另辟蹊径:缓解中小企业融资难的国际经验与创新路径

Innovation and Financing for SMEs

中小企业"融资难"不仅在发展中国家较突出,在发达经济体中也相当常见。本文分析了中小企业在获取银行信贷融资存在的困难,并提出为了在长期稳定中小企业的杠杆率乃至降低杠杆率、降低商业银行信贷潜在风险,除了加大银行信贷之外,还应该进一步拓展股权和股债混合等融资渠道。同时,参考国际经验,本文还分析了美国设立的中小企业投资公司(SBIC)这种特殊类型的私募股权投资基金,如何通过股债混合及股权投资的形式为中小企业提供融资。

Inadequate access to funding is a significantchallenge for small and medium enterprises not only in developing countries, but in developed economies as well. This paper analyzes the difficulties faced by SMEs in obtaining bank credit financing, and suggests that in addition to increasing bank credits, financing channels could be expanded through the use of hybrid bonds. These measures are necessary in order to stabilize the leverage ratio of SMEs and reduce risks in commercial bank lending. This paper examines international experience in this area and analyzes the special type of private equity investment funds under the Small Business Investment Company(SBIC) program in the U.S. It also examines how this has helped provide financing for SMEs through hybrid bonds and equity investment.