经济周期中我国民营企业融资问题研究
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摘要
改革开放以来，随着党中央对市场经济认识的深入，对民营企业重视程度也不断提高。尤其是党的十五大以来，非国有经济成分成为我国经济的重要组成部分，而民营企业正式成为非国有经济的主要力量；党的十八大更提出要“毫不动摇鼓励、支持、引导非公有制经济发展，加快发展民营金融机构”。当下，“克强经济学”的提出，虽然短期内会造成民营企业发展的一些阵痛，但为民营企业长期发展指明了方向。目前，民营企业不仅已经成为国民经济的重要组成部分以及最为活跃的经济增长点，而且涉及三农问题、就业、社会稳定等社会政治问题都离不开民营企业的稳定和发展。但是，民营企业的融资环境却与其现阶段的地位与作用极不相称，民营企业融资难题已成为阻碍其发展的最大“瓶颈”。而依据制度经济学的相关理论，促进经济的增长与发展是制度存在的根本目的。一般来说，通过增加或者创新有效的制度可使市场上的交易成本降低，从而达到“帕累托改进”。从理论上讲，造成民营企业融资困境的根本原因在于民企内部控制和外部融资市场制度的供需不平衡。具体而言，我国当前的经济金融体制，尤其是作为企业主要渠道的商业银行信贷体制对于国有企业、民营企业存在制度安排上的不合理，这是造成民营企业融资困境的主要原因。上述问题纳入不同经济周期阶段则有更大的研究价值。一方面，民营企业相对缺少国家战略发展指导，经济上行时盲目扩张，缺少经济下行时的准备，成为国家治理通货膨胀的受害者和牺牲品；经济危机中，容易出现信用危机，难以从金融机构融资。另一方面，作为中国最主要的资金提供者——商业银行，尤其是国有商业银行，出于安全性及交易费用等方面的考虑，必然对民营企业实行严格的审批贷款政策。此外，近年来连续经历国际经济危机的冲击、民营企业先天的不足、央行贷款额度的限制、内部审核机制的约束都导致了商业银行对于民营企业融资容易形成顺经济周期信贷政策，难以满足民营企业发展需求。
本文利用制度经济学理论，通过考察我国民营企业现有融资体系的状况，并结合经济周期中民营企业融资困境及商业银行信贷政策，探讨了我国民营企业融资中出现的诸多供给不均衡问题，最后提出要从制度上解决问题，建立起一个适合我国民营企业发展的、符合我国国情的民营企业融资体系，并着重讨论商业银行在这个体系中的作用，同时建议政府需要采取的措施。
本文的主要研究内容可以分为以下几部分：（1）阐述了本文选题的背景及意义，并重点梳理了目前诸多国内外学者对我国民营企业（或中小企业）融资难的症结及融资渠道选择等方面做的定性及定量研究；（2）对我国民营企业性质进行界定，分析其历史发展情况，并通过相关数据分析说明在我国经济、就业、社会稳定等方面的重要性，尤其是在经济周期不同时期上述指标的变化；（3）详细阐述了西方关于企业融资结构的相关理论；（4）对我国民营企业融资方式及渠道的历史现状进行全面的总结，具体、全面的分析民营企业发展中存在的主要困难和问题，并总结民营企业融资困境的具体原因；（5）介绍了改革开放以来我国经济周期的划分及特点，利用相关指标数据就经济周期与民营企业融资之间的关系作了相关性分析与检验，并总结出经济周期中我国民营企业银行信贷融资的具体特征；（6）对总体中的个体进行分析，以我国房地产民营企业为代表，总结房地产经济周期中民营企业融资特别是商业银行的信贷支持等相关问题；（7）介绍不同发达国家支持民营企业融资的方式与经验，并对发达国家及地区民营企业融资和经济周期关系作实证检验，在此基础上以美国为例分析经济周期中发达国家金融支持民营企业的政策效果及启示；（8）利用制度经济学理论提出解决民营企业在经济周期中融资问题的对策以及商业银行金融支持的相关建议。
As the Central Committee of the Communist Party of China had an in-depthunderstanding of market economy, private enterprises have been attached increasingimportance since China carried out its reform and opening-up policy. Especially since theParty’s15thNational People’s Congress (NPC), non-state-owned economy, with privateenterprises as its major strength, has become important part of China’s whole economy. Itwas proposed at the Party’s18thNPC that they would unwaveringly encourage, supportand guide non-state-owned economic development and speed up the development ofprivate financial institutions. At present,“keqiang economics”, although will cause somepain on the development of private enterprises in the short term, point out the direction oflong-term development for the private enterprise.
At present, private businesses are not only the significant component of the nationaleconomy and the most vibrant economic engine, but also social and political issues such asagriculture issues, employment and social stability can’t do without the stabilization anddevelopment of private businesses. However, the financing environment for privatebusinesses doesn’t match their position and function at the present stage, and the financingdifficulties for private enterprises have become the bottleneck to impede their growth.According to related theories of institutional economics, the fundamental objective of anexisting institution is to promote economic growth and development. Adding or innovatingeffective institutions is able to reduce transaction costs in the market and thus to realizePareto improvement. Theoretically, the basic reasons for the financing difficulties toprivate businesses lie in their internal controls and the disequilibrium of supply anddemand in their external financing market. In this regard, under China’s current economicand financial system in which commercial bank credit is the main financing channel toenterprises, the main reason for these difficulties has been the unreasonable institutionalarrangement of commercial bank credit system for state-owned enterprises and privateones. And there are even more significant research values when the above mentionedissues are brought into different phases of business cycles. On the one hand, privatebusinesses are comparatively short of the guidance of national strategic development,blindly expanding in an uprising economy and lacking preparation for the economicdownturn and thus becoming victims and sufferers under national governance of inflation.During economic crisis, credit crisis is likely to occur and it’s hard for private businesses toget financing from financial institutions. On the other hand, as the main funds suppliers,commercial banks, especially state-owned ones, inevitably implement strict lending policyto private enterprises out of consideration for safety and transaction fees, etc. In addition,the impact of continuous international economic crises in recent years, the innatedeficiency of private businesses, the restriction of the lending quota of the central bank andthe restraint of internal audit mechanism have all resulted in a pro-cyclical lending policyof commercial banks to private businesses, with which it’s difficult to meet the need oftheir development.
In this paper, we utilize theories of institutional economics to explore the status quo ofthe financing system for China’s private businesses, describe their financing difficultiesand commercial bank lending policies during economic cycles, discuss lots of issues of supply disequilibrium in the course of private businesses’ financing and in the end proposeto solve the problem from the root of the institution and establish a financing system forprivate businesses fit for their development and suitable to Chinese realities as well. Weemphasize the function of commercial banks in this financing system and makesuggestions of measures that government should take at the same time.
The main study contents of this paper include four parts. Section one states thebackground of topic selection and its purposes and introduces qualitative and quantitativestudies already done by academics domestic and abroad on the reasons for the financingdifficulties faced by China’s private businesses or small and medium sized enterprises.Section two defines the natures of China’s private enterprises, analyzes their historicaldevelopment, and states their importance in China’s economy, employment and socialstability, especially during different phases of business cycles. Section three elaboratesrelated theories in the west on corporate financing structures. Section four summarizes theoverall history and current situation of private enterprise financing modes and channels,details the main difficulties and problems in the development of private businesses andanalyzes their reasons. Section five introduces the business cycle phases since China’sreform and opening-up and their respective characteristics, makes correlation analysis andtest on the relation between business cycles and private enterprise financing using data ofrelated indicators, and concludes the specific characteristics of bank credit financing forprivate enterprises in business cycles. Section six takes the private enterprises in China’sreal estate industry as an individual sample and analyses their financing issues duringbusiness cycles of this industry, especially issues pertaining to commercial bank loansupport. Section seven introduces financing modes to support private businesses in somedeveloped countries and their experiences, makes empirical test on the relation betweenprivate enterprise financing and business cycles in some developed countries and regions,and on this basis, analyzes the policy effect of finance support for private enterprisesduring business cycles in developed economies and its enlightenments with United Statesas an example. Section eight proposes measures to solve the financing problems inbusiness cycles facing private enterprises and puts forward relevant suggestions oncommercial banks’ financing support for private enterprises.
本文利用制度经济学理论，通过考察我国民营企业现有融资体系的状况，并结合经济周期中民营企业融资困境及商业银行信贷政策，探讨了我国民营企业融资中出现的诸多供给不均衡问题，最后提出要从制度上解决问题，建立起一个适合我国民营企业发展的、符合我国国情的民营企业融资体系，并着重讨论商业银行在这个体系中的作用，同时建议政府需要采取的措施。
本文的主要研究内容可以分为以下几部分：（1）阐述了本文选题的背景及意义，并重点梳理了目前诸多国内外学者对我国民营企业（或中小企业）融资难的症结及融资渠道选择等方面做的定性及定量研究；（2）对我国民营企业性质进行界定，分析其历史发展情况，并通过相关数据分析说明在我国经济、就业、社会稳定等方面的重要性，尤其是在经济周期不同时期上述指标的变化；（3）详细阐述了西方关于企业融资结构的相关理论；（4）对我国民营企业融资方式及渠道的历史现状进行全面的总结，具体、全面的分析民营企业发展中存在的主要困难和问题，并总结民营企业融资困境的具体原因；（5）介绍了改革开放以来我国经济周期的划分及特点，利用相关指标数据就经济周期与民营企业融资之间的关系作了相关性分析与检验，并总结出经济周期中我国民营企业银行信贷融资的具体特征；（6）对总体中的个体进行分析，以我国房地产民营企业为代表，总结房地产经济周期中民营企业融资特别是商业银行的信贷支持等相关问题；（7）介绍不同发达国家支持民营企业融资的方式与经验，并对发达国家及地区民营企业融资和经济周期关系作实证检验，在此基础上以美国为例分析经济周期中发达国家金融支持民营企业的政策效果及启示；（8）利用制度经济学理论提出解决民营企业在经济周期中融资问题的对策以及商业银行金融支持的相关建议。
As the Central Committee of the Communist Party of China had an in-depthunderstanding of market economy, private enterprises have been attached increasingimportance since China carried out its reform and opening-up policy. Especially since theParty’s15thNational People’s Congress (NPC), non-state-owned economy, with privateenterprises as its major strength, has become important part of China’s whole economy. Itwas proposed at the Party’s18thNPC that they would unwaveringly encourage, supportand guide non-state-owned economic development and speed up the development ofprivate financial institutions. At present,“keqiang economics”, although will cause somepain on the development of private enterprises in the short term, point out the direction oflong-term development for the private enterprise.
At present, private businesses are not only the significant component of the nationaleconomy and the most vibrant economic engine, but also social and political issues such asagriculture issues, employment and social stability can’t do without the stabilization anddevelopment of private businesses. However, the financing environment for privatebusinesses doesn’t match their position and function at the present stage, and the financingdifficulties for private enterprises have become the bottleneck to impede their growth.According to related theories of institutional economics, the fundamental objective of anexisting institution is to promote economic growth and development. Adding or innovatingeffective institutions is able to reduce transaction costs in the market and thus to realizePareto improvement. Theoretically, the basic reasons for the financing difficulties toprivate businesses lie in their internal controls and the disequilibrium of supply anddemand in their external financing market. In this regard, under China’s current economicand financial system in which commercial bank credit is the main financing channel toenterprises, the main reason for these difficulties has been the unreasonable institutionalarrangement of commercial bank credit system for state-owned enterprises and privateones. And there are even more significant research values when the above mentionedissues are brought into different phases of business cycles. On the one hand, privatebusinesses are comparatively short of the guidance of national strategic development,blindly expanding in an uprising economy and lacking preparation for the economicdownturn and thus becoming victims and sufferers under national governance of inflation.During economic crisis, credit crisis is likely to occur and it’s hard for private businesses toget financing from financial institutions. On the other hand, as the main funds suppliers,commercial banks, especially state-owned ones, inevitably implement strict lending policyto private enterprises out of consideration for safety and transaction fees, etc. In addition,the impact of continuous international economic crises in recent years, the innatedeficiency of private businesses, the restriction of the lending quota of the central bank andthe restraint of internal audit mechanism have all resulted in a pro-cyclical lending policyof commercial banks to private businesses, with which it’s difficult to meet the need oftheir development.
In this paper, we utilize theories of institutional economics to explore the status quo ofthe financing system for China’s private businesses, describe their financing difficultiesand commercial bank lending policies during economic cycles, discuss lots of issues of supply disequilibrium in the course of private businesses’ financing and in the end proposeto solve the problem from the root of the institution and establish a financing system forprivate businesses fit for their development and suitable to Chinese realities as well. Weemphasize the function of commercial banks in this financing system and makesuggestions of measures that government should take at the same time.
The main study contents of this paper include four parts. Section one states thebackground of topic selection and its purposes and introduces qualitative and quantitativestudies already done by academics domestic and abroad on the reasons for the financingdifficulties faced by China’s private businesses or small and medium sized enterprises.Section two defines the natures of China’s private enterprises, analyzes their historicaldevelopment, and states their importance in China’s economy, employment and socialstability, especially during different phases of business cycles. Section three elaboratesrelated theories in the west on corporate financing structures. Section four summarizes theoverall history and current situation of private enterprise financing modes and channels,details the main difficulties and problems in the development of private businesses andanalyzes their reasons. Section five introduces the business cycle phases since China’sreform and opening-up and their respective characteristics, makes correlation analysis andtest on the relation between business cycles and private enterprise financing using data ofrelated indicators, and concludes the specific characteristics of bank credit financing forprivate enterprises in business cycles. Section six takes the private enterprises in China’sreal estate industry as an individual sample and analyses their financing issues duringbusiness cycles of this industry, especially issues pertaining to commercial bank loansupport. Section seven introduces financing modes to support private businesses in somedeveloped countries and their experiences, makes empirical test on the relation betweenprivate enterprise financing and business cycles in some developed countries and regions,and on this basis, analyzes the policy effect of finance support for private enterprisesduring business cycles in developed economies and its enlightenments with United Statesas an example. Section eight proposes measures to solve the financing problems inbusiness cycles facing private enterprises and puts forward relevant suggestions oncommercial banks’ financing support for private enterprises.
引文
6设立中小企业银行时机已成熟.当代金融家，2009‐03‐10
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