摘要
本文从信息壁垒、交易成本与制度环境三维框架剖析中小企业融资困境。中小企业融资需求呈现规模小、周期短、结构失衡及信息低透明特征,而当前融资体系存在渠道单一、成本高企与非正规依赖并存的突出问题。核心障碍既源于企业资产抵押不足、财务不规范等内生短板,也受制于银行惜贷、政策协同不足及直接融资高门槛等外部约束。破解路径需通过供应链金融创新与区域性股权市场扩容优化传统渠道,借助资产证券化、私募股权及合规化互联网金融拓展新兴模式,同时完善政策性担保体系与多层次资本市场建设。融资生态系统的构建需融合制度供给优化与企业能力提升,形成“直接一间接融资互补、数字一传统金融协同”的可持续机制。
This article analyzes the financing difficulties of small and medium-sized enterprises from a three-dimensional framework of information barriers,transaction costs,and institutional environment.The financing needs of small and medium-sized enterprises are characterized by small scale,short cycle,structural imbalance,and low information transparency.However,the current financing system has prominent problems such as single channels,high cost enterprises,and informal dependence.The core obstacles stem from both internal weaknesses such as insufficient collateral of corporate assets and financial irregularities,as well as external constraints such as banks reluctance to lend,insufficient policy coordination,and high barriers to direct financing.The solution path needs to optimize traditional channels through supply chain financial innovation and regional equity market expansion,expand emerging models through asset securitization,private equity and compliant Internet finance,and improve the policy guarantee system and multi-level capital market construction.The construction of a financing ecosystem requires the integration of institutional supply optimization and enterprise capacity enhancement,forming a sustainable mechanism of"direct indirect financing complementarity,digital traditional finance synergy".
作者
黎嘉莉
Jiai Li(Guangdong Haichangyuan Guotong Food Mateerial Co.,Ltd.,Foshan,Guangdong 510000)
关键词
中小企业融资
融资渠道拓展
信息不对称
financing for small and medium-sized enterprises
expansion of financing channels
information asymmetry
