中小企业信用评价因素研究
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摘要
银行通常依据以财务指标为主的信用评价体系将众多的中小企业拒之门外。
对此，国内许多学者亦把中小企业“融资难”的原因主要归结为其由于资本规模
小、管理不规范、技术水平低而“信用差”。然而，近几年中小企业信用担保业
的实践却表明，其多数客户都是银行认为“信用差”而不予信贷的中小企业，但
其违约率之低甚至低于银行认为“信用好”的客户。这无疑向现有的中小企业信
用观点和信用评价体系提出了严峻挑战：中小企业的真实信用究竟应当如何认识
和评价?这也是本文要致力探索的问题。
本文在综合、比较中西方信用思想的基础上发现，西方的信用思想以经济信
用观为特征，注重功利性；中国的信用思想则以伦理信用为特征，注重精神性。
因此，用基于西方信用思想的以财务指标为主的信用评价“标尺”来衡量具有东
方信用观念和行为特征的中国中小企业就注定要遇到实践的挑战。
在考察我国信用和信用评价研究现状的基础上，本文首先在中小企业的界定
和特征、信用基本理论问题及企业信用基本理论问题三个层面展开了研究。
第一，从理论角度探讨了当代中小企业的内涵和本质，突破了以往以“规模
量”为标准界定中小企业的方法，确立了以“竞争力”为标准界定中小企业界定
的方法。从实证角度揭示了中小企业在能力、治理、管理和企业家等客观方面的
基本特征。
第二，通过对信用的基本功能、发展历史和作用范围的考察揭示了信用的本
质--社会最基本的道德规范，突破了西方和国内普遍认为信用是经济范畴的观
点。基于信用本质的探讨，研究了信用实现对主体的要求--意识认同与实践遵
从的统一，并着重探讨了信用意识的内容--“诚”、“真”、“公”及其对主体信
用实现的影响，从而为信用评价的信用风险度量提供了新的理论依据；基于信用
起源发展内在动力--利益需要的研究，探讨了信用伴随社会发展在形态上的分
化并讨论了信用的几种主要形态--经济信用、行政信用和社交信用，从而突破
了信用即经济信用的流行观点。
第三，基于信用基础理论研究，重点研究了企业信用实现的条件及其对信用
实现的影响机制，提出了内在条件--企业信用品质和信用能力是影响其信用实
现的主要因素并且信用品质(主观因素)是信用实现的必要条件，信用能力(客
观因素)是信用实现的充分条件的观点。从而突破了通常注重以财务指标评价信
用能力的企业信用评价思维框架，为全面构架企业信用评价体系作了理论上的准
备；此外，还深层次地探讨了企业价值观念对信用观念及信用品质的影响，为分
析评价企业信用品质提供了理论依据。
基于上述信用实现理论的探索，本文对中小企业信用评价因素从两个层次展
开了深入研究。
第一层次研究即中小企业信用评价因素框架性研究--中小企业信用影响
浙江大学博士学位论文
中小企业信用评价因素研究
因素研究。研究首先在综合吸收国内外理论和实务成果的基础上根据本文研究成
果理论遴选推出影响中小企业信用的主要因素，然后通过小样本问卷调查筛选和
大样本问卷调查和统计分析最终实证了决定企业信用实现水平的首要因素是企
业信用品质，其次是其信用能力;并分析了企业与信用机构对中小企业各信用影
响因素的认知差异及其原因。
第二层次的研究是第一层次研究的深化，着重研究中小企业信用影响因素的
内在方面—信用品质和信用能力的评价因素。研究在吸收国内外理论和实务成
果的基础上，通过基于本文研究成果的理论遴选推出评价信用品质和信用能力的
主要因素，然后通过大样本问卷调查和统计分析最终实证了中小企业信用品质和
信用能力评价的主要构成因素及其重要性权数;分别建构了信用品质和信用能力
之评价因素体系;并分析了企业与信用机构对各评价因素的认知差异及其原因。
本文对中小企业信用外在影响因素的评价因素研究尚未开展，样本量偏小并
且来源也仅限于浙江受保企业，所以本文研究的完善还有待进一步的工作。
关键词:中小企业信用信用评价信用实现影响因素评价因素
信用品质信用能力
Banks often deny the eligibility of medium-sized and small enterprises for financial loans in the light of their credit assessment system which is mainly composed by financial indicators. Many domestic economists, therefore, attribute the difficulties that numerous medium-sized or small enterprises encounter in financing to the "bad credit "resulting from limited size of capital, disorderliness of management and backwardness of technology. The practices of the industry of credit guarantee for medium-sized or small enterprises, however, indicate that average default rate of the "bad credit" enterprises is very low, even lower than that of "good credit" enterprises. This undoubtedly poses a significant challenge towards the prevailing perspectives on credit of medium-sized and small enterprises and the existing corresponding credit assessment system. How to understand and assess the credit of medium-sized and small enterprises is the question that the thesis is trying to tackle.Having compared the credit theory of the West with that of the East, I find that western credit theory is characterized as credit in economy, which attaches a great importance to material gain. But in eastern countries the credit theory is represented by credit in ethics, which attaches a great importance to ethical standards. It is, therefore, doomed to failure in practice to assess the credits of medium-sized and small Chinese enterprises, which mainly embody eastern credit ethics, with the western credit theories and principles that are mainly composed of financial indicators.After analyzing the development of the study of credit and credit assessment in this country, this thesis will make research on the following three aspects: the definition and characters of medium-sized and small enterprise; the basic credit theory; and the basic theory on enterprise credit.1. This thesis discusses the connotation and the essences of contemporary medium-sized and small Chinese enterprises. The discussion tries to challenge the traditional definition of medium-sized and small enterprise, which relies on the size of enterprise. A new definition is given according to the competitiveness of enterprise. With a number of examples, the thesis profoundly analyzes the characters of medium-sized and small enterprises in capability, administration and management.2. Through analyzing the basic functions, the history and the range of effectiveness of financialcredit, the thesis reveals the essence of credit-the code of ethics in business activities. Basedon the analysis of credit essence, the thesis indicates the requirements of being trustworthy forsubject of credit-the unification of sense of cognition and abidance in practice. And itdiscusses the contents of credit awareness: honesty, genuineness and fairness, and their influence on subject of credit to be trustworthy, which provide theoretical basis for credit-risk measurement
in credit assessment. Based on the research on the interest of credit subject-the motivation oforiginating and developing credit, the thesis discusses the differentiation of credit forms with thedevelopment of society. Furthermore it discusses the forms of credit-economic credit,administrative credit and social credit, which challenges the prevailing perspective that credit is only economic credit.3. Based on the study of basic credit theories, the thesis emphasizes the discussion on the preconditions of enterprises' being trustworthy and the mechanism to make enterprises betrustworthy. The thesis suggests that the internal conditions of the enterprise-the credit qualityand credit capability-are important elements making enterprises be trustworthy, and the credit quality (subjective element) is the necessary condition to being trustworthy and the credit capability (objective element) is the sufficient condition to being trustworthy. These suggestions break through the traditional theories and principles of credit assessment, which are based on financial indicators, and lay a theoretical foundation for framing the enterprise credit assessme
对此，国内许多学者亦把中小企业“融资难”的原因主要归结为其由于资本规模
小、管理不规范、技术水平低而“信用差”。然而，近几年中小企业信用担保业
的实践却表明，其多数客户都是银行认为“信用差”而不予信贷的中小企业，但
其违约率之低甚至低于银行认为“信用好”的客户。这无疑向现有的中小企业信
用观点和信用评价体系提出了严峻挑战：中小企业的真实信用究竟应当如何认识
和评价?这也是本文要致力探索的问题。
本文在综合、比较中西方信用思想的基础上发现，西方的信用思想以经济信
用观为特征，注重功利性；中国的信用思想则以伦理信用为特征，注重精神性。
因此，用基于西方信用思想的以财务指标为主的信用评价“标尺”来衡量具有东
方信用观念和行为特征的中国中小企业就注定要遇到实践的挑战。
在考察我国信用和信用评价研究现状的基础上，本文首先在中小企业的界定
和特征、信用基本理论问题及企业信用基本理论问题三个层面展开了研究。
第一，从理论角度探讨了当代中小企业的内涵和本质，突破了以往以“规模
量”为标准界定中小企业的方法，确立了以“竞争力”为标准界定中小企业界定
的方法。从实证角度揭示了中小企业在能力、治理、管理和企业家等客观方面的
基本特征。
第二，通过对信用的基本功能、发展历史和作用范围的考察揭示了信用的本
质--社会最基本的道德规范，突破了西方和国内普遍认为信用是经济范畴的观
点。基于信用本质的探讨，研究了信用实现对主体的要求--意识认同与实践遵
从的统一，并着重探讨了信用意识的内容--“诚”、“真”、“公”及其对主体信
用实现的影响，从而为信用评价的信用风险度量提供了新的理论依据；基于信用
起源发展内在动力--利益需要的研究，探讨了信用伴随社会发展在形态上的分
化并讨论了信用的几种主要形态--经济信用、行政信用和社交信用，从而突破
了信用即经济信用的流行观点。
第三，基于信用基础理论研究，重点研究了企业信用实现的条件及其对信用
实现的影响机制，提出了内在条件--企业信用品质和信用能力是影响其信用实
现的主要因素并且信用品质(主观因素)是信用实现的必要条件，信用能力(客
观因素)是信用实现的充分条件的观点。从而突破了通常注重以财务指标评价信
用能力的企业信用评价思维框架，为全面构架企业信用评价体系作了理论上的准
备；此外，还深层次地探讨了企业价值观念对信用观念及信用品质的影响，为分
析评价企业信用品质提供了理论依据。
基于上述信用实现理论的探索，本文对中小企业信用评价因素从两个层次展
开了深入研究。
第一层次研究即中小企业信用评价因素框架性研究--中小企业信用影响
浙江大学博士学位论文
中小企业信用评价因素研究
因素研究。研究首先在综合吸收国内外理论和实务成果的基础上根据本文研究成
果理论遴选推出影响中小企业信用的主要因素，然后通过小样本问卷调查筛选和
大样本问卷调查和统计分析最终实证了决定企业信用实现水平的首要因素是企
业信用品质，其次是其信用能力;并分析了企业与信用机构对中小企业各信用影
响因素的认知差异及其原因。
第二层次的研究是第一层次研究的深化，着重研究中小企业信用影响因素的
内在方面—信用品质和信用能力的评价因素。研究在吸收国内外理论和实务成
果的基础上，通过基于本文研究成果的理论遴选推出评价信用品质和信用能力的
主要因素，然后通过大样本问卷调查和统计分析最终实证了中小企业信用品质和
信用能力评价的主要构成因素及其重要性权数;分别建构了信用品质和信用能力
之评价因素体系;并分析了企业与信用机构对各评价因素的认知差异及其原因。
本文对中小企业信用外在影响因素的评价因素研究尚未开展，样本量偏小并
且来源也仅限于浙江受保企业，所以本文研究的完善还有待进一步的工作。
关键词:中小企业信用信用评价信用实现影响因素评价因素
信用品质信用能力
Banks often deny the eligibility of medium-sized and small enterprises for financial loans in the light of their credit assessment system which is mainly composed by financial indicators. Many domestic economists, therefore, attribute the difficulties that numerous medium-sized or small enterprises encounter in financing to the "bad credit "resulting from limited size of capital, disorderliness of management and backwardness of technology. The practices of the industry of credit guarantee for medium-sized or small enterprises, however, indicate that average default rate of the "bad credit" enterprises is very low, even lower than that of "good credit" enterprises. This undoubtedly poses a significant challenge towards the prevailing perspectives on credit of medium-sized and small enterprises and the existing corresponding credit assessment system. How to understand and assess the credit of medium-sized and small enterprises is the question that the thesis is trying to tackle.Having compared the credit theory of the West with that of the East, I find that western credit theory is characterized as credit in economy, which attaches a great importance to material gain. But in eastern countries the credit theory is represented by credit in ethics, which attaches a great importance to ethical standards. It is, therefore, doomed to failure in practice to assess the credits of medium-sized and small Chinese enterprises, which mainly embody eastern credit ethics, with the western credit theories and principles that are mainly composed of financial indicators.After analyzing the development of the study of credit and credit assessment in this country, this thesis will make research on the following three aspects: the definition and characters of medium-sized and small enterprise; the basic credit theory; and the basic theory on enterprise credit.1. This thesis discusses the connotation and the essences of contemporary medium-sized and small Chinese enterprises. The discussion tries to challenge the traditional definition of medium-sized and small enterprise, which relies on the size of enterprise. A new definition is given according to the competitiveness of enterprise. With a number of examples, the thesis profoundly analyzes the characters of medium-sized and small enterprises in capability, administration and management.2. Through analyzing the basic functions, the history and the range of effectiveness of financialcredit, the thesis reveals the essence of credit-the code of ethics in business activities. Basedon the analysis of credit essence, the thesis indicates the requirements of being trustworthy forsubject of credit-the unification of sense of cognition and abidance in practice. And itdiscusses the contents of credit awareness: honesty, genuineness and fairness, and their influence on subject of credit to be trustworthy, which provide theoretical basis for credit-risk measurement
in credit assessment. Based on the research on the interest of credit subject-the motivation oforiginating and developing credit, the thesis discusses the differentiation of credit forms with thedevelopment of society. Furthermore it discusses the forms of credit-economic credit,administrative credit and social credit, which challenges the prevailing perspective that credit is only economic credit.3. Based on the study of basic credit theories, the thesis emphasizes the discussion on the preconditions of enterprises' being trustworthy and the mechanism to make enterprises betrustworthy. The thesis suggests that the internal conditions of the enterprise-the credit qualityand credit capability-are important elements making enterprises be trustworthy, and the credit quality (subjective element) is the necessary condition to being trustworthy and the credit capability (objective element) is the sufficient condition to being trustworthy. These suggestions break through the traditional theories and principles of credit assessment, which are based on financial indicators, and lay a theoretical foundation for framing the enterprise credit assessme
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