信贷市场化缓解民营企业融资难的可行性研究

A Feasibility Study on Credit Marketization to Alleviate the Financing Difficulties in Private Enterprises

民营企业融资难问题是金融实务与学术界持续关注的热点。尽管从央行到地方政府,都出台了许多激励各层级商业银行甚至非银行金融机构向民营企业放款的政策措施,但民营企业融资难问题依然没有得到有效的缓解。民营企业从商业银行获得贷款比较困难,是因为商业银行在信贷市场的理性选择还是信贷市场自身不完善造成,目前学界没有定论。文章试图从融资成本的角度证明,信贷市场化程度与民营企业融资难休戚相关,从而为民营企业融资难的市场悖论提供一种合理的解释。

The difficulty of financing in private enterprises is a hot topic for financial practice and academic circles.From the central bank to the local government,there have been many policies and measures to encourage all levels of commercial banks and even non-bank financial institutions to loan to private enterprises,the difficulty of financing in private enterprises has not been effectively alleviated.It is difficult for private enterprises to obtain loans from commercial banks,because the rational choice of commercial banks in the credit market or the imperfect credit market.This paper attempts to prove that the degree of credit marketization is related to the difficulty of financing in private enterprises from the perspective of financing costs,and provides a reasonable explanation for the financing difficulty in private enterprises.