中国中小企业融资问题研究

摘要
    改革开放的二十年是我国中小企业蓬勃发展的二十年。最新资料显示，中小企业约占我国全部企业总数的99}，我国国内生产总值的50}、出口总量的60},税收的43}是由中小企业贡献的;中小企业是安置社会就业的主体，吸纳了全国75}以上的城镇就业人口。中小企业取得的成绩足以令世人瞩目，然而，中小企业在发展过程中存在一些障碍，严重制约着其做强做大，如市场竞争力不足、技术水平落后、产品附加值低、管理水平低下、融资困难等，其中，融资困难是影响中小企业发展的最主要的因素。
    中小企业融资难是世界各国中小企业发展过程中共同面临的一个难题，这一难题因此成为了学术界关注的焦点。国外早在上世纪五十年代就开始了对中小企业融资难问题的研究，取得了一系列的理论成果。而我国由于在长期的计划经济体制下奉行大企业战略，大力扶持大中型企业的发展而对中小企业缺乏足够的认识，因而对于中小企业融资问题的研究缺乏现实的土壤。直到上世纪末的亚洲金融危机之后，我国政府、企业界、学术界才认识到了中小企业的重要性，对中小企业融资问题的研究便应运而生。
    针对如何缓解我国中小企业的融资难题，我国学者提出了一些观点。当前占主流的观点有两种:其一是为中小企业创造在沪深股市上市的条件或模仿国外发达国家开设专供中小企业上市融资的二板市场;其二是大力发展和完善面向中小企业的中小金融机构。本文吸纳第二种观点，理由是就直接融资而言，沪深股市门槛过高，绝大多数中小企业无法满足其要求，至于二板市场，虽然国外有成功的实践，如美国的NASDAQ市场，但是NASDAQ市场的开设是以成熟的市场经济背景以及完善的主板市场运行为基础的，我国的现状是市场经济尚处于初级阶段，沪深股市存在诸多弊端，如制度设计上的缺陷、高质量的投资者的缺乏以及监管上的力度不够等，这些因素都决定了对我国中小企业来说，直接融资是行不通的。就间接融资而言，国有四大商业银行虽然改变了过去的“第二财政”的角色，但是仍然不是真正意义上的现代商业银行，·其主要服务对象是有国家信用作支持的国有企业，究其原因，除了对以民营企业占多数的中小企业放贷成本高外，更主要的是向中小企业贷款产生呆帐后对信贷人员的责任追究较之国有企业要大的多。尽管各大国有商业银行应中国人民银行要求设立了中小企业信贷部门以支持中小企业发展，但是贷款对象只是针对少数财务制度健全、信誉良好、盈利能力强、抵押品充足的中小企业，而这些企业往往现金流充盈，对银行借贷需求不是太迫切，因此大多数中小企业只能望洋兴叹，转向以地下钱庄占主要形式的民间金融机构借贷。民间金融机构之所以愿意向中小企业贷款，是因为一方面，贷款利息远高于法定利息，另一方面，它们能凭借其地缘优势以较低的成本获取中小企业的信息来甄别中小企业的优劣，降低放贷风险。毫无疑问，民间金融机构能在一定程度上缓解中小企业的融资困境，但是它们缺乏规范的运行机制且游离于国家的监管之外，容易引发金融危机甚至是社会动荡。因此，当一前的首要任务是采取措施将民间金融机构由“地下”引导到“地面”上来，广泛设立同中小企业建立关系型融资的地方性民营中小金融机构，民间金融机构在获得合法身份的同时也解决了中小企业的融资难题，这正是本文的观点。
    全文共分为五章:
    第一章，阐述了研究的主题和背景，并对相关概念进行了界定。
    第二章，对国内外企业融资理论进行了综述，作为后文实证研究的理论基础。
    第三章，比较国外发达国家缓解中小企业融资难的成功经验，并找出可供我国借鉴之处。
    第四章，通过实证分析，论述了我国中小企业融资难的根源所在。
    第五章，提出了缓解我国中小企业融资难的几点建议。

关键词:中国中小企业融资难题分析及对策

Abstract
    Twenty years' carrying out of the Opening policy witnesses the rapid development of
China's SMEs. The latest data indicates that, presently, among the corporate units in China 99% are SEMs, moreover, SO% of China's GDP, 60% of total export and 43% of revenue are
contributed by SMEs. SMEs are the main body to solve employment problem, which absorb
above 75% of township labor force.  SMEs' achievements are the focus of world attention.
However, during the development of SMEs, there lies some obstacles severely limit SMEs'
becoming bigger and stronger, such as insufficient competence, backward technology, low
added-value, inefficient management and finance problem, etc, among them finance problem is
the contributing factor.
    Finance problem is a mutual problem that SMEs around the world face during their
development, therefore, research on this problem is the focus of scholars. As early as the fifties of last century, developed countries began their research and have achieved a series of theoretical fruits. China, owing to the long-term big-enterprise strategy in the planning economy, supports the development of big enterprises only while neglect SMEs, so it lacks the basis for the research on the finance problems of SMEs. It was not until the breakout of Asian Financial Crisis at the end of the last century that Chinese government, entrepreneurs and scholars realized the importance of SMEs, and the research on the finance problem of SMEs began.
    China's scholars have put forward some opinions on how to alleviate the finance problem
of SMEs. Presently there are two dominating opinions: one is facilitating SMES to finance from Shanghai and Shenzhen Stock Exchange Market, or establishing a second-board market for
SMEs; the other is developing small and medium-sized financial institutions for SMEs. This
paper absorbs the latter, the reason is that as far as direct finance is concerned, the requirements of Shanghai and  Shenzhen Stock Exchange Market is so critical that most SMEs cannot meet the demands, as for second-board market, despite that there are successful practice abroad, such as the NASDAQ in America, we should know that the establishment of NASDAQ is based on mature market economy and sound operation of the main board market, and China's situation is that she is in the preliminary stage of market economy, there lies some defects in Shanghai and Shenzhen Stock Exchange Market such as the defects of institutional design, lacking of high quality investors and the weakness of supervision, thus these factors determine that direct finance is invalid for China's SMEs. As far as indirect finance is concerned, although the four state-owned commercial banks have changed their role of "the second finance", they are still not modern commercial banks, they only serve state-owned enterprises supported by the state credit, because the cost of lending to SMEs is high and the responsibilities that the credit staff would shoulder are much more heavier when frozen loan occurs. Although the state-owned commercial banks have set up credit departments for SMEs according to the requirement of the People's Bank of China to support the development of SMEs, they only lend to those with sound accounting systems, good credit, high payoff and abundant collaterals, however, these SMEs have sufficient cash flow and are not in urgent need of bank lending, consequently most SMEs can't get loans from theses banks and have to turn to non-governmental financial institutions, which is mainly composed of "underground private bank".  Non-governmental financial institutions are willing to lend to SMEs because in the first place, the lending rates are much higher than legal rates, in the second place they can identify the quality of SMEs with low cost  through their advantage of localization. Undoubtedly, non-governmental financial institutions can alleviate the finance problem to a certain degree, however, they lack of formal operation regulations, moreover, they are beyond the supervision of the government and can easily to trigger financial crisis which might eventually lead to social disturbance. Therefore, the first thing first at present is to take measures to guide the non-governmental financial institutions to come up from underground, bring them into the supervision of the government, and set up regional small and medium-sized financial institutions that establish relationship lending with
SMEs, in this way the non-governmental financial institutions can get legal identity while the finance problem of SMEs is solved, which is the opinion of this paper.
    This paper includes five chapters:
    Chapter 1, illustrates the theme and background of this study, and defines some related
conceptions.
    Chapter 2, surveys domestic and overseas finance theory, which will be served as the
theoretical basis of empirical analysis.
    Chapter 3, compares the successful experience of developed countries, and find out some we
can learn from.
    Chapter 4, discusses the source of the finance difficulty of China's SME thxough mpirical analysis.
    Chapter 5, raises some suggestions regarding how to alleviate the finance difficulty of
China's SME.

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