我国中小企业融资难的成因与对策研究

On the Causes and Measures of the Financial Difficulties of theSMEs in China

当前,中小企业融资难已成为制约其发展的“瓶颈”。本文认为,中小企业融资难并非中国独有的问题,信息不对称导致信贷市场的“逆向选择”和“道德风险”是其融资难的一般原因;所有制歧视、信用和担保服务体系建设落后、企业治理结构不完善、金融体制改革不深入、融资制度安排不合理、直接融资渠道不畅等是其融资难的特殊原因。并提出了相应的对策,即在完善中小企业制度,健全治理结构的基础上,需要直接融资和间接融资的双重支持、良性互动。此外,还建议政府制定中小企业的财政援助与税收优惠政策。

Nowadays, the financial difficulties of the SMEs have become the 'necklace' of the development of the SMEs. The thasis considers the financial problem in China is not the only one of the world. The general causes of the financial difficulties of the SMEs are 'adverse selection' and 'moral haiard' which are leaded to by 'information asymmetry'. The special causes are the un- advanced development of credit and guarantee service system, the un- ideal arrangement of financial system and the direct financial. What is more, the thesis puts forward the measures: The support and good interaction in the two aspects of the direct and indirect financing are the bases of improving the SMEs system and corporate governance. Besides, the thesis suggests the government should make the policies of the financial assistance and tax of the SMEs.