民营企业融资窘境与金融供给侧结构性改革——基于资本要素市场化的视角

Financing Dilemma of Private Enterprises and Financial Supply-side Structural Reform——Based on the Perspective of Marketization of Capital Factors

党中央提出《构建更加完善的要素市场化配置体制机制的意见》是推进我国市场经济向纵深发展的又一伟大战略决策,其中的资本要素市场化与当前不断深化的金融供给侧结构性改革异曲同工,资本要素市场化对金融供给侧结构性改革提出新的目标与要求,而金融供给侧结构性改革又有助于资本要素市场化目标的实现。基于民营企业融资困境的视角,认为资本要素非市场化导致民营企业融资渠道堵塞、供给结构不合理。应通过大力发展新四版、金融机构业务上线、机构下沉、保护债权人利益等途径深化金融供给侧结构性改革,持续推进资本要素市场化程度体制与机制建设。

The Party Central Committee’s suggestion of building a market-based allocation system is another great strategic decision to promote the in-depth development of Chinese market economy.The marketization of capital is similar to the current deepening of the financial supply-side structural reform.The marketization of capital puts forward new goals and requirements for the structural reform of the financial supply side,and at the same time,the structural reforms on the financial supply side could help to achieve the goal of the marketization of capital.Based on the perspective of the financing dilemma of private enterprises,this paper thinks that the non-marketization of capital factors has caused the blockage of private enterprises’financing channels and the unreasonable supply structure.Through the development of the New Four Board,the online business of financial institutions,the entry of financial service institutions into the sinking market,and the protection of the interests of creditors and other financial supply-side structural reform measures,we should continue to promote the construction of systems and mechanisms to increase the degree of marketization of capital.