小企业民间借贷行为与制度安排

The Informal Finance of Small Business and System Arrangement

针对我国部分小企业所涉足的高利率民间借贷问题,本文按照现代经济学解释经济现象的基本思路和方法——现象观察、基本假设、建模与推导以及结论等,对之进行严格论证。本文认为。我国小企业融资困难是必然的,但这只是小企业参与民间借贷的充分条件;小企业参与民间借贷更多地是源于企业资金的“事后缺口”,民间贷方参与小企业的未来利润分享就构成了民间借贷过程中的利率决定因素;民间借贷的风险主要源于借方的市场风险和道德风险,且只能通过贷方才能转嫁给公众,因此,约束、激励以及保护贷方可以使民间借贷之间的风险内部化;在目前的中国金融环境下,政府通过为小企业制定相关融资规则和提供“平台”——建立区域性民间借贷市场,比批准小银行或组建担保体系更能解决小企业融资问题。

Aiming at the high rate issue the small businesses meet in informal finance, this paper makes a strict proof with basic approach and method in modern economics, including phenomenon observe, basic hypothesis, model establishment and inference. The author considers it inevitable for small business to face financing difficulties. But this is only the necessary condition for the small businesses in informal financing. The main reason is from the capital gap afterwards. The informal creditors' participation in sharing future profits is decisive for the rate. The risks of informal finance are mostly the market risks and moral risks of the debtors, and the risks can only be transferred to the public through the debtors. So, restriction, encouragement and protection can internalize the risks. Under the present financial environment in China, the government will be more helpful to the businesses in making relevant finance rules and in supplying the 'platform' for the establishment of informal regional markets, and this is more effective in solving the issue of fund raising of the small businesses than just approving the small banks or establishing a guarantee system.