voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2023-6-76-93voprecotest-3885Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSСвязь финансов и роста в России: работает ли канал малого и среднего предпринимательства?Finance and growth nexus in Russia: Does the SMEs channel matter?https://orcid.org/0000-0002-1225-7263КриничанскийК. В.KrinichanskyK. V.

Криничанский Константин Владимирович, доктор экономических наук., проф. департамента финансовых рынков и финансового инжиниринга, г. н. с. Института финансовых исследований финансового факультета 

Москва

Konstantin V. Krinichansky

Moscow

kkrin@ya.ruhttps://orcid.org/0000-0003-2986-4825ЮревичМ. А.YurevichM A.

Юревич Максим Андреевич, научный сотрудник центра макроэкономических исследований 

Москва

Maksim A. Yurevich

Moscow

maksjuve@gmail.comФатькинА. В.FatkinA. V.

Фатькин Андрей Владимирович, зам. генерального директора по экономике и финансам 

Миасс

Andrey V. Fatkin 

Miass

 

andfatkin@yandex.ruФинансовый университет при Правительстве Российской ФедерацииРоссияFinancial University under the Government of the Russian FederationRussian FederationГосударственный ракетный центр имени академика В. П. МакееваРоссияSRC Makeyev, JSCRussian Federation202305062023067693Copyright © Voprosy Ekonomiki, NP, 20232023Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/3885

Проведен анализ взаимосвязи финансового и экономического развития в российских регионах через канал малого и среднего бизнеса (МСБ). Зависимость МСБ от доступности кредита и влияние на экономическую динамику рассматриваются совместно и моделируются на данных по субъектам РФ за 2008—2019 гг. с использованием показателей финансового развития регионов в качестве инструментальных переменных. Развитие МСБ определяется по размеру сектора, его доле в структуре экономики и операционной эффективности малых предприятий. Подтверждено, что МСБ выступает трансмиссионным каналом от финансового углубления к росту выпуска. Наиболее надежны переменные, характеризующие масштаб сектора МСБ в регионе и оборот малых компаний. Это подтверждает важность стимулирования развития МСБ в регионах в сочетании с облегчением доступа к внешнему финансированию.

The paper presents the results of an analysis of the relationship between financial and economic development In Russian regions. The authors focus on one of the transmission channels of this relationship — the channel of small and medium-sized enterprises (SMEs). The issue of the SMEs’ dependence on the access to credit in the literature is generally considered separately from the issue of the impact of small business on economic dynamics. In this study, both issues are combined in one chain of the theoretical analysis and are examined with the help of an econometric model using credit depth measures as instrumental variables. To track the SMEs’ development, three variables were defined to characterize the size of the SME sector, the share of SMEs in the structure of the private sector, and the operational efficiency of small enterprises. Our data refer to the subjects of RF and cover the period from 2008 to 2019. The results confirm the Russian SMEs sector’s ability to act as a transmission channel from financial deepening to output growth. The most reliable variables are those characterizing the size of the SMEs sector in the region and the revenue of small firms per employee. Our findings support the conclusions made in a large number of works that provide evidence of the crucial importance of the conditions for access to external finance to raise the SMEs’ performance. The results we obtained also confirm that it would be reasonable to put special emphasis on overcoming obstacles in the access of SMEs to external financing when they take initiatives to develop SMEs in the regions.

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The authors declare that there are no conflicts of interest present.