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Bank credit rationing, entrepreneur's heterogeneity and credit financing for small and medium-sized enterprises

机译:银行信贷配给,企业家异质性和中小企业信贷融资

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摘要

China's small and medium-sized enterprises (SMEs) are financially constrained under China's bank credit rationing system. Using both when a CEO is also the chairman of the board and the shares held by CEO as measures for entrepreneur's characteristic, this paper explores the effects of entrepreneur heterogeneity on China's SMEs' access to bank loans. The empirical results show that when a CEO is also a chairman of the board is unfavorable for SMEs to obtain bank loans and bank credit rationing will further make it more difficult for SMEs to obtain bank loans. In addition, when an entrepreneur holds shares in a firm it will help the firm to obtain bank loans even when the bank credit rationing is serious.
机译:在中国的银行信贷配给制度下,中国的中小企业在财务上受到了限制。本文以首席执行官兼董事会主席的身份和首席执行官所持股份作为衡量企业家特征的指标,探讨了企业家异质性对中国中小企业获得银行贷款的影响。实证结果表明,当首席执行官兼董事长时,不利于中小企业获得银行贷款,而银行信贷配给将使中小企业更难获得银行贷款。另外,当企业家持有公司股份时,即使银行信贷配给严重,也将帮助该公司获得银行贷款。

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