小额贷款公司与中小企业融资问题研究
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摘要
一个国家的中小企业能否健康发展,是涉及到整个国家宏观经济发展的重大问题。一直以来,中小企业融资问题始终是制约其发展的重要因素。上海是我国的经济中心,中小企业在创造社会财富、增加国家税收、吸纳就业人口、活跃市场经济等诸多方面也正发挥着越来越重要的作用。因此,要加速上海整体经济的发展,如何解决中小企业的融资是关键的问题之一。
本文选取上海市浦东新区的中小企业作为研究对象,通过对调研数据的分析发现,上海浦东新区11个镇的中小企业普遍存在着间接融资难的问题。究其原因主要是由于信息不对称导致的逆向选择和道德风险,使得商业银行无法有效为中小企业提供信贷配给。当然,中小企业自身也存在很大的问题,比如:抵押和担保能力不足,财务信用度差,倒闭和违约率高。这些都会使得商业银行倾向于贷款给大企业,中小企业很难在银行获得相应的贷款。
针对中小企业难以在商业银行获得贷款这个事实,本文通过对小额贷款公司的发展状况以及三个相关模型的分析得出:为了追求利润最大化,大型商业银行不适合为中小企业融资,而必须选择大企业提供服务。这就造成了多年来中小企业融资的困境。但是,小额贷款公司的出现,能够及时解决中小企业融资问题,小额贷款公司为中小企业融资,能够实现双方的利润最大化。不但解决了中小企业融资难的问题,而且其本身也能够得以更好的发展。因此,大力发展和完善小额贷款公司是解决中小企业融资问题的新出路。所以,本文重点分析了小额贷款公司对解决上海浦东新区中小企业融资问题的作用.
与此同时,小额贷款公司由于其自身的性质、所处经济环境和法规政策等原因,在解决中小企业融资的过程中也存在着问题,包括利率上限和利率波动所产生的问题、目标客户的信用问题、资金来源问题和操作风险等。本文对其面临的问题进行逐一分析,然后提出了解决问题的相关对策和建议。最后,通过对国际上成功的小贷模式的学习和研究,提出了小贷公司的发展前景及改革方向。
Whether the small and medium enterprises (SMEs) in the country can develop healthily is an important thing related to the whole macro-economics for the country. The financing problems of SME has always been an important factor constraining their development all the time. Shanghai is the economic center of China, SMEs are playing more and more important role in creating social wealth, increasing national revenue, absorbing workforce, making market economy actively and so on. Therefore, in order to accelerate the overall development of economy in Shanghai, one of the most important things is to solve the financing problems of SMEs.
This paper selected SMEs in Shanghai Pudong New Area as the object of study. Through the analysis of survey data , we can find that indirect financing problem exists in 11 towns of Shanghai Pudong New Area.The reason was information asymmetry caused by adverse selection and moral hazard, which leading to commercial banks can not provide credit rationing to SMEs effectively. Of course, there are big problems in themselves, such as lack of capacity of mortgage and guarantee, poor credit of financial, high rates of closures and default, which will make commercial banks tending to lend to large enterprises. So, it is difficult for SMEs to obtain corresponding loans.
For the fact that SMEs can hardly obtain loans from commercial banks, The following conclusions can be obtained in this paper through the analysis of development of Small loan companies and three related models: In order to maximize profits, large commercial banks must choose large enterprises to provide financing service rather than SMEs, which has caused SMEs financing difficulties for many years. However, the emergence of Small loan companies can solve the financing problem for SMEs timely. It can achieve maximize profits for both Small loan companies and SMEs. It not only can solve the financing problems of SMEs, but also can get a better development for their own. Therefore, we should develop and improve the Small loan companies, which is a new way to solve the financing problems of SMEs . So, the paper analyzes the the role of Small loan companies in solving financing problems of SMEs in Shanghai's Pudong New Area.
At the same time, Because of the Small loan companies’own nature , the economic environment and the ralated regulatory policy and other reasons, Small loan companies also have problems when solving SMEs’financing problems, including the problems caused byinterest rate caps and interest rate volatility, the problems of target customer credit, the source of funding and operational risks. This paper analyzed all the problems one by one, and then proposed related countermeasures and suggestions. Finally, through the study and research of international successful models of small loans, the paper proposed growth prospects and direction of reform for Small loan companies.
本文选取上海市浦东新区的中小企业作为研究对象,通过对调研数据的分析发现,上海浦东新区11个镇的中小企业普遍存在着间接融资难的问题。究其原因主要是由于信息不对称导致的逆向选择和道德风险,使得商业银行无法有效为中小企业提供信贷配给。当然,中小企业自身也存在很大的问题,比如:抵押和担保能力不足,财务信用度差,倒闭和违约率高。这些都会使得商业银行倾向于贷款给大企业,中小企业很难在银行获得相应的贷款。
针对中小企业难以在商业银行获得贷款这个事实,本文通过对小额贷款公司的发展状况以及三个相关模型的分析得出:为了追求利润最大化,大型商业银行不适合为中小企业融资,而必须选择大企业提供服务。这就造成了多年来中小企业融资的困境。但是,小额贷款公司的出现,能够及时解决中小企业融资问题,小额贷款公司为中小企业融资,能够实现双方的利润最大化。不但解决了中小企业融资难的问题,而且其本身也能够得以更好的发展。因此,大力发展和完善小额贷款公司是解决中小企业融资问题的新出路。所以,本文重点分析了小额贷款公司对解决上海浦东新区中小企业融资问题的作用.
与此同时,小额贷款公司由于其自身的性质、所处经济环境和法规政策等原因,在解决中小企业融资的过程中也存在着问题,包括利率上限和利率波动所产生的问题、目标客户的信用问题、资金来源问题和操作风险等。本文对其面临的问题进行逐一分析,然后提出了解决问题的相关对策和建议。最后,通过对国际上成功的小贷模式的学习和研究,提出了小贷公司的发展前景及改革方向。
Whether the small and medium enterprises (SMEs) in the country can develop healthily is an important thing related to the whole macro-economics for the country. The financing problems of SME has always been an important factor constraining their development all the time. Shanghai is the economic center of China, SMEs are playing more and more important role in creating social wealth, increasing national revenue, absorbing workforce, making market economy actively and so on. Therefore, in order to accelerate the overall development of economy in Shanghai, one of the most important things is to solve the financing problems of SMEs.
This paper selected SMEs in Shanghai Pudong New Area as the object of study. Through the analysis of survey data , we can find that indirect financing problem exists in 11 towns of Shanghai Pudong New Area.The reason was information asymmetry caused by adverse selection and moral hazard, which leading to commercial banks can not provide credit rationing to SMEs effectively. Of course, there are big problems in themselves, such as lack of capacity of mortgage and guarantee, poor credit of financial, high rates of closures and default, which will make commercial banks tending to lend to large enterprises. So, it is difficult for SMEs to obtain corresponding loans.
For the fact that SMEs can hardly obtain loans from commercial banks, The following conclusions can be obtained in this paper through the analysis of development of Small loan companies and three related models: In order to maximize profits, large commercial banks must choose large enterprises to provide financing service rather than SMEs, which has caused SMEs financing difficulties for many years. However, the emergence of Small loan companies can solve the financing problem for SMEs timely. It can achieve maximize profits for both Small loan companies and SMEs. It not only can solve the financing problems of SMEs, but also can get a better development for their own. Therefore, we should develop and improve the Small loan companies, which is a new way to solve the financing problems of SMEs . So, the paper analyzes the the role of Small loan companies in solving financing problems of SMEs in Shanghai's Pudong New Area.
At the same time, Because of the Small loan companies’own nature , the economic environment and the ralated regulatory policy and other reasons, Small loan companies also have problems when solving SMEs’financing problems, including the problems caused byinterest rate caps and interest rate volatility, the problems of target customer credit, the source of funding and operational risks. This paper analyzed all the problems one by one, and then proposed related countermeasures and suggestions. Finally, through the study and research of international successful models of small loans, the paper proposed growth prospects and direction of reform for Small loan companies.
引文
①数据来源:王坚,《2008年上海中小企业发展报告》,上海科学技术文献出版社,2008。
②数据来源:张敏晶:我国中小企业融资现状及对策研究,《哈尔滨商业大学学报》,2006年5月。
⑤数据来源:《2007年上海市国民经济和社会发展统计公报》,上海市统计局,2008年2月
⑥数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑦数据来源:刘思思,《浦东开发18年经济年均增长18%》,上海商报,2008(4)。
⑧数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑨数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑩资料来源:司春杰,《浦东中小企业融资报告》,http://www.pudong.gov.cn/
11数据来源:小额贷款公司信息网,http://www.small-loan.cn/
12数据来源:冯兰蔺,《上市中小企业转增股本环节有望缓缴个人所得税》,新闻晚报,2008(11)
[1]白钦先、薛誉华.各国中小企业政策性金融体系比较[M].北京:中国金融出版社,2001.12-35.
[2]高平正.中小企业融资新论[M].北京:中国金融出版社,2005.100-131.
[3]陈晓红.中小企业融资创新与信用担保[M].北京:中国人民大学出版社,2003.56-89.
[4]程剑鸣、孙晓岭.中小企业融资[M].北京:清华大学出版社,2006.89-113.
[5]刘曼红.中国中小企业融资问题研究[M].北京:北京人民大学出版社,2003.45-130.
[6]李扬、杨思群.中小企业融资与银行[M].上海:上海财经大学出版社,2002.158-178.
[7]赵尚梅、陈星.中小企业融资问题研究[M].北京:知识产权出版社,2007.34-60.
[8]赵其宏.商业银行风险管理[M].经济管理出版社,2001.78-90.
[9]胡勇.重塑银企格局——中小企业发展与金融深化[M].北京:中国水力水电出版社,2004.67-109.
[10]胡小平.中小企业融资[M].北京:经济管理出版社,2000.14-45.
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[12]叶春霞.小额贷款公司的产生——基于我国非正规金融制度变迁的需求视角[J].商场现代化,2009(3).
[13]梁立俊.银行的规模优势和市场分割性[J].财经科学,2003(4):18-20.
[14]梁笛.论贷款技术创新与中小企业融资[J].商业时代,2007(8):74-78.
[15]吕亚洁.关于中小企业融资问题的思考[J].商业会计,2005(8):48-51.
[16]李平、郭耕.中小企业融资机制研究[J].内蒙古财经学院学报,2005(1):64-66.
[17]李志赟.银行结构与中小企业融资[J].经济研究,2002(6):38-45.
[18]曹凤岐.建立和健全中小企业信用担保体系[J].金融研究,2001(5):41-48.
[19]李凡.我国民营中小企业融资现状分析及对策研究[J].商场现代化,2007(3):174.
[20]林毅夫、李永军.中小金融机构发展与中小企业融资[J].经济研究,2001(1):10-18.
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②数据来源:张敏晶:我国中小企业融资现状及对策研究,《哈尔滨商业大学学报》,2006年5月。
⑤数据来源:《2007年上海市国民经济和社会发展统计公报》,上海市统计局,2008年2月
⑥数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑦数据来源:刘思思,《浦东开发18年经济年均增长18%》,上海商报,2008(4)。
⑧数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑨数据来源:参见论文附录《上海浦东新区镇域经济的调研报告》,2009年4月15 - 2009年5月20
⑩资料来源:司春杰,《浦东中小企业融资报告》,http://www.pudong.gov.cn/
11数据来源:小额贷款公司信息网,http://www.small-loan.cn/
12数据来源:冯兰蔺,《上市中小企业转增股本环节有望缓缴个人所得税》,新闻晚报,2008(11)
[1]白钦先、薛誉华.各国中小企业政策性金融体系比较[M].北京:中国金融出版社,2001.12-35.
[2]高平正.中小企业融资新论[M].北京:中国金融出版社,2005.100-131.
[3]陈晓红.中小企业融资创新与信用担保[M].北京:中国人民大学出版社,2003.56-89.
[4]程剑鸣、孙晓岭.中小企业融资[M].北京:清华大学出版社,2006.89-113.
[5]刘曼红.中国中小企业融资问题研究[M].北京:北京人民大学出版社,2003.45-130.
[6]李扬、杨思群.中小企业融资与银行[M].上海:上海财经大学出版社,2002.158-178.
[7]赵尚梅、陈星.中小企业融资问题研究[M].北京:知识产权出版社,2007.34-60.
[8]赵其宏.商业银行风险管理[M].经济管理出版社,2001.78-90.
[9]胡勇.重塑银企格局——中小企业发展与金融深化[M].北京:中国水力水电出版社,2004.67-109.
[10]胡小平.中小企业融资[M].北京:经济管理出版社,2000.14-45.
[11]王坚.2008年上海中小企业发展报告[M].上海:上海科学技术文献出版社,2008.37-90.
[12]叶春霞.小额贷款公司的产生——基于我国非正规金融制度变迁的需求视角[J].商场现代化,2009(3).
[13]梁立俊.银行的规模优势和市场分割性[J].财经科学,2003(4):18-20.
[14]梁笛.论贷款技术创新与中小企业融资[J].商业时代,2007(8):74-78.
[15]吕亚洁.关于中小企业融资问题的思考[J].商业会计,2005(8):48-51.
[16]李平、郭耕.中小企业融资机制研究[J].内蒙古财经学院学报,2005(1):64-66.
[17]李志赟.银行结构与中小企业融资[J].经济研究,2002(6):38-45.
[18]曹凤岐.建立和健全中小企业信用担保体系[J].金融研究,2001(5):41-48.
[19]李凡.我国民营中小企业融资现状分析及对策研究[J].商场现代化,2007(3):174.
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