刘淳,胡竞雄

• 1:清华大学经济管理学院
• 2:美国西北大学

摘要(Abstract)：

小微企业贷款难是中国经济发展的顽疾,也是中国试图建设多层次资本市场的一个重要原因,而上市公司投资小额贷款公司提供了一种解决这个问题的市场化途径。通过投资小贷公司,上市公司拓宽了公司利润增长点,并通过隐性担保解决了银行与小微企业信息不对称问题,利用其在传统资本市场上的融资优势为小微企业提供了资金。本文基于所有沪深上市公司2008—2014年的年报及相关决议,手动收集了所有上市公司投资小额贷款公司的数据,通过Probit模型对上市公司投资小额贷款公司的行为进行研究,结果显示上市公司的投资意愿、投资能力、区域金融环境是影响上市公司投资小额贷款公司决策最重要的因素。

关键词(KeyWords)： 小额贷款公司;小微企业;多层次资本市场

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目（项目号71232003）的资助

作者(Author): 刘淳,胡竞雄

DOI: 10.16513/j.cnki.cje.2019.03.002

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