with other affiliates. Thus it is easier for SMEs in the cluster to get bank loans than those beyond the cluster.
(2) There is credit enhance mechanism for SMEs in the industrial cluster. First, the value-chain financing, with core enterprises in the cluster as the subjects of risk taking, promotes credit enhancement for SMEs in the cluster; second, the dynamic games on cooperation among enterprises in the industrial cluster promotes credit enhancement for SMEs in the cluster; third, the dynamic games on credit transactions between banks and enterprises in the cluster promotes credit enhancement for SMEs in the industrial cluster.
(3) It is easier for enterprises with abundant capital in the industrial cluster to get external financing such as in the form of loans from commercial banks. And the reduction in the number of in-cluster enterprises also helps decrease the amount of external financing for an individual enterprise; the scale effect brought by the overall credit upgrading for the industrial cluster helps enterprises get external financing by enlarging the scope of collateralizable assets on the production chain; the industrial clusters have evidently positive effect on the availability of external financing for in-cluster enterprises and on the range of financing.
In all, the thesis perfectly combines theories and empirical studies. From the perspective of industrial cluster, it assorts the governance mechanism and structure of industrial clusters. Based on this, it further discusses about the three mechanisms of SMEs credit enhancement in the industrial cluster while proposing three topics before making empirical proof. The thesis will contribute to existing literatures in the following three aspects:first, it links the governance of industrial clusters with credit enhance mechanism for in-cluster SMEs, which is the first time in the literatures; second, it employs the corporate credit data of a certain commercial bank and proves the three theoretical topics in the empirical way.
引文
① 详细可以查阅约翰.伊特韦尔、默里.米尔盖特,彼得.纽曼编.新帕尔格雷夫经济学大辞典[Ml.北京：经济科学出版社.1996,第二卷：E-J,P337。
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