【作者】 欧阳海泉；

【导师】 王耀中；

【作者基本信息】 湖南大学 ， 国际贸易学， 2005， 博士

【摘要】 随着我国计划经济体制向社会主义市场经济体制的转轨，个体工商户、乡镇企业、私营企业、外商投资企业等中小型企业得以合法存在和发展，并逐步成为支撑国民经济增长的重要力量。到2003年，我国经工商行政部门注册的中小企业已超过360万家，个体工商户2790万家。中小企业提供了我国75％以上的就业岗位，已成为吸纳就业的主渠道，中小企业创造的最终产品和服务的价值占国内生产总值的55.6％，工业新增产值占74.7％，出口额占62.3％，中小企业也成为我国技术与机制创新的主体，发明了我国专利的65％，完成了我国75％以上的技术创新，开发了我国80％以上的新产品。 为支持我国中小企业的发展，中国人民银行针对中小企业存在融资困难的问题，于1998年6月，发布了《关于进一步改善对中小企业金融服务的意见》。1999年底，中国人民银行又发布了《关于加强和改进中小企业金融服务的指导意见》，要求金融机构加强和改进对中小企业的金融支持。尽管如此，中小企业仍存在融资困难的问题。截止到2002年底，中小企业借款总额只占银行全部贷款总额的6％，只有极少量的中小企业能通过上海和深圳证券交易市场直接筹集资金，中小企业板发展缓慢。计量回归分析显示只有自有资金和外资引进对中小企业的产出发挥了应有的经济效应，而通过国家及有关部门扶持资金、金融机构贷款和其他资金这三种方式所筹资金对中小企业的生产产生了滞后作用。这表明中小企业要想在我国市场经济改革中完全成长起来，就非常有必要扩大融资渠道，在不断积累自有资金的同时还要通过一切正规合法的手段来扩充资本。 尽管有关部门一直采取促进中小企业融资的措施，但我国中小企业融资难的问题并未有效解决。因为，中小企业融资难首先内生于赶超战略下的传统金融管理体制。赶超战略优先发展投资规模大、建设周期长和设备需要进口的资本高度密集型重工业，这既与我国资本缺乏的资源禀赋所决定的高利率水平形成矛盾，又与我国少量的经济剩余分散在农村从而筹资能力弱形成矛盾。为此，政府采取了客观上全面排斥市场机制的金融制度安排，人为地压低利率水平，制定苛刻的金融市场准入标准，限制外来者进入，并逐渐实现国有银行对金融市场的高度垄断。针对低利率条件下的市场资金需求大于市场资金供给，政府通过国有银行实施信贷补贴或指令性信贷计划，使资金配置到符合政府发展战略目标的大型企业，并最终形成高度集中、统一的传统金融管理体制。改革开放以来，内生于赶超战略的金融制度安排不断变迁，城市金融市场由中国人民银行独家垄断、农村金融市场由农村信用合作社独家垄断式的一行一社制金融我国中小企业融资体系研究市场发生重大变化，但金融市场上金融二元结构的歧视性制度安排却未发生根本改变。在金融抑制的制度安排下，政府继续人为压低利率水平，限制中小企业进入金融市场，通过国有银行实施信贷配给优先支持国有大型企业，并最终导致中小企业融资难。 其次，中小企业融资难内生于金融市场上的信息不对称和中小企业自身缺陷。中小企业由于规模较小，经营活动透明度差，财务信息具有非公开性，可用于抵押的资产不足，信息显示能力弱。同时，银行职员激励不足，其人力资本的专业化程度低，难以识别和理解信贷项目特有的技术风险，这使得银行识别与控制风险、降低信息不对称的能力较低，银行出于安全考虑放弃了本可赢利的机会，这使银行对资金利润率很高的快速成长型中小企业的金融支持低于最优水平。与大企业相比，银行对中小企业进行监督和控制的单位资金成本高，从而对中小企业形成规模歧视。另外，由于投资者担心中小企业在不对称信息的掩护下，从事偏离投资者利益而有利于自身利益的活动，在项目资金到位之后并不按计划用途使用，在证券市场融资时，投资者对中小企业有更高的透明度要求，增加证券发行的交易成本。 为解决中小企业存在融资难的问题，在充分借鉴不同国家和地区先进的中小企业融资政策基础上，我们提出了相应的对策。关于我国中小企业间接融资体系构建，我们认为金融制度作为规范金融产业的制度安排，其微观组织结构的制度安排是最根本的。尽快消除市场准入的所有制歧视，让内生于中小产业资本的金融资本得以产生和健康发展是解决中小企业融资难的根本出路。其次，应该积极发展与中小企业相适应的中小型金融机构，第三，要完善中小企业金融支持的辅助系统、制定优惠筹资政策、强化银行服务职能、重构商业银行与中小企业关系、进行宏观监管制度创新。 关于我国中小企业直接融资体系构建问题，我们提出了如下政策建议:第一、培育私人风险投资市场。第二、积极探索创立我国的第二板市场。第三、发展中小企业创业投资基金。第四、建立高科技风险投资基金。第五、积极稳妥地选择有条件的中小企业(股份公司)尝试发行可转换债券、附新股认购权证的企业债券、浮动利率企业债券、企业的境外债券等品种。 关于我国中小企业中介服务体系的构建问题，我们认为政府可建立中小企业融资担保体系，将对企业的直接拨款、解困、救济、贴息等资金转变为对担保机构的资更多还原

【Abstract】 With the shift out of planned economy into socialist market economy, vast majority of small and midsize businesses such as individual businessmen, town and township enterprises, private firms and foreign corporations are able to exist and grow. They have contributed and are still contributing considerably to support and sustain the national economic growth. Up until 2003, more than 3,600,000 small and midsize businesses have registered at Industrial and Commercial Administrative Bureau, that of the individual businesses, among others, over 27,900,000. They have created over 75% of the jobs, thereby becoming the leading sector in soaking up employment. These firms account for 55.6% of the value of GDP final products and services, 74.7% of the newly-accrued value of industrial products, 62.3% of the export respectively. They have also become the dominant vehicle of technological and mechanism innovation, contributing 65%of the patents, over 75%of the technological innovations and over 80%of the new products.To support the development of small and midsize firms, based on the financing problems confronting these firms, People’s Bank released "proposals about further bettering the financial services toward small and midsize businesses". At the end of 1999, People’s Bank once again issued "directive advice on strengthening and improving financial services in favor of small and midsize businesses", requiring that financial institutions strengthen and improve their financial support to small and midsize businesses. Even so, small and midsize businesses still find themselves stuck into funding difficulties. Up until the end of 2002, the total amount of loans by small and midsize businesses merely account for 6% of all the loans from the banks, with a very small number of these firms raising funds via Shenzhen and Shanghai SEC. All these result in their slow progress. Econometric regression analysis reveals that only personal assets and foreign capital brought about due economic efficiency, while the other three methods of funding support from relevant sectors, loans from financial institutions and some other capital have turned out to retard the development of these firms. This demonstrates that to grow fully and sufficiently under the reform and open policy, small and midsize businesses would have to expand their finance channel and capital by legal means as well as accumulating personal funds.The finance problem presented before the small and midsize businesses has not yet been solved effectively although relevant departments have taken measures to promote finance for them. Here several reasons are listed. First, this problem is endogenized in the traditional financial management system of "catching up and surpass" strategy. This "catching up and surpass" strategy insists on investing preferentially on those capital-intensive heavy firms with large investment scale, long construction circle and imported equipment. However, this is in conflict with the high interest rate determined by lack of endowments of capital resources, and it is also incompatible with the weak ability of raising funds induced by the fact that a very small amount of economic surplus scattering in the countryside. In view of this, government adopted a financial system design which objectively eliminate market mechanism at an over-all scale, artificially reducing interest rate, establishing strict financial market access standards, restricting foreigners from entering, which gradually resulted in highly monopolized at the financial market by national banks. In order to cope with the situation that market capital demand surpasses supply due to low interest rate, government makes it plausible to allocate capital in those large-scale companies which fit the government development strategic objectives. This is implemented by way of credit subsidies or mandatory planning via national banks, hence a highly centralized and unified traditional financial management system. Since the reform and open policy, the financial system design endogenized in the "catching u更多还原