“麦克米伦缺口”与我国中小企业融资

Macmillan Gap and Small & Medium-Sized Enterprise Financing in China

“麦克米伦缺口”(Macmillan Gap)认为中小企业发展过程中存在着资金缺口,即“资金的供给方不愿意以中小企业所要求的条件提供资金”;金融市场“信息非对称”理论是对“麦克米伦缺口”有关问题的系统论证。在金融体制中,“麦克米伦缺口”现象实质上是一种市场失灵,具体为“权益资本融资缺口”和“债务资本融资缺口”双缺口。提出解决我国中小企业融资的资金缺口,可以采取政策性融资、直接融资和以间接融资为主等措施来弥合“麦克米伦缺口”。

The Theory of Macmillan Gap holds that small and medium-sized enterprises (SME) have a shortage of capitals during their development, which implies that capital provider would not provide to SMEs capitals fully meeting their requirement. And the Theory of Information Asymmetry of the financial market offers a systematic illustration of issues concerning Macmillan Gap. Macmillan Gap is virtually a sort of market malfunctions in the financial system in the form of “equity-capital financing gap” and “debt-capital financing gap”. Therefore, in order to solve the above problems in China, focus should be kept on policy financing, direct financing and indirect financing to bridge this gap.