【作者】 李琳；

【导师】 郭立夫；

【作者基本信息】 吉林大学 ， 技术经济及管理， 2004， 硕士

【摘要】 中小企业是推动我国国民经济持续稳定增长的重要力量，但是融资问题一直都是限制其发展的重要因素之一。目前在发达国家，资本市场的完善拓宽了中小企业的融资渠道，天使投资、风险投资和融资租赁的发展在一定程度上缓解了中小企业的资本缺口。同时，银行等金融机构的多样化和服务的创新以及在收集和分析信息的技术上的进步减小了中小企业信贷的成本，同时也减小了金融机构的风险。而融资担保体系的发展对缓解中小企业融资的“信息不对称”和“道德风险”问题也起到了重要作用，缓解了债务性资本缺口。与国外相比，我国的中小企业在融资方面遇到的困难显然要大得多：它们不仅一般地面临着股权资本融资缺口和债务资本融资缺口，而且特殊地面临着所有制歧视、企业规模歧视、全社会信用缺失等问题。本文在具体分析了我国融资渠道的现状和中小企业的特点后，得出银行信贷还将继续成为中小企业融资的主渠道的结论。造成银行对中小企业信贷配给的原因有很多方面。最根本的原因来自中小企业自身。其次，缺少适合中小企业的融资渠道是中小企业融资难的外部原因。我国银行体系不合理，没有发展起主要为中小企业服务的中小金融机构。目前占银行体系绝对垄断地位的国有商业银行由于信贷制度和信贷流程的设计使其为中小企业服务成本较高。另外，我国中小企业融资担保体系的不完善，使得担保机构并没有充分地发挥其在银行和中小企业之间的中介作用。缓解中小企业融资困境，各国有不同的侧重点。针对我国目前中小企业面临的融资环境，解决我国中小企业的融资困境主要应从银行体制的改革和完善中小企业融资担保方面入手。我国的银行实行分支行制，各专业银行追求“小而全”、“大而全”，从而在机构设置上偏重向外延扩张，造成了我国金融机构点多面广的现状，而没有中小金融机构的生存空间。银行体制的改革，鼓励民营企业进入金融市场，发挥中小金融机构在为中小企业服务中的信息优势。但是由于我国的中小金<WP=67>融机构还未发展起来，所以优势并不明显。目前比较可行的办法是对国有商业银行进行改革，将原来的基层金融机构改制为区域性商业银行。我国中小企业融资担保体系包括政策性担保机构、互助担保机构和商业性担保机构。政策性担保机构是中小企业信用担保的核心，在其运行中存在着政府干预等问题。互助担保机构充分发挥了民间资本在担保体系中的基础性作用。发展中存在的主要问题是资金来源和资金规模以及风险问题。解决的途径除了鼓励更多的中小企业参加，提高中小企业的参与程度外，还可以借鉴意大利允许互助担保机构从社会公众那里筹集资金的做法。行业协会可以在互助担保方面发挥作用，能通过对企业资质的限定来控制风险。商业化担保机构有大量的高级专业人才，先进的经营理念，超前的创新意识，逐渐摸索出了一套有效的经营模式，用民间的资金分担了银行和财政的风险。业务经营的多元化分散了担保风险。政府应当加强对商业担保机构的扶持政策，也可以通过分担商业担保公司对中小企业的代偿损失，对民间资本投资担保机构的资金制定优惠政策等扶持商业担保机构的发展。解决我国融资担保体系的问题，第一要正确发挥政府在中小企业信用担保体系中的作用，应加强立法扶持，减少直接干预。第二要完善信用环境的建设。首先政府要创造一个良好的市场环境，使市场主体能够在一个透明的、可以预见的环境下生存发展；其次，必须进行产权改革，产权不清晰是信用制度难以发挥作用的实质性原因；再次，要完善信用信息的法制建设和中介机构的信息传递作用。第三建立担保机构、征信公司和银行机构的联盟，深度合作，从而简化担保程序，节约总成本，使三者在相互协调中共同发展，更好地为中小企业提供服务。第四增强担保机构自身抵抗风险的能力。首先是资本金的筹集与补偿；其次是信用担保和咨询服务相配合；再次要建立风险事后补偿机制。本文通过分析我国中小企业及其融资环境的现状，总结了中小企业融资困难的成因，并针对解决中小企业融资问题涉及到的银行体系改革和融资担保体系的完善，在前人研究的基础上提出了一些具有一定可操作性的建议。更多还原

【Abstract】 Small and medium-sized enterprises (SMEs) are playing an important role in economic and social development. But because of the high risk of SMEs, they mainly rely on owner’s funds to maintain operation. The insufficient outside financing has been a restriction on their development.In the developed countries, the perfect capital market has widened the financing channels of SMEs. Angel’s fund, risk investment and development of financing lease have alleviated the capital shortfalls at a certain extent. Diversification of financial institution and innovation of service not only reduce SMEs’ cost on credit loan, but also reduce the risk of the financial institution. Banks have a strong ability in collecting and analyzing the credit information. The development of financing guarantee system also alleviates SMEs’ information asymmetry and morals risk.Compared with developed countries, the difficulty that SMEs in our country face in financing is obviously much bigger. They not merely face the stock and debt-financing shortfall, but also face the discrimination against ownership form, scale, and deficient credit system. In this paper, after making a concrete analysis of the current situation of the financing channel of our country and the characteristics of SMEs, I regard that bank credit is main financing channel of SMEs.There are a lot of reasons causing credit gap of SMEs. The racial reason is the defect of SMEs. Secondly, SMEs cannot get suitable financing channel in the capital market. The bank system of our country is unreasonable. The medium and small financial institutions serving SMEs are not available. The state-run commercial banks occupy a monopoly position, though they have established departments serving SMEs. But because of the defect of credit loan system and <WP=69>procedure design, serving SMEs costs highly. In addition, financing guarantee system of SMEs of our country has not exerted fully intermediary function between banks and SMEs.Different government adopts different measures in alleviating the financing predicament of SMEs. To solve the financing predicament of SMEs in our country, I think the reform of bank system and perfection of financing guarantee should be put into first consideration. Banks of our country always establish branch banks, pursuing ’small and comprehensive’, ‘big and comprehensive’. This has caused the current situation that there is no living space of the medium and small financial institution. The authority should reform the bank system and encourage private capital to enter the financial market. This will help the small and medium financial institution exert information advantage in serving SMEs. But because the small and medium financial institution has not developed yet, the advantage is not obvious. I think the reform of the state-run commercial banks —changing the branch banks into regional commercial banks— is a more feasible method.There are three kinds of credit financing guarantee institutions, including policy guarantee organization, help-each-other guarantee organization and commercial guarantee organization. Help-each-other guarantee organization gives full play to the basic function of private capital. The problems arising in its running are little capital source, small scale of fund and high risk. More SMEs should be encouraged in the institutes, and we should also draw lessons from Italy—raising funds from the folk. Industry organization can be helping through controlling the credit of enterprises.Commercialization guarantee organization has a large number of highly specialized personnel, advanced management theory, innovative consciousness, <WP=70>and effective management modes. They have shared risk between banks & enterprises, and reduced the risk of authority. They also disperse guarantee risk by business diversity. Support policy should be put on them, such as the tax allowance, sharing the compensation losses at a certain portion.To solve problems of financing guarantee system, firstly, government should hold a更多还原