收益宽幅与中小企业融资难机制性症结解析

Return Disparity and Mechanism Analysis of Financing Difficulties against Chinese Small and Medium-sized Enterprises

中小企业融资难并且融资成本上升是我国保持经济增长过程中的经济刺激机制导致的。刺激经济增长中的"过度金融化倾向"催生了"收益宽幅"现象,收益宽幅致使财务杠杆过分使用和高利贷的滋生,其结果是GDP增长的同时物价上涨、资产泡沫形成,流通领域以及虚拟经济中借机炒作所获得的高收益与实体经济低收益形成了巨大的收益差,从而诱导社会资本脱实向虚,实体经济空心化,中小企业融资难并且融资成本上升就成为机制性顽症。因此,"收益宽幅"揭示了中小企业融资难存在的内在机理,探索实施"储蓄累进利率制"回笼货币,建立"资金池",对中小企业实施分行业定向宽松、利率优惠等市场手段,收窄"收益宽幅",才能从根本上解决中小企业的融资难问题。

The difficulties of financing and the increasing of the related cost for small and medium-sized enterprises are derived from the economic stimulation mechanism implemented in China. The stimulation triggered the tendency of over--reliance on financial schemes, which gave birth to the ＂Return Dispari- ty＂ phenomenon. Return disparity is to describe the huge yield gap between real economy and virtual e- conomy-the capital market. When the commodity price is increasing and assets bubble is blooming, this gap becomes larger due to abusing financial leverage and usury, i.e. the capital are preferred to invest in the virtual market since it yields higher than in the real economy. Therefore, deteriorate return disparity can be used to explain difficulties of raising money and increasingly high cost of financing against small and medium--sized enterprises. Also, return disparity reveals the weaknesses of the financing mecha- nisms in small and medium--sized enterprises. To mitigate the disparity, we can implement ＂progres- sive interest rates system＂, pull money to establish a＂ fund pool ＂, and set directional loose and favora- ble interest rates based on the lines of business, substantially solving the financing problems for small and medium enterprises.