分类号C93密级公开
U D C 编号10486
硕士学位论文
政府采购信用担保对中小企业
融资约束的影响
研究生姓名：穆泽华
学号：2020201150104
指导教师姓名、职称：张平副教授
专业名称：公共经济管理
研究方向：公共经济政策
二〇二三年十一月
The Impact of Government Procurement
Credit Guarantees on Financing Constraints
for Small and Medium Enterprises
By Zehua Mu
November,2023
政府采购信用担保对中小企业融资约束的影响
摘要
本研究着眼于政府采购信用担保政策，并探讨了该政策对中小企业融资约束
的影响。研究采用强度差分法（DID 模型）对2019年和2020年中小企业发展状
况调查数据进行回归分析，研究结果表明，政府采购信用担保政策显著减轻了中
小企业的融资约束，且这一作用随政策强度的增加而增强。政府采购信用担保被
证明是一种有效和有效率的公共政策工具，能够通过提高中小企业的信用等级、
降低贷款成本、延长贷款期限、改善贷款担保方式和增加贷款获得机会，来缓解
中小企业的融资困境。此外，这一影响效果具有稳健性，不受不同的方法、数据
和变量的影响而发生显著变化。
通过政策实施后中小企业在创新能力、竞争力、生存能力等多个方面的提升
进一步证明了政府采购信用担保政策的有效性。特别是在创新能力方面，通过政
府采购信用担保的中小企业在研发投入、研发人员、专利申请和授权等方面都有
显著提升，这表明政策不仅缓解了融资约束，还促进了企业的创新发展。在竞争
力方面，参与政府采购信用担保的中小企业在市场份额、市场地位和市场影响力
等方面均有显著提升，表明政策有助于提高企业的市场竞争力。在生存能力方面，
参与政府采购信用担保的中小企业在资金流动性、财务风险、客户忠诚度和稳定
性等方面也表现出显著的提升，这说明政策有助于提高企业的整体稳健性和持续
经营能力。
本研究还提出了政策建议，包括加强政府采购信用担保政策的宣传和推广、
完善相关法规制度，以提高社会各方面的关注度和参与度。同时，强调了关注政
府采购信用担保政策对中小企业发展的长期影响的重要性，特别是在创新能力、
竞争力、生存能力等方面。
综上所述，本文证实了政府采购信用担保政策能有效缓解中小企业的融资约
束，并对政策实施提出了具体建议，为促进中小企业发展提供了理论和实证支持。
关键词：政府采购；信用担保；中小企业；融资约束；强度差分法
I
武汉大学硕士学位论文
Abstract
This study focuses on the government procurement credit guarantee policy and
explores its impact on the financing constraints of small and medium-sized enterprises
(SMEs).Using the Difference in Differences (DID)model,the study conducts
regression analysis on the survey data of SME development in 2019and 2020.The
results show that the government procurement credit guarantee policy significantly
alleviates the financing constraints of SMEs,and this effect intensifies with the
increase in policy intensity.The government procurement credit guarantee has proven
to be an effective and efficient public policy tool,capable of alleviating the financing
difficulties of SMEs by improving their credit ratings,reducing loan costs,extending
loan terms,improving loan guarantee methods,and increasing loan opportunities.
Moreover,the impact of this policy is robust,unaffected by different methods,
data,and variables.The enhancement of SMEs in innovation ability,competitiveness,
and survival ability post-policy implementation further proves the effectiveness of the
government procurement credit guarantee policy.Particularly in terms of innovation,
SMEs supported by this policy have shown significant improvements in R&D
investment,personnel,patent applications,and grants,indicating that the policy not
only eases financing constraints but also promotes corporate innovation.In terms of
competitiveness,SMEs participating in the government procurement credit guarantee
have significantly increased their market share,status,and influence,demonstrating
the policy's contribution to enhancing market competitiveness.In terms of survival
ability,these SMEs also show significant improvements in liquidity,financial risk,
customer loyalty,and stability,suggesting that the policy helps enhance the overall
robustness and continuous operation of enterprises.
The study also proposes policy recommendations,including strengthening the
promotion of the government procurement credit guarantee policy and improving
related legal systems to enhance awareness and participation from all sectors of society.
It emphasizes the importance of focusing on the long-term impact of the policy on the
development of SMEs,especially in terms of innovation,competitiveness,and survival
ability.
II
政府采购信用担保对中小企业融资约束的影响
In summary,this paper confirms that the government procurement credit
guarantee policy effectively eases the financing constraints of SMEs and provides
specific suggestions for policy implementation,offering theoretical and empirical
support for promoting the development of SMEs.
Key Words ：Government Procurement;Credit Guarantee;Small and
Medium-sized Enterprises (SMEs);Financing Constraints;Difference in Differences
III