Can Non-repayment And Renewal Of Loans Reduce Financing Cost For Small And Micro Enterprises?

Small and micro enterprises are the main force of economic and social development in China,and they are very important in economic growth and employment.In 2020,COVID-19 broke out across the world.In order to relieve the pressure on enterprises affected by the epidemic to repay loans and enhance the confidence of small and micro enterprises,the banking industry in many provinces and cities in China has actively launched a series of policy measures to help small and micro enterprises overcome difficulties,including the business of non-repayment and renewal of loans.Taizhou,as a small and micro finance reform pilot zone,follows the call of national policy,speeds up the incremental expansion of non-repayment and renewal of loans,supports banks to reasonably increase the proportion of non-repayment and renewal of loans in small and micro loans,and strives to make qualified small and micro enterprises realize the seamless connection of loan renewal and reduce the cost of loan re-lending.In order to further optimize and improve the non-repayment and renewal of loans and benefit small and micro enterprises,it is necessary to deeply understand whether the non-repayment and renewal of loans can really reduce the financing cost of small and micro enterprises,and what problems and deficiencies exist in the implementation of the non-repayment and renewal of loans,and then provide reasonable and effective policy suggestions.This paper takes small and micro enterprises in small and micro parks in Taizhou city as the research object,and investigates the participation of enterprises in nonrepayment and renewal of loans and the current situation of financing costs of enterprises in the parks through field research and questionnaire survey.The questionnaire was distributed online through the app called questionnaire star,and the relevant person in charge was asked to distribute offline.Finally,312 valid questionnaires were collected.After the reliability and validity test of the questionnaire,this paper analyzes the questionnaire data and has a preliminary understanding of the participation of small and micro enterprises in the park in the non-repayment and renewal of loans.About 39% of the small and micro enterprises in the survey sample have participated in the non-repayment and renewal of loans experience,and about 60%of the small and micro enterprises fail to enjoy the non-repayment and renewal of loans experience.In order to study the impact of the non-repayment and renewal of loans on the financing costs of small and micro enterprises,a multiple liner regression model is constructed for empirical analysis.The empirical results show that: first,non-repayment and renewal of loans can reduce the financing cost of small and micro enterprises;Second,compared with small and micro enterprises of larger scale,non-repayment and renewal of loans has a more significant effect on reducing the financing cost of small and micro enterprises of smaller scale;compared with small and micro enterprises of strong profitability,non-repayment and renewal of loans has a more significant effect on reducing the financing cost of small and micro enterprises of weak profitability.Thirdly,through mechanism analysis,it is concluded that non-repayment and renewal of loans can reduce the financing cost of small and micro enterprises by reducing the participation degree of bridge loan and shortening the loan processing period.Finally,combining the conclusions and the actual situation,this paper puts forward countermeasures and suggestions on how to better reduce the financing cost of small and micro enterprises by using non-repayment and renewal of loans from four perspectives: small and micro enterprises,commercial banks,regulatory authorities and the government.