欧洲央行于7月20日发布了2026年第二季度企业融资获取情况调查报告。[1]根据该调查，欧元区企业面临银行贷款利率和融资成本进一步上升的压力，其中银行贷款利率的净增幅升至42%，较上一季度的26%明显上升；其他融资成本的净增幅为31%。[1]
调查覆盖了5,087家欧元区企业，其中92%为员工少于250人的中小企业，调查周期为2026年5月21日至6月26日。[1]尽管融资成本收紧，但贷款可得性基本保持稳定，净变化为-1%，较上一季度的-3%有所改善。[1]然而，中小企业和大型企业在贷款获取上呈现分化态势，大型企业的贷款可得性净值为4%，而中小企业的净值为-4%。[1]同时，企业对未来融资需求小幅增加，净增幅达2%，银行贷款融资缺口也从上一季度的2%上升至3%。[1]
关于企业未来预期，调查数据显示企业对未来12个月的销售价格、投入成本和工资增长预期均有所缓和。[1]预期销售价格增幅为3.2%，较上一季度的3.5%下降；预期投入成本增幅为5.2%，较上一季度的5.8%下降；预期工资增幅为2.5%，较上一季度的2.8%下降。[1]企业对通胀的预期保持相对稳定，一年期通胀预期中位数维持在3.0%，五年期通胀预期中位数则从上一季度的3.0%上升至3.1%。[1]
此外，调查还反映了企业应对地缘政治冲突和适应新技术发展的措施。[1]面对中东地缘政治冲突，36%的企业计划寻找替代供应商，31%投资于能源效率，21%增加库存。[1]在人工智能投资融资方面，企业主要依赖内部资金，占比达72%，其次为银行贷款、补助金和融资租赁，各占16%，股权融资占6%，债券融资占1%。[1]
The European Central Bank released its second-quarter 2026 survey on enterprise access to finance on July 20, 2026, based on responses from 5,087 eurozone enterprises collected between May 21 and June 26, 2026 [1]. The survey reveals a marked tightening of lending conditions, with bank loan interest rates experiencing a net increase of 42 percent, significantly higher than the 26 percent recorded in the previous quarter [1]. Other financing costs also rose, with a net increase of 31 percent compared to 37 percent in the first quarter [1]. Collateral requirements increased by 10 percent on a net basis, down from 14 percent in the preceding quarter [1].
The findings highlight a divergence between enterprise sizes in their ability to access credit. Large enterprises reported net positive loan availability at 4 percent, while small and medium-sized enterprises—comprising 92 percent of the survey sample—faced a net decline of 4 percent in loan availability [1]. Overall loan availability remained largely stable with a net reading of minus 1 percent, compared to minus 3 percent in the previous quarter [1]. Financing demand showed modest growth of 2 percent on a net basis, up from zero percent in the first quarter, though the financing gap for bank loans remained relatively small at 3 percent [1].
On inflation expectations and business sentiment, enterprises moderated their outlook across multiple dimensions [1]. Expected sales price increases eased to 3.2 percent from 3.5 percent, input cost growth declined to 5.2 percent from 5.8 percent, and wage growth expectations fell to 2.5 percent from 2.8 percent [1]. The one-year median inflation expectation remained stable at 3.0 percent, while the five-year median expectation edged up slightly to 3.1 percent from 3.0 percent [1]. Regarding geopolitical challenges, enterprises indicated multiple adaptation strategies, with 36 percent seeking alternative suppliers, 31 percent investing in energy efficiency, and 21 percent increasing inventory levels [1]. For artificial intelligence investments, enterprises relied predominantly on internal funds at 72 percent, while bank loans and subsidies each accounted for 16 percent of financing sources [1].