破解中国中小企业融资困境的对策研究
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摘要
融资困境被公认为困扰中小企业发展的最主要因素之一,也成为困扰世界各国经济理论界、实业界和政府相关部门的世界性难题。中小企业在我国经济发展中的作用和重要地位已被国内许多学者认可和政府的重视,已经成为推动我国经济持续增长、创造就业机会的重要力量。从根本上解决中小企业融资难问题,不仅是从根本上解决中小企业自身发展的问题,而且也成为国民经济持续健康发展的重大课题。
除绪论部分外,本文分为五章：
第一章,国内外文献综述。从中小企业融资结构、信息不对称与中小企业融资的市场失灵、发展中国家中小企业融资的制度困境、克服中小企业融资信息不对称障碍、完善中小企业融资体系和制度环境方面对国外文献进行理论综述；从中小企业信贷融资的信息障碍及解决对策、中小企业融资的制度障碍及解决对策对国内文献进行理论综述。国外相关研究成果虽然比较丰富,但是基于发达市场国家的背景,其所做出的理论解释和所提出的政策措施并不完全适合我国的实际。国内学者对中小企业融资的有关问题进行的研究也较多,但需要进行梳理,并在此基础上提出具备适用性、系统性和有效性的政策措施。
第二章,中国中小企业的发展、融资渠道和融资困境。在分析我国中小企业在经济社会发展中的作用的基础上,指出我国中小企业融资困境仍然没有得到有效缓解。从需求和可得性视角对我国中小企业融资渠道进行的理论和实证分析表明,目前中小企业外部主渠道仍然是银行贷款,中小企业融资难主要指的就是信贷难,由此使我国中小企业普遍陷入信贷困境。
第三章,中国中小企业信贷融资困境的成因分析。本文尝试建立一个系统的分析框架,对我国中小企业信贷融资困境的成因进行分层次研究,深入探寻中小企业贷款难的成因。首先,研究中小企业特征、信息环境和法治环境等对单一商业银行信贷行为的影响,按照银企信息不对称—银行交易成本高的逻辑线索,分析中小企业信贷困境的成因。中小企业治理结构不规范导致信息内部化倾向更加明显、经营不稳定、信用缺失严重；我国社会征信体系和企业信用评级制度尚不完善；相关法律和司法体系尚不健全,银行债权得不到应有的保护。因而,商业银行中小企业贷款面临信息不对称问题更为严重、交易成本更高,从而导致银行“拒贷”或实行抵押型信贷,而抵押品的普遍缺乏必然导致中小企业信贷陷入困境。同时,我国中小企业信用担保体系不发达也是中小企业信贷难的重要原因。其次,分析金融管理体制,信贷市场结构等制度变量对中小企业信贷的重大影响。本文指出,我国国有垄断银行对中小企业信贷存在规模歧视和所有制歧视。垄断地位还使银行倾向于提高贷款条件、缺乏获取企业信息及建立信用评估和监督体系的激励、采用财务报表型信贷和不动产抵押信贷,因而,中小企业信贷市场的信息问题更为严重。我国中小金融机构发展状况不理想,民间借贷也发展不足,也很不规范,远远不能满足中小企业融资需要。对商业银行信贷过度监管使银行治理结构和经营战略发生改变,导致了银行对中小企业的“惜贷”。
第四章,中小企业融资支持体系的国别和地区比较与借鉴。以美国、日本等代表性国家和地区为样本,对中小企业融资市场体系和政策扶持体系的特点进行比较分析。本文指出,虽然这些国家和地区的中小企业融资市场体系和政策扶持体系各具特色,但是都建立了多层次的中小企业融资市场体系,并辅之以必要的融资政策扶持体系和扶持措施,这是从根本上改善中小企业融资的基本经验。我国处于经济转型阶段,具体国情、经济体制、金融管理体制、金融体系等有着与其他国家和地区的不同特点,期望简单照搬其他国家成功经验,短期内彻底解决中小企业融资难问题,是不切实际的。必须结合我国实际,有选择地吸收和借鉴这些国家和地区的成功经验,逐步建立健全符合我国国情的中小企业融资市场体系和政策扶持体系。
第五章,破解中国中小企业融资困境的对策分析。近年来,我国采取了一些缓解中小企业融资困境的政策措施,但效果并不理想。破解我国中小企业融资困境的根本途径在于建立完善中小企业融资市场体系,以实现中小企业融资在商业基础上的可持续发展。为此,需要深化金融体制改革,消除“金融抑制”,发展一大批服务于中小企业的地方性民营中小银行；发展各类直接融资市场,拓宽中小企业融资渠道,建立功能完善的中小企业融资政策扶持体系,并不断加强社会信用信息、法治等基础环境建设；建立以多层次、多元化的信用担保体系为核心的政策扶持体系。短期内,破解中小企业融资困境,银行应进行组织结构创新,成立独立的中小企业信贷专营机构,创新审批机制、激励机制和尽职免责机制。在此基础上,政府要加大各大中型商业银行信贷投放指标,完善风险补偿机制,改革现有地方中小金融机构,使部分符合条件的民间融资合法化,引导和规范其发展。从长远看,中小企业信贷专营机构应独立为中小企业法人银行；将原有地方中小银行改造成为产权多元化的中小企业银行；放松金融市场管制,发展专门服务于中小企业的民营中小银行；发展各类资本市场。以最终建立起地方中小金融机构为主体的中小企业融资市场体系。在建立中小企业贷款专营机构的基础上,应鼓励中小企业贷款专营机构信贷业务的创新,商业银行应积极开展适合中小企业融资特点的关系型融资、发展动产质押融资、创新信用评级；建立、完善我国中小企业融资信用担保体系,短期内需要加大政策性信用担保体系建设,而从长期看,应由政府主导型向市场主导、政府引导型方向发展,建立以商业性担保机构、互助性担保机构为主体,政策性担保为辅的多元化信用担保体系；完善中小企业社会信用信息、法律和司法环境建设,不断推动中小企业征信体系建设,鼓励、推动各种层次、各种类型的信息中介的建立。
The difficult situation of financing has been universallly recognized as the most important one of the factors that restrains the development of small and medium-sized enterprises, and has already become a world-wide challenge that perplexes economic theory community, business community and the relevant government departments in the world. The role and importance of SMEs in the economy development have already been recognized and approved by many mainland scholars, and have been one of the government's particular attention in China. SMEs have already become an important force in promoting the sustainable economic growth and creating employment opportunities. A fundamental solution of financing difficulty of SMEs is not only hampering their own development, but also a major subject about the sustainable and healthy development of national economy.
Besides the introduction part, the article is divided into five sections:
Section 1, The Summary and Review of Domestic and Foreign Literature. It provides an overview of foreign literatures from the aspects including the financing structure of SMEs, the asymmetric information and market failures in SME financing, how to overcome the obstacle of asymmetric information in SME financing, and how to improve the financing system and institutional environment for SMEs. In the meanwhile, the domestic literatures are also summarized by this article from some aspects, that is, the information barriers to SME credit and countermeasures, the barriers of system to SME financing and solutions. Overseas research and achievements are relatively abundant, but are based on the background of the developed market countries. Their theoretical explanation and policy proposal are not fully suitable to China's reality. Though domestic scholars have also carried out some related research, it is necessary to summarize and sort out. Based on this suammary, the applicable, systematic and effective policies and measures are proposed.
Section 2, The Development, Financing Channels and the Difficult Financing Situation of SMEs in China. Based on the analysis on the role of SMEs in China's economic and social development, this article figures out that the difficult finaning situation has still not been resolved effectively. From the view of demand and availability of financing channels for SMEs, the theoretical and empirical analysis on the financing channels indicates that bank loans are still the main external financing channel of SMEs in China at present. SME financing difficulty mainly refers to credit difficulty that lead China's SMEs into the difficult situation of finaning in general.
Section 3, The Analysis of the Causes of the Difficult Financing Situation of SMEs in China. This article tries to establish a systematic analysis framework, make a sub-level analysis on the causes of the difficult financing situation of SMEs in China, and explore in-depth the causes of the difficuly of credit financing. First of all, this article analyzes the impact of the characteristics of SMEs, the information environment and the legal environment on the credit behavior of individual commercial banks. It indicates that information asymmetry between banks and enterprises have drived banking transaction cost high, and has caused the difficult financing situation of SMEs in China. The non-standard governance structure of SMEs in China resulted in the tendency of information internalization, business and management volatility, and a serious lack of credibility. China's social credit information system and enterprise credit rating system is not yet mature; relevant legal and judicial system is imperfect, bank debt right can not be protected competely. Consequently, commercial banks suffered the asymmetric information of SMEs, the transaction cost is also higher。This situation results in bank's "refusal to loan" or execution of mortgage-based credit and eventually a general SME credit difficulty. At the same time, the underdeveloped credit guarantee system for SMEs is also an important reason for the credit difficulty in China. Secondly, the paper analyzes the significant impact of the system variables (ie.the financial management system, the credit market structure, etc.) on SME credit. This paper points out that there are scale discrimination and ownership discrimination in the SME credit of the state-owned monopoly bank in China. Banks, with their monopoly position, tend to raise loan conditions, which results in the lack of incentives to obtain information and establish the credit evaluation and monitoring system. In stead, they use financial report-based credit and real estate mortgage credit, and therefore, the information problems are more serious in SME credit market. The development of medium and small-sized financial institutions is not ideal in China; private loans are underdeveloped and very irregular. They are not able to meet the financing needs of SMEs. The over-regulation to commercial bank credit requires governance structure and business strategy of the banks in China change, result in "credit crunch" to SMEs.
Section 4, The Country and Regional Comparison and Reference on Financing System and Support System. By choosing The United States, Japan and other representative countries and regions as samples, the paper makes comparasive analysis on the characteristics of financing market system and policy support system of the SMEs. This article pointed out that these countries and regions have their own characteristics of finance market system and support system, but they all established multi-layer financial market system, necessary policy support system and support measures for SME financing, which is the basic experience that SME financing difficulty is improvd fundamentally. At the economy transformation stage, compared with other countries and regions, China has different characteristics in specific national conditions, economic structure, financial management system, financial system, and so on. It is not practical to simply copy the successful experiences of other countries in the short term. To solve the problem of financing, considering the reality in China, we must selectively absorb and learn from these successful experiences of these countries and regions. Gradual establishment and improvement of financing market system and policy support system of SMEs is in line with China's national conditions.
Section 5, The Analysis of the Countermeasures of Solutions of the Ddifficult Situation of Financing of SMEs in China. In recent years, some policies and measures that alleviate the difficult financing situation of SMEs have been adopted in China, but the effect is not ideal and satisfactory. The fundamental way of solutions of the difficult financing situation of SMEs is to establish a sound SME financing market system, so as to attain the sustainable development of SME financing on a commercial basis. To this end, we should deepen reformation of the financial system, eliminate the "financial repression", develop a large number of local private small and medium banks to serve SMEs, develop various types of direct financing market, so as to open widely financing channels for SMEs; China should establish a functional SME financing policy support system, continue to strengthen the construction of credit information, law and other basic environment, and establish a policy support system with a multi-level, diversified credit guarantee system as the core. In the short run, in order to solve SME financing difficulty, banks should change organization structure, establish an independent franchisee of credit for SMEs, improve approval mechanism, incentive mechanism and due diligence exemption mechanism. On this basis, the Government should increase the credit indicators of large and medium-sized commercial banks, improve the risk compensation mechanism, reform the existing local small and medium-sized financial institutions, make parts of the private finance eligible legalization and guide and regulate its development. In the long run, the SME Loan franchisees should become independent corporate banks for SMEs; the the existing local small and medium-sized banks should be transformed into the SME banks with a wide range of property rights; the regulation of financial markets should be loosed, private small and medium-sized banks served to SMEs should be developed; various types of capital markets should be developed; so as to eventually SME financing market system with the local small and medium financial institutions as the main body should be established. On the basis of the establishment of SME franchise organizations, innovation in credit business of franchise organizations should be encouraged, commercial banks should actively carry out the relationship-financing suitable to characteristics of SMEs, develop mortgage financing, and innovate credit rating; establish and improve the SME credit guarantee system for financing In the short term, it is necessary that the policy-oriented credit guarantee system is enhanced, while in the long term, it should be changed from government-dominant model to a market-led or government-led model, establish the credit guarantee system with commercial guarantee institutions and mutual guarantee institutions as the mainstream and with policy guarantees as supplement; improve the constuction of the social credit information of SMEs and the legal and judicial environment, constantly promote the the constuction of SME credit information system, encourage and promote the establishment of a variety of levels and types of information intermediary.
除绪论部分外,本文分为五章：
第一章,国内外文献综述。从中小企业融资结构、信息不对称与中小企业融资的市场失灵、发展中国家中小企业融资的制度困境、克服中小企业融资信息不对称障碍、完善中小企业融资体系和制度环境方面对国外文献进行理论综述；从中小企业信贷融资的信息障碍及解决对策、中小企业融资的制度障碍及解决对策对国内文献进行理论综述。国外相关研究成果虽然比较丰富,但是基于发达市场国家的背景,其所做出的理论解释和所提出的政策措施并不完全适合我国的实际。国内学者对中小企业融资的有关问题进行的研究也较多,但需要进行梳理,并在此基础上提出具备适用性、系统性和有效性的政策措施。
第二章,中国中小企业的发展、融资渠道和融资困境。在分析我国中小企业在经济社会发展中的作用的基础上,指出我国中小企业融资困境仍然没有得到有效缓解。从需求和可得性视角对我国中小企业融资渠道进行的理论和实证分析表明,目前中小企业外部主渠道仍然是银行贷款,中小企业融资难主要指的就是信贷难,由此使我国中小企业普遍陷入信贷困境。
第三章,中国中小企业信贷融资困境的成因分析。本文尝试建立一个系统的分析框架,对我国中小企业信贷融资困境的成因进行分层次研究,深入探寻中小企业贷款难的成因。首先,研究中小企业特征、信息环境和法治环境等对单一商业银行信贷行为的影响,按照银企信息不对称—银行交易成本高的逻辑线索,分析中小企业信贷困境的成因。中小企业治理结构不规范导致信息内部化倾向更加明显、经营不稳定、信用缺失严重；我国社会征信体系和企业信用评级制度尚不完善；相关法律和司法体系尚不健全,银行债权得不到应有的保护。因而,商业银行中小企业贷款面临信息不对称问题更为严重、交易成本更高,从而导致银行“拒贷”或实行抵押型信贷,而抵押品的普遍缺乏必然导致中小企业信贷陷入困境。同时,我国中小企业信用担保体系不发达也是中小企业信贷难的重要原因。其次,分析金融管理体制,信贷市场结构等制度变量对中小企业信贷的重大影响。本文指出,我国国有垄断银行对中小企业信贷存在规模歧视和所有制歧视。垄断地位还使银行倾向于提高贷款条件、缺乏获取企业信息及建立信用评估和监督体系的激励、采用财务报表型信贷和不动产抵押信贷,因而,中小企业信贷市场的信息问题更为严重。我国中小金融机构发展状况不理想,民间借贷也发展不足,也很不规范,远远不能满足中小企业融资需要。对商业银行信贷过度监管使银行治理结构和经营战略发生改变,导致了银行对中小企业的“惜贷”。
第四章,中小企业融资支持体系的国别和地区比较与借鉴。以美国、日本等代表性国家和地区为样本,对中小企业融资市场体系和政策扶持体系的特点进行比较分析。本文指出,虽然这些国家和地区的中小企业融资市场体系和政策扶持体系各具特色,但是都建立了多层次的中小企业融资市场体系,并辅之以必要的融资政策扶持体系和扶持措施,这是从根本上改善中小企业融资的基本经验。我国处于经济转型阶段,具体国情、经济体制、金融管理体制、金融体系等有着与其他国家和地区的不同特点,期望简单照搬其他国家成功经验,短期内彻底解决中小企业融资难问题,是不切实际的。必须结合我国实际,有选择地吸收和借鉴这些国家和地区的成功经验,逐步建立健全符合我国国情的中小企业融资市场体系和政策扶持体系。
第五章,破解中国中小企业融资困境的对策分析。近年来,我国采取了一些缓解中小企业融资困境的政策措施,但效果并不理想。破解我国中小企业融资困境的根本途径在于建立完善中小企业融资市场体系,以实现中小企业融资在商业基础上的可持续发展。为此,需要深化金融体制改革,消除“金融抑制”,发展一大批服务于中小企业的地方性民营中小银行；发展各类直接融资市场,拓宽中小企业融资渠道,建立功能完善的中小企业融资政策扶持体系,并不断加强社会信用信息、法治等基础环境建设；建立以多层次、多元化的信用担保体系为核心的政策扶持体系。短期内,破解中小企业融资困境,银行应进行组织结构创新,成立独立的中小企业信贷专营机构,创新审批机制、激励机制和尽职免责机制。在此基础上,政府要加大各大中型商业银行信贷投放指标,完善风险补偿机制,改革现有地方中小金融机构,使部分符合条件的民间融资合法化,引导和规范其发展。从长远看,中小企业信贷专营机构应独立为中小企业法人银行；将原有地方中小银行改造成为产权多元化的中小企业银行；放松金融市场管制,发展专门服务于中小企业的民营中小银行；发展各类资本市场。以最终建立起地方中小金融机构为主体的中小企业融资市场体系。在建立中小企业贷款专营机构的基础上,应鼓励中小企业贷款专营机构信贷业务的创新,商业银行应积极开展适合中小企业融资特点的关系型融资、发展动产质押融资、创新信用评级；建立、完善我国中小企业融资信用担保体系,短期内需要加大政策性信用担保体系建设,而从长期看,应由政府主导型向市场主导、政府引导型方向发展,建立以商业性担保机构、互助性担保机构为主体,政策性担保为辅的多元化信用担保体系；完善中小企业社会信用信息、法律和司法环境建设,不断推动中小企业征信体系建设,鼓励、推动各种层次、各种类型的信息中介的建立。
The difficult situation of financing has been universallly recognized as the most important one of the factors that restrains the development of small and medium-sized enterprises, and has already become a world-wide challenge that perplexes economic theory community, business community and the relevant government departments in the world. The role and importance of SMEs in the economy development have already been recognized and approved by many mainland scholars, and have been one of the government's particular attention in China. SMEs have already become an important force in promoting the sustainable economic growth and creating employment opportunities. A fundamental solution of financing difficulty of SMEs is not only hampering their own development, but also a major subject about the sustainable and healthy development of national economy.
Besides the introduction part, the article is divided into five sections:
Section 1, The Summary and Review of Domestic and Foreign Literature. It provides an overview of foreign literatures from the aspects including the financing structure of SMEs, the asymmetric information and market failures in SME financing, how to overcome the obstacle of asymmetric information in SME financing, and how to improve the financing system and institutional environment for SMEs. In the meanwhile, the domestic literatures are also summarized by this article from some aspects, that is, the information barriers to SME credit and countermeasures, the barriers of system to SME financing and solutions. Overseas research and achievements are relatively abundant, but are based on the background of the developed market countries. Their theoretical explanation and policy proposal are not fully suitable to China's reality. Though domestic scholars have also carried out some related research, it is necessary to summarize and sort out. Based on this suammary, the applicable, systematic and effective policies and measures are proposed.
Section 2, The Development, Financing Channels and the Difficult Financing Situation of SMEs in China. Based on the analysis on the role of SMEs in China's economic and social development, this article figures out that the difficult finaning situation has still not been resolved effectively. From the view of demand and availability of financing channels for SMEs, the theoretical and empirical analysis on the financing channels indicates that bank loans are still the main external financing channel of SMEs in China at present. SME financing difficulty mainly refers to credit difficulty that lead China's SMEs into the difficult situation of finaning in general.
Section 3, The Analysis of the Causes of the Difficult Financing Situation of SMEs in China. This article tries to establish a systematic analysis framework, make a sub-level analysis on the causes of the difficult financing situation of SMEs in China, and explore in-depth the causes of the difficuly of credit financing. First of all, this article analyzes the impact of the characteristics of SMEs, the information environment and the legal environment on the credit behavior of individual commercial banks. It indicates that information asymmetry between banks and enterprises have drived banking transaction cost high, and has caused the difficult financing situation of SMEs in China. The non-standard governance structure of SMEs in China resulted in the tendency of information internalization, business and management volatility, and a serious lack of credibility. China's social credit information system and enterprise credit rating system is not yet mature; relevant legal and judicial system is imperfect, bank debt right can not be protected competely. Consequently, commercial banks suffered the asymmetric information of SMEs, the transaction cost is also higher。This situation results in bank's "refusal to loan" or execution of mortgage-based credit and eventually a general SME credit difficulty. At the same time, the underdeveloped credit guarantee system for SMEs is also an important reason for the credit difficulty in China. Secondly, the paper analyzes the significant impact of the system variables (ie.the financial management system, the credit market structure, etc.) on SME credit. This paper points out that there are scale discrimination and ownership discrimination in the SME credit of the state-owned monopoly bank in China. Banks, with their monopoly position, tend to raise loan conditions, which results in the lack of incentives to obtain information and establish the credit evaluation and monitoring system. In stead, they use financial report-based credit and real estate mortgage credit, and therefore, the information problems are more serious in SME credit market. The development of medium and small-sized financial institutions is not ideal in China; private loans are underdeveloped and very irregular. They are not able to meet the financing needs of SMEs. The over-regulation to commercial bank credit requires governance structure and business strategy of the banks in China change, result in "credit crunch" to SMEs.
Section 4, The Country and Regional Comparison and Reference on Financing System and Support System. By choosing The United States, Japan and other representative countries and regions as samples, the paper makes comparasive analysis on the characteristics of financing market system and policy support system of the SMEs. This article pointed out that these countries and regions have their own characteristics of finance market system and support system, but they all established multi-layer financial market system, necessary policy support system and support measures for SME financing, which is the basic experience that SME financing difficulty is improvd fundamentally. At the economy transformation stage, compared with other countries and regions, China has different characteristics in specific national conditions, economic structure, financial management system, financial system, and so on. It is not practical to simply copy the successful experiences of other countries in the short term. To solve the problem of financing, considering the reality in China, we must selectively absorb and learn from these successful experiences of these countries and regions. Gradual establishment and improvement of financing market system and policy support system of SMEs is in line with China's national conditions.
Section 5, The Analysis of the Countermeasures of Solutions of the Ddifficult Situation of Financing of SMEs in China. In recent years, some policies and measures that alleviate the difficult financing situation of SMEs have been adopted in China, but the effect is not ideal and satisfactory. The fundamental way of solutions of the difficult financing situation of SMEs is to establish a sound SME financing market system, so as to attain the sustainable development of SME financing on a commercial basis. To this end, we should deepen reformation of the financial system, eliminate the "financial repression", develop a large number of local private small and medium banks to serve SMEs, develop various types of direct financing market, so as to open widely financing channels for SMEs; China should establish a functional SME financing policy support system, continue to strengthen the construction of credit information, law and other basic environment, and establish a policy support system with a multi-level, diversified credit guarantee system as the core. In the short run, in order to solve SME financing difficulty, banks should change organization structure, establish an independent franchisee of credit for SMEs, improve approval mechanism, incentive mechanism and due diligence exemption mechanism. On this basis, the Government should increase the credit indicators of large and medium-sized commercial banks, improve the risk compensation mechanism, reform the existing local small and medium-sized financial institutions, make parts of the private finance eligible legalization and guide and regulate its development. In the long run, the SME Loan franchisees should become independent corporate banks for SMEs; the the existing local small and medium-sized banks should be transformed into the SME banks with a wide range of property rights; the regulation of financial markets should be loosed, private small and medium-sized banks served to SMEs should be developed; various types of capital markets should be developed; so as to eventually SME financing market system with the local small and medium financial institutions as the main body should be established. On the basis of the establishment of SME franchise organizations, innovation in credit business of franchise organizations should be encouraged, commercial banks should actively carry out the relationship-financing suitable to characteristics of SMEs, develop mortgage financing, and innovate credit rating; establish and improve the SME credit guarantee system for financing In the short term, it is necessary that the policy-oriented credit guarantee system is enhanced, while in the long term, it should be changed from government-dominant model to a market-led or government-led model, establish the credit guarantee system with commercial guarantee institutions and mutual guarantee institutions as the mainstream and with policy guarantees as supplement; improve the constuction of the social credit information of SMEs and the legal and judicial environment, constantly promote the the constuction of SME credit information system, encourage and promote the establishment of a variety of levels and types of information intermediary.
引文
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