摘要
民营企业融资难问题已成为制约其生存和发展的最大瓶颈。已往文献多关注信息不对称、抵押品缺失问题,忽视了金融体制对民营企业融资体系的影响。本文引入一个金融抑制环境下的信贷均衡模型,指出利率管制、所有制歧视、资本市场严格准入等金融抑制政策导致民营企业正规金融渠道狭窄,而具有体制烙印的金融脱媒现象则减缓了金融抑制对民营经济增长的拖累。经验分析亦证明,提高基准利率、拓宽资本市场融资渠道并规范发展表外业务有助于拉动民营企业固定资产投资,促进民营经济增长。渐进式的利率市场化改革、优化社会融资结构并全面防范表外业务风险是破解我国民营企业融资困境的现实选择。
Private enterprises financing problem has always been the bottleneck of private economy survival and development. Traditional literatures are mainly concerned with information asymmetry and inferior collat- eral, ignoring the impact of financial system. By introducing a new equilibrium credit model in an environ- ment of financial repression, the paper suggests that monetary policies, such as regulated interest rate, dis- crimimfion on ownership and entry barriers of capital market, lead to the narrow and limited financing chan- nels, while financial disintermediation offsets the drag. The empirical analysis also demonstrates that raising the benchmark interest rate and increasing the funding from capital market and off- Balance sheet business contribute to promoting private enterprises investment and boosting private economy. Progressive interest rate liberation, optimizing social financing structure and preventing the general off- balance risks are solutions to the financing plight of private enterprises.
出处
《财经科学》
CSSCI
北大核心
2013年第8期19-27,共9页
Finance & Economics
关键词
民营经济
中小企业融资
金融抑制
金融脱媒
Private Economy
SME Financing
Financial Repression
Financial Disintermediation
