金融结构、普惠金融与小微企业融资体系构建

Financial Structure,Inclusive Finance and the Construction of Financing Systems for Small and Micro Businesses

商业银行为主体的金融结构安排导致了间接融资与直接融资比例不合理,现有商业银行构成体系导致了小微企业融资占比与小微企业对经济增长贡献度之间的不匹配,新三板和区域性股权交易市场发展不足导致小微企业直接融资规模偏小。文章从普惠金融服务主体和普惠金融配套体系两个方面系统论述金融结构改革如何构建小微企业融资体系:从优化现有商业银行供给模式、专门成立服务于小微企业的商业银行、明确专门服务于小微企业的商业银行机构来源、借助互联网金融延伸和拓展普惠金融服务范围4个方面明确普惠金融间接融资服务主体;从新三板功能定位、新三板分层改革、区域性股权交易市场重构3个方面明确普惠金融直接融资服务主体。从政府政策支持、信用体系建设、担保市场完善3个方面构建普惠金融配套体系。

The financial structure arrangement with commercial banks as the main players leads to the improper ratio between indirect financing and direct financing.The existing commercial bank composition system leads to the mismatch between the financing proportion of small and micro enterprises and their contributions to the economic growth.The development of new three boards and regional equity trading market has led to the small scale of direct financing for small and micro enterprises.This paper systematically discusses how to construct the financing system of small and micro enterprises in the reform of financial structure from two aspects:the main entities of inclusive financial services and the supporting sys tem of inclusive finance.The indirect financing service providers of inclusive finance should be specified from four aspects:the first one is to opti mize the supply mode of existing commercial banks;the second is to set up commercial banks that specialize in small and micro enterprises;the third is to identify the sources of commercial banking institutions that specialize in small and micro enterprises;the fourth is to expand the scope of inclusive financial services with the help of Internet finance.The direct financing service providers are specified from the three aspects of the func tion positioning of the New Third Board,the reform of the New Third Board,and the restructuring of the regional equity trading market.The sup porting system of inclusive finance should be constructed from three aspects:the support of government policy,the construction of credit system and the improvement of guarantee market.