摘要
针对我国中小(民营)企业的融资困境,本文提出了一个解释我国民间金融的内生理论,并依此分析了民间金融发展的内生机制和演化路径。研究发现,我国民间金融发展内生于中小(民营)企业的融资需求和大型(国有)银行的融资供给之间的融资缺口;民间金融的演化趋势是从互助性金融组织发展为盈利性金融组织,最终融入正式金融体系。其政策启示是,解决我国中小(民营)企业融资困境的根本方法是在发展中小金融机构的同时,规范民间金融发展,而政府规范民间金融发展应重在营造民间金融发展的制度环境,保护中小(民营)企业的内源融资基础。
Given the financial difficulties of China’s small and medium-sized (private-owned) enterprises, the paper proposes an endogenous mechanism theory of non-formal finance to analyze its endogenous mechanism and evolution path. This study indicates that non-formal finance is endogenized by financing gap between SMPE’s financing demand and large-sized (state-owned) banks financing supply; the developing trend of non-formal finance is from mutual institutions to profitable financial organizations, and finally absorbed into formal finance system and regulation framework. The policy implications is that the fundamental way to solve the financial difficulties of China’s SMPEs is to develop small and medium-sized financial institutions and non-formal finance, regulate the non-formal finance, create an institutional environment, and to protect the internal financing mechanism of SMPEs.
出处
《金融监管研究》
2012年第8期41-55,共15页
Financial Regulation Research
关键词
民间金融
资源禀赋
内生机制
体制内金融支持
信息不对称
Private finance
Resources Endowment
Endogenous Mechanism
State-owned financial support
Information asymmetry