【摘要】 本文从营商环境视角切入，围绕企业融资条件平等性这一评价营商环境的重要内容，讨论中小企业信贷难究竟是否导因于“所有制歧视”。本文从经济体制转轨背景因素、商业银行对企业融资能力的评价指标和企业信贷资金的获得性展开讨论，基于2015—2019年A股非金融类上市公司数据，通过分组回归、Oaxaca-Blinder分解，从信贷规模、信贷融资成本、信贷期限结构三个维度对信贷市场竞争公平性进行了实证研究。研究发现：从定性来看，银行自身的商业化行为可能更注重所放贷企业的盈利能力、成长性、流动性风险等因素；定量来看，相对国有企业而言，非国有企业大多为中小型企业，受自身资本规模和运营能力的制约，其信贷资源获取能力往往偏弱；民营企业贷款难不能被简单认为是其所有制身份所引致的，而是由于其在现有营商环境下较之国有企业存在的多方面禀赋不足。更多还原

【Abstract】 From the perspective of “business environment”, this paper takes the equality of financing conditions as the main indicator of business environment, and discusses whether “ownership discrimination” is the cause of “SMEs’ difficulty in obtaining bank credit”. The paper discusses the background of economic system transition, commercial banks’ evaluation index of corporate financing capacity, and the availability of corporate credit funds. Using the data of non-financial listed companies of Chinese A-share market from 2015 to 2019, the paper adopts the method of sub-group regressions and Oaxaca-Blinder decomposition to analyze the equality and fairness of bank credit market from the dimensions of credit scale, credit financing cost, and credit term structure. The research finds that, from the qualitative point of view, the banks’ own “market-oriented behavior” may pay more attention to the profitability, growth, and liquidity risk of the money borrowing enterprises. From the quantitative point of view, the research finds that, compared with state-owned enterprises, most of non-state-owned enterprises are small and medium-sized. Therefore, the fact that the ability for non-state-owned enterprises to obtain bank credit is relatively weak is mainly due to their own weak capital strength and asset scale, rather than directly from their ownership status. The difficulty in obtaining loans for private enterprises is mainly caused by their “resource endowments” in corporate governance and asset scale, which reduce the anti-risk capacity of private enterprises. However, much more attention is paid to the ownership attribute, which covers the resource endowments determined by private enterprises’ capital strength and asset scale.更多还原