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This paper applies quantitative and narrative approaches to fiscal and financial policies of Chinese small and medium enterprises (SMEs) in order to study the support effect of macro policies on micro enterprises. As the first researchers to focus on the firm heterogeneity of SMEs’ policy effects, we show that the “flood irrigation” supportive policies for SMEs have not achieved the expected “help the weaker” effect. Non-state-owned SMEs and small(micro) enterprises have a low sense of policy gain, which is contrary to some “positive” research conclusions from China. The mechanism study found that “ownership” and “scale” discrimination suffered by non-state-owned and small(micro) enterprises in the financing process are key. We suggest the supportive policies for SMEs should shift from “flood” to “precise drip” irrigation. The policy benefits of non-state-owned, small and micro enterprises need to be emphasized. More targeted policies need to be studied and provided. Our findings shed new light on the formulation of supportive policies for SMEs.

本文采用定量与叙事研究范式，针对中国中小企业（Small and Medium Enterprises，SMEs）的财政与金融扶持政策展开研究，旨在探究宏观政策对微观企业的扶持效应。作为首批聚焦中小企业政策效应企业异质性的研究团队，本文发现针对中小企业的"大水漫灌"式扶持政策并未达成预期的"扶弱"效果：非国有中小企业及小型（微型）企业的政策获得感普遍较低，这与国内部分持"积极"论调的研究结论相悖。机制分析表明，非国有及小型（微型）企业在融资过程中遭遇的"所有制歧视"与"规模歧视"是核心症结所在。据此，本文建议中小企业扶持政策应从"大水漫灌"转向"精准滴灌"，需重点保障非国有、小型及微型企业的政策红利覆盖，并亟需研究并出台更具针对性的扶持政策。本研究成果为中小企业扶持政策的制定提供了全新的视角与参考。