摘要
新冠疫情期间,为缓解小微企业生存压力,相关政府部门推出延期还本付息政策,有效改善了企业的经营状况。但该政策的实际效果在多重市场环境因素的影响下是否达到预期,并未得到论证。因此,有必要对该政策提升小微企业生存能力的作用展开深入探讨。鉴此,本文以2016—2023年部分商业银行10536户小微企业贷款客户作为样本,利用双向固定效应的双重差分模型进行回归,研究延期还本付息政策对小微企业生存能力的影响。研究结果表明,延期还本付息政策能够显著提升小微企业的生存能力。机制检验表明,延期还本付息政策通过缓解企业流动性约束、向市场传递支持小微企业信号,进而增强了小微企业的生存能力。异质性分析发现,在高负债企业和普惠小微企业中,延期还本付息政策对企业生存能力的提升作用更为显著。上述研究结论对政府和银行支持小微企业融资和发展具有重要的启示意义。
During the COVID-19 pandemic,in order to alleviate the survival pressure on small and micro enterprises,relevant government departments have launched the delayed repayment policy of principal and interest which effectively improved the operating conditions of enterprises.However,under the influence of multiple market environmental factors,whether the actual effect of the policy meets expectations has not been demonstrated.Therefore,it is necessary to conduct in-depth discussions on the role of this policy in enhancing the survival of small and micro enterprises.In view of this,this paper takes 10536 small and micro enterprise loan customers of some commercial banks from 2016 to 2023 as samples,and uses a two-way fixed effects difference-in-differences(DID)model for regression to study the impact of the delayed repayment policy of principal and interest on the survival of small and micro enterprises.The research results indicate that the delayed repayment policy of principal and interest can significantly enhance the survival of small and micro enterprises.Mechanism test shows that the delayed repayment policy of principal and interest can alleviate the liquidity constraints of enterprises,transmit signals to the market to support small and micro enterprises,and enhance the survival of small and micro enterprises.Further heterogeneity analysis finds that,in high debt enterprises and inclusive small and micro enterprises,the delayed repayment policy of principal and interest has a more significant effect on improving their survival ability.The aforementioned research conclusions have important implications for the government and banks to support the financing and development of small and micro enterprises.
作者
段胜
李安琪
刘桦灿
DUAN Sheng;LI Anqi;LIU Huacan
出处
《金融监管研究》
北大核心
2025年第9期60-78,共19页
Financial Regulation Research
关键词
延期还本付息政策
企业生存能力
小微企业
双重差分模型
Delayed Repayment Policy of Principal and Interest:Enterprise Survival
Small and Micro Enterprises
Difference-in-Differences(DID)Model
作者简介
段胜,经济学博士,正高级经济师,四川农商联合银行,联系方式:duan9901@163.com;通讯作者:李安琪,金融硕士,四川农商联合银行,联系方式:anqili5468@163.com;刘桦灿,保险硕士,四川农商联合银行,联系方式:liuhuacan1993@163.com。
