【摘要】 本文借助卢卡斯悖论(Lucas Paradox)对中小企业融资问题进行了思考,认为创业板的设立有利于资本市场在资源配置中对中小企业的支持并发挥其灯塔效应。本文提出中小企业融资细分,中国不同地区、不同行业、不同科技含量和不同成长阶段的中小企业是不一样的,它寻求资金的方式可能也不一样;且政府、银行等金融机构、债券市场和资本市场都应该定位自己支持哪些中小企业。最后,本文认为金融体系自身无法完全解决中小企业融资的难题,政府的介入是必须的,并应起主导作用。更多还原

【Abstract】 This paper considers SME financing on the basis of Lucas Paradox.We suggest that the Growth Enterprise Market(GEM) is beneficial to allocating resources to SMEs and plays a role as lighthouse.We propose SMEs’ segment financing because SMEs in China’s different regions,different industries,different growth stages,or with different technology contents are versatile.These differentials lead to different financing requirements.Moreover,government,financial institutions including banks,bond and capital markets should position themselves for supporting specific types of SMEs.Finally,we believe that financial system itself can not completely solve the difficult problem of SMEs financing.Therefore,government intervention is essential,and should play a leading role.更多还原