降低实体企业融资成本调研报告

Research on Financing Cost Cut of Real Economy

降实体企业融资成本政策是应对近两年金融环境转变的重要手段。财科院调研组根据实地调研信息,梳理降融资成本政策文件,从宏观和微观两个层面分析我国实体企业融资成本变化和政策成效,寻找当前降融资成本中面临的主要问题。我们发现随着一揽子降融资成本政策推出,实体企业融资成本总体呈下降趋势,但仍存在普惠金融覆盖面有限、金融创新落地难、政策性融资担保业务可持续性等问题。对此,在接下来的政策制定中,应聚焦消除信息孤岛,发展金融科技,完善银政担合作机制,鼓励应收账款融资和知识产权融资等金融创新,落实商业银行尽职免责等,切实提升金融服务实体经济能力。

The policy of reducing the financing cost of real economy was an important measure to cope with the changes in the financial environment in the past two years. Based on the field research, the research team of CAFS combed the policy documents, analyzed the changes in the financing cost and the effect of policy on enterprises in China from the macro and micro levels, looked for the main problems of recent reducing financing cost policy. We found that with the introduction of a package of policies, the financing cost of enterprises have declined, but there were still many problems, such as limited inclusive financial coverage, difficulty in implementing financial innovation policy, and the sustainability of policy-based financing guarantee business. In this regard, in the subsequent policy design, we should focus on eliminating information silos, developing financial technology, improving the cooperation mechanism between banks and guarantee agencies, encouraging financial innovations such as account receivable financing and intellectual property financing, and implementing due diligence exemption for loan officers of commercial bank, improving financial services in the real economy.