小微企业是推动我国经济发展不可或缺的重要力量，而融资难问题一直是制 约其成长的关键性因素。在我国，小微企业融资主要依赖正规金融机构，但正规 金融机构为防范风险，对小微企业贷款设置了隐性信贷约束门槛，将其排除在贷 款门外，这对小微企业内部投融资行为都产生了非常重要的影响，进而也将影响 小微企业的成长。近年来，政府为了解决小微企业融资难题，出台了一系列财税 金融优惠政策，旨在促进小微企业健康发展。但是，小微企业的融资难问题依然 没有得到解决。基于此，论文从隐性信贷约束的角度考察小微企业成长问题具有 重要的现实意义。 论文在借鉴前人研究的基础之上，区别于以往金融抑制的视角，从隐性信贷 约束角度出发，考察小微企业融资难题和成长困局。论文采用国家统计局企业调 查总队与世界银行合作开展的企业投资环境调查数据，实证检验了隐性信贷约束 对小微企业成长的影响，并区分企业经营规范性程度和成长阶段讨论该影响的程 度差异。同时，加入融资渠道和企业投资两个变量，对隐性信贷约束通过影响企 业投融资行为，进而影响企业成长的路径进行验证。研究结果发现：（1）隐性 信贷约束对小微企业成长具有显著的负向影响，且不同企业经营规范性程度和成 长阶段下，隐性信贷约束对企业成长的抑制程度不一致。当企业经营更具规范性， 或处在低成长阶段时，隐性信贷约束对企业成长的抑制作用越弱，反之越强。（2） 融资渠道在隐性信贷约束对企业成长影响中起中介作用，具体而言，隐性信贷约 束通过降低小微企业正规金融机构融资规模，来抑制企业的顺利成长。（3）企 业投资在隐性信贷约束对企业成长的影响中起中介作用，具体而言，隐性信贷约 束通过降低企业投资规模，从而抑制了企业成长。（4）分企业投资类型来看， 隐性信贷约束会抑制企业创新投资规模，而对一般性规模投资抑制作用不明显， 同时创新投资也在隐性信贷约束对企业成长的影响中起中介作用。 论文的贡献在于：（1）论文考察了正规金融机构对小微企业设置的隐性信 贷约束与小微企业成长的影响，同时还依据企业经营规范性程度进行分类回归研 究，并通过分位数回归，探讨了不同成长阶段下隐性信贷约束对企业成长的影响 差异，是对小微企业成长微观影响因素的有益补充。（2）论文探讨了隐性信贷 约束对企业成长的中间机制，识别出融资渠道、企业投资在隐性信贷约束影响企 业成长的过程中的中介作用，为相关经验和实证发展提供更多证据。 关键词：隐性信贷约束；融资渠道；企业投资；企业成长II Abstract Small and micro enterprises are an indispensable force to promote China's economic development, and financing difficulties have always been a key factor restricting their growth. In China, small and micro enterprise financing mainly relies on formal financial institutions, but formal finance is to prevent risks. It sets implicit credit thresholds for small and micro enterprise loans and excludes them from loans. This is an internal investment and financing behavior for small and micro enterprises. Both have a very important impact, which in turn will affect the growth of small and micro enterprises. In recent years, in order to solve the financing problems of small and micro enterprises, the government has introduced a series of fiscal and taxation financial preferential policies to promote the healthy development of small and micro enterprises. However, the financing difficulties of small and micro enterprises have still not been resolved. Based on this, the paper has important practical significance to examine the growth of small and micro enterprises from the perspective of implicit credit constraints. Based on the previous studies, the thesis is different from the perspective of financial suppression in the past. From the perspective of implicit credit constraints, the paper examines the financing problems and growth difficulties of small and micro enterprises. The paper uses the enterprise investment environment survey data carried out by the National Bureau of Statistics Enterprise Survey Team and the World Bank to empirically test the impact of implicit credit constraints on the growth of small and micro enterprises, and to distinguish the degree of business normative and the stage of growth to discuss the impact. difference. At the same time, the two variables of financing channel and enterprise investment are added, and the implicit credit constraint is verified by affecting the investment and financing behavior of the enterprise and then affecting the growth path of the enterprise. The results show that: (1) Implicit credit constraints have a significant negative impact on the growth of small and micro enterprises, and the degree of inhibition of implicit credit constraints on enterprise growth is inconsistent under different levels of business management and growth. When the business operation is more normative, or at a low growth stage, the restraining effect of implicit credit constraints on the growth of the enterprise is weaker, and vice versa. (2) Financing channels play a mediating role in the impact of implicit credit constraints on corporate growth. Specifically, implicit credit constraints inhibit the smooth growth of enterprises by reducing the scale of financing of small and micro enterprises'III formal financial institutions. (3) Corporate investment plays a mediating role in the impact of implicit credit constraints on corporate growth. Specifically, implicit credit constraints inhibit corporate growth by reducing the scale of corporate investment. (4) In terms of investment types of enterprises, implicit credit constraints will inhibit the scale of innovation investment, while the suppression of general-scale investment is not obvious. At the same time, innovative investment also plays a mediating role in the impact of implicit credit constraints on corporate growth. The contributions of the thesis are as follows: (1) The paper examines the impact of formal financial institutions on implicit credit constraints and small and micro enterprises' growth in small and micro enterprises, and also conducts classified regression research based on the degree of business management norms and passes quantiles. Regression explores the differences in the impact of implicit credit constraints on firm growth at different stages of growth, and is a useful complement to the micro-influence factors of small and micro enterprises. (2) The paper discusses the intermediate mechanism of implicit credit constraints on enterprise growth, and identifies the intermediary role of financing channels and corporate investment in the process of implicit credit constraints affecting the growth of enterprises, and provides more evidence for relevant experience and empirical development. Keywords: Implicit credit constraints;Financing channels;Enterprise investment; Enterprise growthIV 目录 摘要...............................................................................................................................I ABSTRACT.................................................................................................................. II 第 1 章 导论..................................................................................................................1 1.1 研究背景与意义................................................................................................. 1 1.1.1 研究背景...................................................................................................... 1 1.1.2 研究意义...................................................................................................... 2 1.2 国内外研究动态................................................................................................. 3 1.2.1 隐性信贷约束.............................................................................................. 3 1.2.2 企业成长的影响因素.................................................................................. 8 1.2.3 隐性信贷约束对企业成长的影响............................................................ 10 1.2.4 文献评价.................................................................................................... 11 1.3 研究思路、基本框架及主要内容................................................................... 12 1.3.1 研究思路.................................................................................................... 12 1.3.2 基本框架及主要内容..............................................