| Developing the inclusive finance and promoting financial innovation had been proposed in the Third Plenary Session of the 18th Central Committee of the Communist Party of China.Inclusive finance,extending out from the concept of microfinance,is a concept that concerns the way to provide the financial services for the whole financial system.Inclusive finance differs from microfinance in that inclusive commercial finance requires sustainable and provides financial services of savings,insurance,credit,etc.Although SMEs?small and medium enterprises?mainly drive the economic growth and technological progress;however,with low return rate and high risk,most SMEs have suffered severe financial exclusion.As exclusion finance and inclusive finance are two aspects of a coin,financial exclusion of SMEs may impede the development of inclusive finance.To begin with,according to CSMAR database from the year 2010 to 2014,compared to enterprises from main board,those from SME board are characterized with lower debt ratio,higher short-term debt ratio and endogenous financing ratio.Therefore,compared with large-scale enterprises,SMEs are difficult to attain loans from the banks.Then,from macro view,SMEs as the main carrier of second industry and third industry,financial exclusion of SMEs may hinder the transformation of enterprise endowment structure and improvement of high technical content.Last but not least,it has been proved that regional imbalances exist in capital allocation of enterprises due to the imbalances of regional development in China,therefore,financial exclusion of SMEs may widen the gap of regional economic growth.Traditional researches on financial exclusion mainly focus on poor residents,farmers and other micro individuals,and study of financial exclusion effects is mainly based on qualitative analysis.Few researches study the effects of financial exclusion of SMEs on the micro level and macro level based on SMEs.Therefore,studying the structure effects of SMEs on micro-economy and macro-economy is of great significance to promote the development of financial exclusion theory,improve financing environment of SMEs,optimize the industrial structure and improve the regional differences in economic growth.The framework of the main part of this thesis is arranged as follows:Part one introduce literature research of financial exclusion of SMEs and its effects on micro-economy and macro-economy at home and abroad.Firstly,this paper demonstrates the theoretical definition and connotation of financial exclusion,mainly focusing on poor residents,farmers and other micro individuals.Secondly,in terms of researches of effects of financial exclusion,traditional researches proved that financial exclusion has economic negative externality.In other words,financial exclusion has intensified the polarization of economic development among different people and different regions.Thirdly,the literature on financial exclusion of SMEs is mainly qualitative analysis,and quantitative analysis mainly focus on regional differences.Therefore,there are few researches studying the effects of financial exclusion on the micro level and macro level from the view of SMEs.On top of former literature and theoretical analysis framework established here,this thesis studies the theoretic mechanism of financial exclusion of SMEs and its effects on financial structure,industrial structure and regional structure in the economic growth.Theoretical study first concludes the theories of financial ethics and inclusive finance which are highly related to financial exclusion.And then analysis the theoretical formation mechanism of financial exclusion of SMEs based on the theories of asymmetric information,credit rationing and enterprise growth cycle.Lastly,this paper put forward the theoretical significance of studying effects of financial exclusion of SMEs on structure problems of micro-economy and macro-economy based on the theory of financial development.There is an increasing attention to the effects of finance on economic growth with the development of financial development theory.As we know,the economic development in the backward regions is influenced by the lack of funds significantly based on the fact that the more lag-behind the development of the finance is,the worse the economic development of the backward areas is.Based on former theories,this paper analyzes the mechanisms of economic structure effects of financial exclusion of SMEs.In the mechanism-analysis,this thesis explains the structure effects of financial exclusion on the micro-economy and macro-economy according to a relational model between variables of micro-economy/macro-economy structure and financial exclusion indicators.It has been proved that regional imbalances exist in capital allocation of enterprises due to the imbalances of regional development in China.It is practically significant to study the provincial differences and definition factors of financial exclusion in SMEs for the formulation and implementation of differentiated policy,promotion of financial efficiency,and relief of the financing difficulties for SMEs.Existing researches on the influencing factors of financial exclusion of SMEs mainly focus on corporate interior condition of financial affair and institution perspective,which may explain the reasons of financing difficulty of SMEs partially;however,it has not form a complete theoretical framework and a comprehensive policy framework to deal with financing difficulty of SMEs.Based on the theory of financial exclusion,this paper constructs a five-dimensional index system of financial exclusion and provincial financial exclusion index of SMEs to effectively evaluate and measure financial exclusion.Then the thesis evaluates the degree of financial exclusion in different provinces by applying data from the year 2010 to 2014 and thoroughly analyzes the reason of financial exclusion.The empirical results reveal that there exist significant provincial differences of financial exclusion for SMEs,and the degree of self-exclusion of SMEs in eastern region is lighter than that in central and western region.Moreover,the factors of supply-side initiative exclusion are dominant and access exclusion has greatest effects on the provincial differences.Furthermore,technical condition exclusion is greater than the demand-side initiative exclusion.Based on the construction of the index system of financial exclusion of SMEs,this paper analyzes the effects of financial exclusion of SMEs on financial structure,industrial structure and regional differences in the economic growth empirically by applying panel data model between variables of micro-economy/macro-economy structure and financial exclusion indicators which aims to inspect the structure effects of financial exclusion of SMEs.Financial exclusion behaves as the financing difficulty from the formal channels and high expense of financial resource from non-bank financing institutions.More precise,due to severe financial exclusion,SMEs tends to access to funds from both endogenous financing and non-bank fund-raising channels.And companies from SME board are characterized with lower debt ratio,higher short-term debt ratio and endogenous financing ratio compared to those from main board,which may affect their financial soundness.It is essential to find out the relationships between financial exclusion and financial structure of SMEs with the empirical test.Traditional researches on corporate financial structure and the influencing factors mainly focus on mainboard companies,rather than SME board enterprises.In addition,the researches on SME board do not have universality as their research objects are limited to cross section data or a single province data.And the study of financial structure of SMEs from the perspective of financial exclusion needs further study.Based on the clue of enterprise financing structure and the theory of financial exclusion,this paper constructs a relational model between financial structure and five financial exclusion indicators which aims to inspect the effects of financial exclusion on the SMEs'financial structure.The financial exclusion indicators are based on a five-dimensional index system of financial exclusion established in part three of this paper,including assessment exclusion,access exclusion,information technology exclusion,demand-side financial condition exclusion and self-exclusion.The results indicate that the SMEs witness an improvement of financial structure with a slowdown in the degree of financial exclusion.Specifically,assessment exclusion and self-exclusion result in bank financing difficulty and increases non-bank financing ratio,while access exclusion and information technology exclusion aggravate financing term structure.This makes SMEs confront with liquidity risk and the rising of financial costs,which may lead to a lack of financial soundness and sustainability.Once encountering exterior impulsion,the SMEs would fall into crises disastrously.Technological innovation capability plays a pivotal role in the adjustment of industrial structure in China.However,the industrial structure upgrades slowly currently.Either the adjustment of traditional industries or the development of competitive industries depends on a sound financial service system.Traditional researches prove that the number of SMEs account for more than 97%of the number of above-scale industrial enterprises of second industry which are characterized with labor-intensive feature.Besides,the third industry enterprises feature with characteristics of SMEs with low-tech.Therefore,SMEs as the main carrier of second industry and third industry,financial exclusion of SMEs may hinder the transformation of enterprise endowment structure and improvement of high technical content.In this paper,we develop a relational model between industrial structure and five financial exclusion indicators of SMEs which aims to inspect the effect of financial exclusion of SMEs on the industrial structure based on the provincial panel data between the year 2010 and 2014.The results reveal that supply-side access exclusion,technical condition exclusion and demand-side financial self-exclusion hinder the optimization of industrial structure.By creating a new variable that the cross-variable of comprehensive index of financial exclusion of SMEs and sales income of new products,we find that comprehensive index of financial exclusion of SMEs can slow down the optimization of industrial structure by hindering the technological innovation.It has been proved that regional imbalances exist in capital allocation of enterprises due to the imbalances of regional development in China.The economically developed eastern areas have become the center of the financial resources,and the financial institutions and funds are outflowing from the rural areas and the western region to the cities and the eastern regions.The empirical results of evaluating the degree of financial exclusion in different provinces reveal that there exist significant provincial differences of financial exclusion for SMEs,and the degree of self-exclusion of SMEs in eastern region is lighter than central and western region.It has been proved that the provinces with heavier degree of financial exclusion have low level of economic growth correspondingly,and vice versa.Existing researches study the relationship between regional financial development and economic growth.And the study of regional differences in the economic growth from the perspective of financial exclusion of SMEs needs further study.In this paper,we develop a relational model between regional economic growth and five financial exclusion indicators of SMEs which aims to inspect the effect of financial exclusion of SMEs on the regional differences in the economic growth based on the provincial panel data between the year 2010 and 2014.The results indicate that the economic growth is increased by a slowdown in the degree of financial exclusion.Specifically,by introducing regional dummy variables,the empirical analysis finds that technical condition exclusion and self-exclusion of SMEs can hinder the regional economic growth.Moreover,western region economic growth is reduced by assessment exclusion while eastern and central economic growth are hindered by access exclusion.And condition exclusion of SMEs reduces the eastern economic growth obviously.The last part of this paper draws the appropriate conclusions and policy recommendations.By evaluating the degree of financial exclusion in different provinces,it is recommended to make efforts to mitigate financial exclusion from the aspects of supply-side initiative exclusion,construct information system and demand-side financial self-exclusion in order to remote the financing efficiency.The analysis of financial structure effects of financial exclusion of SMEs provides a good guidance to the improvement of financial structure of SMEs from the perspective of financial exclusion.On one side,SMEs guarantee mechanism,information cloud platform and informal institutions should be constructed and demand-side self-exclusion should be slowed down.The local medium and small financial institutions have comparative advantage to weaken the information asymmetry by moral hazard and adverse selection compared with the big financial institutions;therefore,small and medium-sized financial institutions should be constructed in order to improve geographical accessibility.On the other side,non-financial institutions should be encouraged and developed to expand the financing channels for SMEs.Last but not least,SMEs should take measures to improve their own quality initiatively,such as expanding business scale and enhancing asset backed capacity.By studying industrial structure effects of financial exclusion of SMEs,the paper recommends that it is necessary to make efforts to mitigate financial exclusion from establishing the small and medium financial institutions,constructing the information cloud platform and strengthening the financial literacy.Moreover,non-financial institutions should be encouraged to expand the financing channels for SMEs.Lastly,SMEs should take measures to enhance their technological innovation,such as increasing consumer spending and the level of foreign trade.The analysis of regional differences effects in the economic growth of financial exclusion of SMEs put forward the following policy implications:Firstly,information cloud platform should be constructed and the financial literacy should be strengthened.Secondly,different region needs different implements,such as self-exclusion of SMEs and assessment exclusion should be alleviated for western region while access exclusion and condition exclusion of SMEs should be alleviated for eastern and central region.Furthermore,non-financial institutions should be encouraged to expand the financing channels for SMEs due to the empirical conclusion that access exclusion and condition exclusion of SMEs play a positive role in promoting the less developed regions.Lastly,as to control variables,it is necessary to promote second industry and third industry output,enhance the market level,improve the average level of education and increase financial support to SMEs to promote regional economic growth.There are four main innovations in this paper.Firstly,financial exclusion index measurement system of SMEs has been advanced to form a complete application system with solid theoretical foundation and reliable standard.Secondly,this dissertation puts forward a new analysis perspective,SMEs,to analyze the economic structure effects of financial exclusion.The analysis framework of economic structure effects of financial exclusion has been improved by constructing a relational model between variables of micro-economy/macro-economy structure and financial exclusion indicators which aims to inspect the economic structure effects of financial exclusion.Thirdly,this paper provides data support to economic development by studying the financial exclusion effects on micro-economy and macro-economy empirically in China.Last but not least,the appropriate conclusions and policy recommendations have been proposed by exploring the economic structure effects of financial exclusion,so as to achieve strategic transformation of our financial structure and inclusive finance system construction. |
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