【摘要】 中国民营企业"融资难""融资贵"问题亟待纾解。民营企业融资困境的根源在于信息不对称条件下银行的信贷配给行为;近期"去杠杆""强监管"政策叠加共振,切断了民营企业影子银行融资渠道,致使融资约束进一步收紧。现有政策思路亟待调整:强令银行为民营中小企业融资,既不符合银行自身的风险偏好,也与"控风险"的政策目标相冲突;发展直接融资难以短期蹴成,其支持民营小微企业的效力也尚存争议。应对融资困境,当务之急是着力构建完善"商业性担保公司—省级再担保公司—国家融资担保基金"三级政策性融资担保体系,将民营小微企业导入银行主导的正规金融体系,通过体制机制创新缓解民营企业融资约束。更多还原

【Abstract】 The predicament of financing private enterprises in China needs to be solved urgently. The financing predicament roots from the credit rationing behavior of banks under the condition of information asymmetry. Due to the combination of "de-leverage"and "regulatory enhancement"policy,the shadow banking financing channel was cut off,leading to further tightening of financing constraints. The previous policy spirit needs to be adjusted immediately,because,forcing banks to finance private SMEs is not in line with the bank’s own risk appetite,and conflicts with the policy objectives of risk control as well. Developing direct financing is a long march,and its effectiveness in supporting private SMEs is still controversial. To overcome financing predicament,it is imperative to focus on building and improving a three-level policy guarantee system containing commercial guarantee company,provincial re-guarantee company and National Finance Guarantee Fund. It can introduce private SMEs into the bank-led formal financial system,and alleviate the financing constraints of private SMEs through institutional mechanism innovations.更多还原