通过对195个来自温州地区中小微企业样本研究发现：虽然整体上中小微企业民间借贷比低于正规信贷比，但部分企业对民间借贷依赖较大，特别是乡镇企业民间借贷比例高。统计显示：中小微企业在民间借发生后正规信贷比不升反降。回归检验也支持了民间借贷不利于提高正规信贷比的假设，特别是以中小微乡镇企业为样本的检验结果尤其显著。最后，向金融机构进行问卷调查，结果显示：民间借贷并不利于中小微企业后续信贷融资授信评价。该结论否定了已往研究文献所隐含前提假设，说明正规金融制度建设是解决中小微企业融资约束主要路径。%Whether private-lending can really ease the financing constraints of MSMEs ( micro, small and medium enterpri-ses) has been controversial because of the lack of effective supporting evidence. Based on 195 samples from MSMEs in Wenzhou, we discover that generally the ratio of private-lending is lower than the ratio of regular credit, but some MSMEs re-ly on private-lending seriously. In particular, the ratio of private-lending of rural and township enterprises is even much higher. Statistics show that, when private-lending of MSMEs occur, the formal credit will decline, which is confirmed in the private-lending paired samples. Regression testing also supports the fact that private-lending actually does not improve the formal credit as the assumption expected. Especially, the test results from the samples of rural and township enterprises are particularly significant. Finally, the survey results from the financial institutions show that private-lending does not contribute to credit evaluation of MSMEs, which from the perspective of the supply of credit, and also indicates private-lending cannot ease financing constraints of MSMEs.
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