供需视角的中小企业融资困局解构

Deconstruction of SMEs' Financing Predicament:Based on Supply and Demand Perspectives

经济新常态下,中小企业和金融支持的表象矛盾加剧,凸显中小企业融资悖论和困局。中小企业经营运作遵从基本的经济规则,银行等金融机构也需符合商业原则,因此基本逻辑应是收益成本、供给需求等的动态平衡。行政性思维和做法仅围绕结果而机械演进,无助于有效、实质解决问题,反而异化、扭曲施政效果。针对金融体系的内生、外生限制因素,需要政府和银行从宏微观不同侧重点协力,从信贷资源定价、供需等的核心组成结构和影响因素出发,以调整供给侧、优化需求端等市场化手段为依托,寻求政府、银行和企业诉求的合理平衡点,以实现中小企业健康发展的良性局面。

During Economic New Norm,contradictions between SMEs and financial support intensify,which highlight the paradox and dilemma in SMEs' financing.The operation of SMEs follow basic economic rules,and financial institutions such as banks also need to comply with business principles,so the basic logic should be the dynamic balance between revenue and cost,and supply and demand.Administrative thinking and practice only evolve mechanically based on results,which is not beneficial to the resolution of problems,and distort the policy effect.In view of the internal and external factors of the financial system,from the macro and micro perspectives,governments and banks should begin from the core structure of credit resources pricing,supply and demand,based on market measures such as increasing supply and shifting demand,to seek reasonable balance points among governments,banks and enterprises,in order to achieve a healthy development of SMEs.