我国中小企业融资困难问题分析

An Analysis of the Financing Difficulties of China's Mid- and Small Businesses

我国中小企业间接融资困难既有与小型经济特点相关的一般原因 ,也有来源于体制转型的特殊原因。中小企业由于无力满足银行信贷配给的非价格条件 ,需要政策性与商业性融资安排的结合。在我国经济转型过程中 ,体制因素抑制了这种安排的形成———中小企业的分散化自由发展与集中的、纵向一体化的金融体制并存的格局 ,使中小企业和中小金融机构之间的相互选择过程受到抑制 ,对称分工格局难以形成 ,解决中小企业融资问题缺乏体制基础。在这种情况下 ,任何政策上、制度上的单向突进对于解决问题都可能收效甚微 ,需作统筹安排。

Mid- and small businesses have difficulties in indirect financing partly because of the common problems characteristic of small establishments, and partly because of they are incapable of meeting the non-price rationing requirement from the banks, which is a market failure that takes a combination of policy and commercial arrangement to be overcome. In the process of economic transition, the institutional factor prevents this arrangement from taking form. Under such circumstances, any breakthrough with merely policy or institution will not help much, hence comprehensive planning is the order.