市场失灵、政府失效与第三种力量缺失——中小企业融资困境辨析

Market Malfunction,Government Inefficiency and the Lack of the Third Power——a Study of Small to Medium Enterprises Fund Raising Dilemma

就中国目前情况看,中小企业公共产品属性和金融市场垄断并不能成为金融市场失灵的表象,因而无法直接用于解释中小企业融资困境。而在市场失灵理论支持下的政府干预,其效果也需重新审视。政府干预必须遵循一定的市场规律,否则,将不仅不能起到弥补之功效,还会导致更多的效率损失。充分利用中小企业融资中的第三种力量,即民间金融和中小企业信用互助担保,作为市场机制和政府机制的有益补充,无疑将有利于中小企业融资困境解决。

According to the present situation in China, the public goods＇ nature of small to medium enterprises and financial market monopoly are not the causes of financial market malfunctioning. Therefore, it can not be used to directly explain the fund raising dilemma of SMEs. A cautious attitude should also be taken in the issue of the result of the goveminent intervention under this circumstance. Government intervention should follow certain market rules, otherwise, it no only can not give the effect of complimentary, it will also cause the loss of efficiency. Fully use of SMEs＇ the third power, that is the credit complimentary guarantee, will benefit and supplement between market system and government system, and will help to solve the fund raising dilemma problem of SMEs.