Abstract: It has been proved that regional imbalances exist in capital allocation of enterprises due to the imbalances of regional development in China. It is practically significant to study the provincial differences and definition factors of financial exclusion in SMEs for the formulation and implementation of differentiated policy, promotion of financial efficiency, and relief of the financing difficulties for SMEs. Based on the theory of financial exclusion, this paper constructs a fivedimensional index system of financial exclusion and provincial financial exclusion index of SMEs. The empirical results reveal that there exist significant provincial differences of financial exclusion for SMEs, and the degree of selfexclusion of SMEs in eastern region is lighter than central and western region. Moreover, the factors of supplyside initiative exclusion are dominant and access exclusion has greatest effects on the provincial differences. Furthermore, technical condition exclusion is greater than the demandside initiative exclusion. It is necessary to make efforts to mitigate financial exclusion from the aspects of supplyside initiative exclusion, construct information system construction and reduce selfexclusion in order to remote the financing efficiency.

Key words: financial exclusion , provincial differences , definition factors

摘要： 由于我国地区发展不平衡，企业信贷资金配置也存在明显的区域失衡问题。研究中小企业金融排斥的省域差异及其影响因素，对于差别化金融政策制定与实施、提升金融效率、缓解中小企业融资困境有重要现实意义。本文基于金融排斥理论，构建了五维度中小企业金融排斥指标体系，设计省域中小企业金融排斥指数并测度构成因素的贡献度。结果表明，金融排斥省域差异主要表现为东部地区中小企业自我排斥程度较轻，而中西部地区较重；金融供给方排斥因素占主导，其中地理排斥影响最大；技术条件排斥略大于金融需求方主动排斥。因此，减缓中小企业金融排斥需要从不同地区金融服务供给者与信息机制建设等方面入手，同时引导企业降低自我排斥，提升融资效率。

关键词: 中小企业 , 金融排斥 , 省域差异 , 影响因素