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论文编号：	980
作者编号：	2120072247
上传时间：	2009/5/27 15:34:40
中文题目：	我国信贷政策对中小企业融资影响
英文题目：	The Research On Influence of C
指导老师：	齐寅峰
中文关键字：	信贷政策;中小企业;融资>
英文关键字：	credit policy;Small and Medium
中文摘要：	中小企业的融资问题一直以来都是个世界性的难题。作为我国经济发展和社会稳定的重要力量，中小企业在活跃城乡经济，满足社会多方面需要，吸收劳动力就业，开发新产品，促进国民经济发展等方面起着重要作用，然而中小企业的发展却一直受到贷款难问题的制约，在近年来甚至有愈演愈烈的趋势。在我国当前资本市场严重滞后，特别是不能通过市场手段自行有效配置信贷资源的情况下，信贷政策作为我国实施宏观调控的重要手段，对中小企业贷款和发展有很大影响。尽管国家在2003年就颁布施行了《中小企业促进法》，但由于其原则性太强，使得与之相配套的相关政策缺乏可操作性，随后出台的多项政策也因缺乏相关实施细则而无法真正全部落到实处。因此，研究我国信贷政策对中小企业融资状况的影响具有重要的现实意义：通过研究信贷政策在解决中小企业融资难问题上的作用，可以发现信贷政策产生效用的方式以及路径，便于政策制订者更加精确地制定相关政策以促进中小企业发展； 通过研究信贷政策对中小企业的影响，相关利益方可以更好的理解政策，了解信贷政策对自身的作用程度，以及如何在面对国家宏观调控的时候做出更加有利的决策。 改革开放以来，我国制定了大量的旨在解决中小企业融资难问题的信贷政策，从实际执行的效果来看亦在一定程度上缓解了这一问题的发生。然而呼吁解决融资难的声音在中小企业内部却从未间断过。本文正是在这一背景下，首先阐述和分析了影响融资难的一些基本理论——信息不对称理论、经济博弈理论、公共选择理论和信贷配给理论，对相关概念进行了界定，并对国内外学者关于影响中小企业融资状况的研究成果做了回顾，为本文奠定了理论基础。随后以中央对中小企业的信贷政策指导与实际上中小企业的融资获得情况为研究对象，在明确了政府对中小企业融资问题的立场之后，通过实证研究分析在政策指导之下我国中小企业的融资情况，以及政策与实际效果之间存在偏差的深层次原因。并在本文的最后根据推导出的理论原因提出了一些有针对性的建议。 本文首先分析了目前我国中小企业发展的一些特点以及融资的现状，发现在融资方式的选择上中小企业主要还是倾向于银行融资。然后通过归纳整理认为虽然我国已经出台了很多信贷政策，希望能够借此来缓解企业融资难的问题，然而无论在我国的东部、中部还是西北地区，大量的中小企业仍然反映从银行获得贷款十分困难。这表明信贷政策在执行过程中出现了偏差。在此基础上，本文将信贷政策的内容分为了两个大类：旨在建立信用担保体系的政策和加强商业银行等金融机构对中小企业金融服务的政策。然后从这两个角度出发对信贷政在执行过程中出现的问题进行了深入的研究。一方面我国的信用担保体系在经过各方面多年的努力之后取得了快速的发展，并且随着民间资本所占比重的增大，担保机构已从初期由政府出资为主逐渐发展为以企业、民间组织等出资为主。然而从现实来看担保机构对中小企业的信贷支持作用仍然不明显，基本上没有发挥出实质性的作用。其中的原因主要有四个：政府与信贷机构目标不一致、担保机构运作不规范、担保机构本身存在诸多问题、缺少完善的信用评价机制。因此得出结论认为现阶段的信贷担保机构无论是由于客观上其自身存在的大量问题还是出于主观上对其自身利益的考虑都使得其或者没有能力、或者不愿意成为一个合格的风险承担者，从而导致了信贷政策无法有效的实施，难以顺利的贯彻。另一方面商业银行等金融机构对中小企业贷款过程中繁琐的程序安排、过高的担保条件和融资成本也使得中小企业望而却步。而且由于地区的不同导致的中小企业发展的差异使得不同地区的中小企业获得贷款的难度有很大的不同。这又进一步加剧了融资难的问题。本文特别提到目前商业银行实行浮动贷款利率的问题，认为银行提高对中小企业的贷款利率从而将中小企业从信贷市场上排挤掉是一种从自身利益出发的合理的市场行为。以上是从直观的角度用推理分析的方法进行的思考。随后本文运用相关理论对其中原因进行了深入的分析。从信息不对称的角度来看金融机构提高贷款利率将意味着大批有效益、有信用的中小企业被排挤出去，留下来的则是高风险的项目，因此机构为了降低风险会减少对中小企业的贷款。从博弈论的观点来看融资难也是银企双方作为“经济人”的理性选择的结果。因此发现在造成融资难这一问题上中小企业也难辞其咎，继而本文指出了一些影响融资可得性的企业方面的问题。同时由于在我国制定并执行信贷政策在很大程度上是一种政府行为，因此本文运用公共选择理论对问题进行了探讨，认为信贷政策执行效果不好是一种“政策失灵”的表现，是政府机构“经济人”行为的反映。通过以上一系列的分析得出结论，信贷政策的有效执行需要企业、银行、政府三方面共同努力，任何一方的失职都将导致政策执行效果不佳甚至失败。本文最后针对提出的问题给出了一些政策上的建议，希望能够对解决中小企业融资难有所帮助。
英文摘要：	The financing problem of Small and Medium-sized Enterprise (SME) has been a worldwide problem. As Chinese economic development and important force of social stability, SME plays an influential role in activating rural and urban economy, meeting various social needs, absorbing labor force, developing new products and promoting the development of national economy. However the development of SME has been restricted by the difficulty of receiving loans. The capital market in China lagged currently, especially in their own market-based instruments can not be effective allocation of credit resources, the implementation of credit policy as an important means of macroeconomic regulation has the very tremendous influence to loan and development of SME. Although in 2003 the State promulgated the "Law of the People s Republic of China (PRC) on the Promotion of SME", because its sense of principle was so strong that its related policy was lack of feasibility. Afterward many policies were also unable to really fully implement because of no rules. Therefore, the research on influence of credit policy has the vital practical significance to SME financing condition: the researching of how credit policy can solve the finance problem of SME, may discover the way or path that the credit policy has effectiveness, for policy-makers formulate the related policy more precisely to promote SME development; stakeholders can better understand the policy, and the role of the extent of their own, and how to make a more advantageous decision-making facing the national macroeconomic regulation and control. In recent years, a large number of credit policy were issued for the purpose of solving the difficult problem in SME financing, from a practical point of view the results of their implementation were also to some extent alleviate this problem. But the appeal on this problem has been never interrupted among SME, even presents the increasingly fierce tendency. Under this background, the thesis firstly elaborates and analyzes some elementary theories on financing - asymmetric information theory, economic game theory, public choice theory and credit rationing theory, and defined the relevant concepts. Meanwhile, the thesis reviews the domestic and foreign research results on the impact of the financing situation of SME, in order to lay a theoretical basis for the thesis. Followed by taking the central government's credit policy guidance for SME and SME financing in fact as the object of study, clearly the Government's position on the issue of financing for SME, through the adoption of empirical research analyses SME financing situation under the policy guidance, as well as the deep-rooted reasons which causes the existence of deviation between the policy and the actual result. Finally, in accordance with the theory derived from the reasons the thesis put forward some specific recommendations. The thesis analyzes the current status of China's SME, finds that as a choice of the mode of financing SME mainly tend to bank finance. Although a lot of credit policy have already released, hoped to alleviate the problem of corporate finance, but in terms of China's eastern, central or north-west, still SME reflects generally that it’s very difficult to obtain loan from bank. This indicates that the credit policy presented the deviation in the implementation. On this basis, the thesis divides the credit policies into two broad categories according to its content: for the purpose of establishing credit guarantee system, and to strengthen bank financial service for SME. The problem which appeared in the execution has been researched from these two perspectives. On one hand, China's credit guarantee system has made rapid development after years of effort, and with the share of private capital increases, the security agencies have developed gradually from the initial period by the government investment for by enterprise and civil funded organization investment. But from a practical point of view, the guarantee organizations to the role of credit support for SME are still not obvious, basically have not played the substantive role. Of which there are four main reasons: the goal of government and the credit institutions is inconsistent, non-standardized operation of guarantee organization, the guarantee organization itself does have many problems, the lack of a sound credit evaluation mechanism. Therefore the thesis draws a conclusion that the credit guarantee institutions at this stage can not afford to make it, or do not want to become a qualified stakeholders regardless of being due to its own existence's massive questions stem objectively, or its own benefit consideration subjectively, thus the credit policy can not be implemented effectively and smoothly. On the other hand, the tedious procedures, the high guarantee conditions and costs of financing from banks also cause the enterprise to shrink back at the sight. And as a result of the different regions caused by the difference in the development of SME in different regions makes the difficult access to credit for SME are quite different. This, in turn, has further exacerbated the problem of financing difficulties. This thesis mentioned specially the current commercial bank loans with floating interest rates, think that banks raise lending rates for SME so that push aside SME from the credit market is a departure from the rational self-interest of market behavior. The above is from the perspective of visual analysis by the method of reasoning thinking. Afterward, the thesis utilizes the above theories to carry on the thorough analysis of the problem. From the perspective of asymmetric information increasing the lending rates of financial institutions would mean a large number of cost-effective, and credible SME have been crowding out, left behind is the high-risk projects, and agencies will reduce loans to SME in order to reduce the risk. From the viewpoint of game theory financing difficultly is also the rational choice of bank-business as "economic man". Therefore the thesis finds that as one of the causes of the issue of financing for SME, enterprise is also able to hardly absolved, then the thesis points out some problems of enterprise that impact on availability of financing. Simultaneously, because formulating and carrying out the credit policy in our country to a great extent is a government action, the thesis utilizes the public choice theory to explore this issue, and finds that the poor performance of the credit policy is "policy failure" and the reflection of "economic man" behavior. Through the above analyses the thesis draws a conclusion that the effective execution of credit policy needs the joint efforts from the enterprise, the bank and the government, any side's dereliction of duty will result in ineffective policy implementation even failure. Finally, the thesis gives some policy recommendations, hoping that can help SME out of the financing difficulties.
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