小微企业融资供给侧结构性改革研究

The Supply Side Structural Reform of Small and Micro Enterprises Financing

做好小微企业融资服务,对于稳定经济增长、增加经济结构调整和转型升级新动能、促进就业以及改善民生等具有重要战略意义。从经济学和管理学一般原理上讲,改善小微企业融资主要集中在两个维度,即供给和需求;三个方向,即需求侧管理、供给侧边际性调整和供给侧结构性改革。本文分析发现,这三个方向的努力对于解决小微企业融资难题都具有重要作用,但是需求侧管理面临边界约束和稳定性冲击,供给侧边际性调整则主要面临潜在空间较小、成本上升和效率下降的问题,因此根本出路在于供给侧结构性改革。在理论分析的基础上,本文结合我国小微企业融资难题破解实践,对小微企业融资的需求侧管理、供给侧边际性调整、供给侧结构性改革等方面的实践进行了梳理,并进一步证实了相关理论逻辑。小微企业融资难题的破解要在继续运用好需求侧管理和供给侧边际性改革措施的基础上,充分发挥我国集中力量办大事的体制优势,通过加快建设信息共享平台、大数据信息分析系统等小微企业融资基础设施,在供给侧结构性改革方面力求尽快取得突破,推动大数据、云计算、区块链等信息技术更好运用于小微企业的融资领域,为解决小微企业"融资难、融资贵"这一世界难题提供中国方案。

Small and Micro Enterprises Financing is of great strategic significance to stabilize economic growth, increase the momentum of economic restructuring, transform and upgrading, promote employment and improve people's livelihood. From the perspective of the general principles of economics, to improve the Small and Micro Enterprises(SMEs) Financing, there are two dimensions: supply and demand, and three directions: demand side management, supply side marginal adjustment and supply side structural reform. This paper finds that although all the three directions are important to the SMEs financing, the fundamental approach lies with the supply side structural reform as there are limitations to the demand side management and the supply side marginal adjustment. This paper then summarizes the practices of China's demand side management, supply side marginal adjustment and supply side structural reform on SMEs Financing which supports the theoretical analysis. This paper suggests providing a China Solution for the SMEs Financing. This includes making breakthrough in the supply side structural reform by developing SMEs financing Infrastructure like the information sharing platform and big data analyzing system which promotes the development of information technologies like big data, cloud computing and block chain through China's institutional advantages of central planning.