破解我国中小企业融资难问题研究——基于商业银行“投贷联动”视角的分析

A Research on the Solution of Difficult Financing of SMEs——From the Perspective of Investment Loan Linkage

当前我国经济正处在转型升级的换挡期,供给侧改革已成为当前经济改革的主要方式。实施"去产能"等措施所派生的就业问题,严重影响到改革速度,中小企业成为这次转型升级中劳动力"转场"的有效载体。然而,中小企业的发展所面临的严重资金短缺制约了它们的发展。从国家高层领导,到地方政府及其政府相关职能部门,都在极力鼓励金融机构向中小企业倾斜,并出台的许多扶植政策,但大部分中小企业面临的融资难和资金成本高等问题仍然没有得到有效解决。该文分析认为,传统的贷款模式存在三方面弊病:一是金融机构与中小企业间的信息不对称,金融机构无法合理评估中小企业的真实情况;二是基于交易成本的考虑,商业银行缺乏为中小企业提供"零售"服务的动力;三是现有制度不允许商业银行直接对企业进行投资参股。因此,要解决中小企业融资难,迫切需要优化与创新传统贷款模式。为此,该文设计了"投贷联动"机制;其具体模式是:园区、政府、风险投资共同出资成立园区平台发展基金。并在此基础上商业银行对园区平台发展基金配套提供一定比例贷款,统一由该基金根据园区内合格企业的不同成长阶段提供金融支持,企业支付固定收益及风险收益,形成股权投资和银行信贷的联动机制。

Economy of our country is in the transformation and upgrading of the phase shift,the supply side reforms become the main means for the economic development in the future,derived from the employment problem,is serious trouble reform speed,small and medium-sized enterprises is becoming the effective carrier of upgrading the labor force transition for the transformation.However,the development of small and medium-sized enterprises facing the serious shortage of funds seriously restricting their development.From the country＇s top leaders to local government or the relevant functional departments,are trying to encourage financial institutions to small and medium-sized enterprises tilt,and the introduction of many policies to nurture,but most of the small and medium-sized enterprise financing and capital cost higher problem still did not find effective way to solve the problem diameter has almost become a Gordian knot of small and medium enterprises in China.The reason is that traditional lending model has three disadvantages：one is information asymmetry between financial institutions and small and medium-sized enterprises,financial institutions incapable of rational assessment the real situation of the small and medium-sized enterprise;the second is based on the consideration of transaction costs,commercial banks lack of retail services are provided for the small and medium-sized enterprise;third,the existing system does not allow commercial banks equity investment of enterprises directly.Therefore,to solve the financing difficulties of SMEs,the urgent need to optimize and innovate traditional lending model.＂ Loan linkage mechanism in this paper,the design of the specific pattern is：Park,government,venture jointly funded the establishment of the park platform development fund,based on commercial banks to park platform development fund supporting a certain percentage of loans,and unified by the fund according to the different stages of growth of qualified enterprises in the park to provide financial support,enterprises to pay the fixed income and risk income,forming the linkage of equity investment and bank credit.