【作者】 安静东；

【导师】 尹小平；

【作者基本信息】 吉林大学 ， 世界经济， 2004， 硕士

【摘要】 近几十年来各国经济发展表明，中小企业在促进经济健康发展、扩大就业、促进技术进步、发展国际贸易、增强市场活力等方面，起到了十分积极的作用。然而，中小企业的发展进程却始终难以摆脱融资约束的桎梏，它制约着中小企业扩大生产规模、提高技术水平、开发新产品和开拓新市场。由于“血液”供应不足，不少中小企业陷入“由于经营绩效差，不能得到经营发展所需资金；由于缺少资金支持，加重效益滑坡”的恶性循环。融资约束已严重影响到中小企业的生存和发展。 中小企业融资问题作为一个世界性难题，不仅在理论界引起广泛关注，而且世界各国和地区政府也纷纷从实践层面上积极探索解决这一问题的方法，至今已积累了许多宝贵的经验。在发达国家中，日本是中小企业数量最多的国家之一，也是政府发挥对中小企业扶持作用较为成功的国家，其中小企业政策性金融支持政策尤为引人注目。 日本等国家和地区选择政策性金融作为中小企业政策的核心，一般是基于以下两方面认识：一方面中小企业资金短缺是困扰中小企业发展的核心问题。形成这种状况的原因是，中小企业大多由私人资本投资设立，资本规模有限，导致中小企业资金供应的“先天不足”；同时，商业银行由于“信息不对称”和存在“道德风险”等原因，拒绝为需要资金规模小、经营风险大、放款成本高的中小企业提供贷款等融资服务，直接融资又需要企业有较高的信誉或担保，导致中小企业直接融资渠道受阻。由于这些因素的共同作用，中小企业发展面临的融资缺口巨大。另一方面，政府出于市场经济运行基本原则的尊重对其经济或行政手段的运用极为慎重。不能因为政府过多的、直接的干预，破坏市场运行效率，妨碍众多经济主体的平等竞争。而通过建立<WP=55>政策性金融体系对中小企业融资缺口进行弥补，可以将政府行为对市场效率的破坏降低到一个最低限度，又能较好地体现政府对市场经济运行的适当干预，恰到好处地为市场经济运行提供必需的公共产品。日本的这一经验值得我们研究和借鉴。 本文试图运用西方经济学供求理论的分析方法和信息经济学的相关原理，对中小企业融资约束的成因进行理论分析，重点研究日本解决中小企业融资约束问题的方法、经验，并提出对我们的启示。 本文的主体内容包括五部分： 第一部分，中小企业及其融资约束相关理论概略。在这部分中，首先介绍了中小企业在经济生活中大量存在的理论依据，无论是施蒂格勒的“最佳规模论”，未松玄六的“最适规模论”，还是卡尔松、阿科斯、萨瑞克、格罗斯曼等经济学家分别从技术进步、企业家精神、消费者偏好和监督成本等方面的论证，都说明中小企业存在的合理性与必然性。其次，中小企业的“金融缺口”或融资约束，既可从供求角度分析，也可用信息经济学的相关理论解释。从供求角度分析，中小企业对外融资的需求曲线与外部资金供给曲线在均衡利率时可以有唯一的均衡点，即供需平衡；而受金融抑制或信贷紧缩影响，当利率受到严格控制时，则会出现较大的融资缺口。信息经济学则认为，信息在经济主体之间的分布是不均匀的，存在信息不对称。信息不对称分为事前不对称和事后不对称。在信贷市场上，事前不对称导致银行的逆向选择，事后不对称导致企业的道德风险，这些因素综合作用使银行信贷风险增加，影响到中小企业的间接融资。西方发达国家或地区解决中小企业融资约束的一个有效方法便是发展政策性金融支持体系。实践证明，政策性金融支持体系的特殊作用，可有效弥补市场在进行资源配置过程中存在的功能缺陷。 <WP=56> 第二部分，日本中小企业融资约束形成的背景、原因及对经济发展的影响。这部分内容首先阐述了中小企业在日本经济生活中的作用，即中小企业吸纳大量劳动力，维护了社会稳定；中小企业作为大企业的基础，形成了完善的经济、产业链条；中小企业是社会生产和满足民众生活需要的重要力量；中小企业促进了日本外向型经济的发展。继而，分析了日本中小企业在不同经济发展时期融资约束问题的形成原因，指出中小企业的融资约束对日本经济增长、充分就业、扩大出口等方面均产生了不良影响。 第三部分，日本中小企业政策性金融支持体系的构建。这部分内容主要阐述了日本中小企业政策性金融支持体系经历的不断演进和完善的过程，对日本直接为中小企业提供融资服务的政策性金融机构（如国民生活金融公库、中小企业金融公库、商工组中央金库）以及日本的中小企业信用担保、信用保险体系进行了一般介绍，为进一步总结日本解决中小企业融资问题的经验提供基础。 第四部分，日本建设中小企业金融支持体系的特点。主要概括为：日本建立中小企业金融支持体系，体现了先立法后组建的明显特点；其中小企业政策性金融自成体系，资金来源独具特色；日本政策性金融与民间商业金融共同构筑了中小企业融资体系；多种方式并举，多种手段并用，是解决中小企业融资难题的有效路径；日本中小企业的金融支持起到了维护有效竞争的产业政策作用。 第五部分，借鉴日本经验，建设我国中小企业金融支持体系。这部分内容主要分析了我国中小企业融资问题的现状、中小企业金融支?更多还原

【Abstract】 In the recent ten years, the development of economy of the countries worldwide has shown that the small- and medium-sized enterprises have played an active role in promoting the sound development of the economy, enlarging the employment, fostering the advancement of the technology, developing the international trade and enhancing the vitality of the market. However, in the process of the development of the small- and medium-sized enterprises, they has been restrained by the financing that has reined in the enlargement of production scale, promoting the technology level, developing new products and exploiting the new market. Because of the shortage of “Blood”, a lot of the small- and medium-sized enterprises have been immersed in a vicious cycle, that is, they can’t get the funds for the operation and development with the bad performance of the operation, and in turn being short of sufficient funds leads to the lower benefits. The restraints of financing have a severe impact on the subsistence and development of the small- and medium-sized enterprises. It is a problem that exits in the countries worldwide. It not only causes the sweeping concerns in the theoretical circles, but also the countries and the regional governments in the world actively explore the methods to solve it at the practical level.Up to now, they have accumulated much precious experience. Among the developed countries, Japan has the most small- and medium-sized enterprises, and is the country that achieves most success in playing role in supporting the development of the small- and medium-sized enterprises. Especially, the finance <WP=59>support for political considerations is most remarkable.The countries and regions, for example, Japan, choose the finance support for political considerations as the core of policies towards small- and medium-sized enterprises on the base of the following two aspects: on the one hand, the small- and medium-sized enterprises have been persecuted by the shortage of funds that is the core problem. The reason is that most of the small- and medium-sized enterprises set up and invested by the individual funds and the limited scale of the funds leads to the inherent shortage of the support of the funds. At the same time, the commercial banks refuse to provide the small- and medium-sized enterprises with small funds, big operational risks and high-cost of loan because of “asymmetry of the information” and “risks of morality”. In addition, the direct financing needs an enterprise with good credit to guarantee, which also hinders the channel of the direct financing. For the above-mentioned factors, the small- and medium-sized enterprises are facing the great loopholes of the financing. On the other hand, given the fundamental principles of the operations of the market economy, the government is very cautious about applying the economic or administrative mechanisms. Instead of too much direct intervene of the government, which spoils the efficiency of the operations of the market and hinders the equal competition among a variety of the economic main bodies, the government makes up for the loopholes of funds by instituting the finance system for the political considerations, which can not only minimize spoiling the efficiency of the market, but also better reflect the appropriate intervene of the government in the market economy and perfectly supply the necessary public products needed by the operations of the market economy. The experience is <WP=60>worthy of our study and reference. The article makes an attempt to analyze the reasons of restraints of the financing of the small- and medium-sized enterprises with the analysis method of supply and demand of the western economics and the related principles of the information economics, which puts emphasis on the study of the methods and experience in solving the problem, that is, restraints of the financing of the small- and medium-sized enterprises, and puts forward some inspirations for us.The main contents of the article include five parts:First更多还原