非對(duì)稱信息條件下中小企業(yè)銀行信貸融資研究

1、非對(duì)稱信息條件下中小企業(yè)銀行信貸融資研究 內(nèi) 容 摘 要國際理論界普遍認(rèn)為,中小企業(yè)將是 21 世紀(jì)經(jīng)濟(jì)發(fā)展的主角。中小企業(yè)在增進(jìn)市場(chǎng)效率、 提升經(jīng)濟(jì)增長、 推動(dòng)技術(shù)創(chuàng)新、 創(chuàng)造就業(yè)機(jī)會(huì)和促進(jìn)國際貿(mào)易等方面發(fā)揮著大企業(yè)不可替代的作用。 在我國勞動(dòng)力相對(duì)豐富及資本相對(duì)稀缺的要素稟賦特征下, 中小企業(yè)給國民經(jīng)濟(jì)賦予了發(fā)展與改革的雙重意義。 然而, 中小企業(yè)外源融資約束卻成為鉗制其發(fā)展?jié)摿退俣鹊闹饕钢狻?在我國銀行主導(dǎo)型的金融體制下,銀行信貸融資是對(duì)中小企業(yè)有實(shí)質(zhì)性影響的主要外源融資形式。故而, 商業(yè)銀行信貸合約設(shè)計(jì)、 銀行業(yè)結(jié)構(gòu)變遷與整合、 信貸擔(dān)保制度構(gòu)建都將對(duì)中小企業(yè)信貸融資產(chǎn)生直接的沖擊

2、。因此,以中小企業(yè)信貸融資為獨(dú)特視角,立體而全面地對(duì)其展開深入的研究,具有十分重要的理論價(jià)值和現(xiàn)實(shí)意義。?本文以中小企業(yè)信貸市場(chǎng)的非對(duì)稱信息特征為主線,通過借鑒融資結(jié)構(gòu)理論、 金融中介理論、 信息結(jié)構(gòu)理論、 產(chǎn)業(yè)結(jié)構(gòu)理論、 信貸契約理論、 信用擔(dān)保理論等現(xiàn)代經(jīng)濟(jì)學(xué)前沿理論觀點(diǎn), 采用規(guī)范與實(shí)證相結(jié)合、 靜態(tài)和動(dòng)態(tài)相結(jié)合、 歸納與比較相結(jié)合等研究方法, 從微觀層面剖析商業(yè)銀行合約設(shè)計(jì)與中小企業(yè)信貸融資的相互關(guān)系; 從宏觀視角探究銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資之間的對(duì)應(yīng)邏輯; 從制度設(shè)計(jì)上考察信貸擔(dān)保制度對(duì)中小企業(yè)信貸融資的功能重構(gòu)。 旨在從中演繹出重要的結(jié)論與有益的啟迪, 以期為我國處于轉(zhuǎn)型期的銀

3、行業(yè)結(jié)構(gòu)調(diào)整與中小企業(yè)良性協(xié)調(diào)發(fā)展提供有價(jià)值的理論依據(jù)和政策建議。?第 1 章導(dǎo)論主要介紹了論文選題的緣由、 國內(nèi)外研究現(xiàn)狀, 論文研究方法和技術(shù)路線, 并對(duì)論文基本框架和主要觀點(diǎn)、 論文創(chuàng)新與不足之處進(jìn)行了簡要概述。第 2 章著重探討了中小企業(yè)融資特點(diǎn)和融資缺口問題。 中小企業(yè)作為一個(gè)多重相對(duì)性主體, 在現(xiàn)代市場(chǎng)經(jīng)濟(jì)中發(fā)揮著重要的經(jīng)濟(jì)作用。 不同類型的中小企業(yè)在融資過程中呈現(xiàn)出不同的融資需求特征。 中小企業(yè)金融成長周期需要一個(gè)多層次、 多樣化的金融體系來對(duì)應(yīng)其不同階段的融資需求。 與大企業(yè)相比, 中小企業(yè)融資表現(xiàn)出更偏好內(nèi)源融資, 更依賴債務(wù)融資等特征。 中小企業(yè)在外源融資中更易遭受 “融資

4、缺口” 的困擾, 其形成原因可以從信息不對(duì)稱、 規(guī)模不經(jīng)濟(jì)、 以及金融體制和政府管制等方面找到解答。?第 3 章對(duì)中小企業(yè)信貸融資相關(guān)理論進(jìn)行了系統(tǒng)梳理和歸納。 分別從融資結(jié)構(gòu)理論、 金融中介理論和信貸配給理論三個(gè)不同的視角, 提煉出適合中小企業(yè)信貸融資的理論觀點(diǎn)。 其中, 在融資結(jié)構(gòu)理論中, 代理成本理論、 信號(hào)理論和融資順序理論對(duì)于解釋中小企業(yè)信貸融資行為最具說服力。 由交易費(fèi)用理論和委托代理理論兩個(gè)分析范式共同構(gòu)成的金融中介理論,為解釋商業(yè)銀行的信息生產(chǎn)優(yōu)勢(shì)、 監(jiān)控和創(chuàng)建聲譽(yù)機(jī)制功能在中小企業(yè)融資中的作用奠定了理論基礎(chǔ)。 建立在1企業(yè)規(guī)模、 項(xiàng)目風(fēng)險(xiǎn)類型、 抵押品價(jià)值量和區(qū)域因素等變量上

5、的中小企業(yè)信貸配給綜合模型, 為中小企業(yè)易成為銀行信貸配給受害者這一信貸市場(chǎng)普遍現(xiàn)象, 提供了合理的理論依據(jù)。?第 4 章 從非對(duì)稱信息視角考察了商業(yè)銀 行信貸合約設(shè)計(jì)與中小企業(yè)信貸融資之間的關(guān)系。 中小企業(yè)信貸市場(chǎng)的信息結(jié)構(gòu)、 銀行業(yè)結(jié)構(gòu)、 利率體制、 抵押和擔(dān)保等因素都從不同方面影響中小企業(yè)的信貸合約設(shè)計(jì)。這些影響因素彼此關(guān)聯(lián), 或?qū)е滦刨J合約不易達(dá)成, 或形成信貸合約低效均衡。 緩解中小企業(yè)信貸融資困境, 必須在完善銀行競(jìng)爭結(jié)構(gòu)的基礎(chǔ)上, 改進(jìn)銀行對(duì)中小企業(yè)投資項(xiàng)目的評(píng)估及風(fēng)險(xiǎn)管理技術(shù), 推進(jìn)利率市場(chǎng)化以吸收風(fēng)險(xiǎn), 并努力減少對(duì)抵押擔(dān)保的依賴。第 5 章從相對(duì)優(yōu)勢(shì)理論、 制度和貸款技術(shù)演

6、進(jìn)等多維視角, 對(duì)銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資的邏輯關(guān)系進(jìn)行了全面的分析。 銀行業(yè)結(jié)構(gòu)包含銀行業(yè)規(guī)模結(jié)構(gòu)和銀行業(yè)市場(chǎng)結(jié)構(gòu)兩個(gè)層面。 國內(nèi)外文獻(xiàn)表明, 銀行業(yè)結(jié)構(gòu)因大規(guī)模并購而導(dǎo)致的集約化趨勢(shì), 對(duì)中小企業(yè)信貸可得性產(chǎn)生的影響并不存在單一結(jié)論。 通過綜合權(quán)衡不同規(guī)模銀行信息優(yōu)勢(shì)和風(fēng)險(xiǎn)分擔(dān)優(yōu)勢(shì), 本文發(fā)現(xiàn)銀行業(yè)規(guī)模擴(kuò)張與中小企業(yè)融資困惑之間并無直接因果關(guān)系, “小銀行優(yōu)勢(shì)假說”正遭遇質(zhì)疑。隨著信息技術(shù)的進(jìn)步, 大小銀行對(duì)中小企業(yè)貸款的優(yōu)勢(shì)會(huì)發(fā)生消長, 大銀行在中小企業(yè)貸款中的優(yōu)勢(shì)和作用有加強(qiáng)趨勢(shì)。 因此, 過分強(qiáng)調(diào)倚重發(fā)展中小銀行解決中小企業(yè)融資問題,具有一定片面性。?第 6 章探討了信用擔(dān)保制度

7、與中小企業(yè)信貸融資問題。 中小企業(yè)信用擔(dān)保機(jī)制的存在具有合理性, 但其介入后, 中小企業(yè)信貸市場(chǎng)依舊存在逆向選擇和道德風(fēng)險(xiǎn)問題。 西方發(fā)達(dá)國家及部分發(fā)展中國家信用擔(dān)保制度的基本構(gòu)架, 為我國提供了可資借鑒的國際經(jīng)驗(yàn)。 在當(dāng)前我國銀行業(yè)市場(chǎng)化改革尚未到位的情形下, 建立中小企業(yè)信用擔(dān)保制度作為中小企業(yè)信貸市場(chǎng)機(jī)制的補(bǔ)充,具有一定必要性,但不能過分放大其作用。 針對(duì)我國中小企業(yè)信用擔(dān)保機(jī)制運(yùn)作不規(guī)范、 制度不健全等問題, 應(yīng)在發(fā)展思路、 組織結(jié)構(gòu)和運(yùn)作形式上科學(xué)定位及合理安排, 才能更好地重塑其支持中小企業(yè)信貸融資的經(jīng)濟(jì)功能。?第 7 章圍繞我國中小企業(yè)信貸融資現(xiàn)狀、 微觀制約因素、 我國銀行業(yè)結(jié)

8、構(gòu)與中小企業(yè)信貸融資悖論問題進(jìn)行了實(shí)證研究。 相關(guān)調(diào)查報(bào)告和問卷調(diào)查方式取得的數(shù)據(jù)資料顯示, 現(xiàn)階段我國中小企業(yè)銀行信貸融資陷入困境之中。 通過回歸分析和檢驗(yàn)發(fā)現(xiàn), 我國中小企業(yè)貸款的微觀約束主要來源于貸款條件約束、 財(cái)務(wù)指標(biāo)約束和審批時(shí)滯約束。 從我國中小企業(yè)信貸融資與銀行業(yè)結(jié)構(gòu)的關(guān)系上看, 中小企業(yè)信貸融資歧視并非由銀行業(yè)規(guī)模因素所致, 而是由我國銀行業(yè)所有制結(jié)構(gòu)和治理結(jié)構(gòu)不合理造成。 一味強(qiáng)調(diào)通過創(chuàng)建中小金融機(jī)構(gòu)解決中小企業(yè)融資約束的政策主張,可能將我國銀行業(yè)改革帶向誤區(qū)。 2第 8 章剖析了我國中小企業(yè)信貸融資約束的制度根源并提出解困思路。 阻礙我國中小企業(yè)信貸交易達(dá)成的各種制度因素,

9、 包括中小企業(yè)信用制度的缺失、 銀行業(yè)治理結(jié)構(gòu)和競(jìng)爭結(jié)構(gòu)缺陷、 銀行信貸管理體制及信貸技術(shù)的滯后、 金融抑制因素等。 中國應(yīng)從發(fā)達(dá)國家支持中小企業(yè)信貸融資政策中獲取經(jīng)驗(yàn), 通過建立中小企業(yè)信用征信體系、 加強(qiáng)信貸人權(quán)利保護(hù)、 調(diào)整銀行業(yè)結(jié)構(gòu)、 建立銀行內(nèi)部信貸激勵(lì)約束機(jī)制、 創(chuàng)新中小企業(yè)信貸技術(shù)、 建立多層次支持中小企業(yè)信貸融資的政策法律體系等手段,改善我國中小企業(yè)信貸融資狀況。?本文創(chuàng)新之處在于全面考察了不同類型、 不同階段、 不同規(guī)模中小企業(yè)的融資特性; 通過歸納與借鑒融資結(jié)構(gòu)理論、 金融中介理論和信貸配給理論的最新研究成果, 為中小企業(yè)銀行信貸融資偏好尋求有力的理論支撐; 將信貸合約理論

10、應(yīng)用于中小企業(yè)信貸融資分析,并推導(dǎo)出一些有價(jià)值的政策結(jié)論;從理論、制度、歷史及技術(shù)進(jìn)步等多維度視角, 為研究銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資的邏輯關(guān)系, 提供了更為完整的解釋框架; 對(duì)中小企業(yè)信用擔(dān)保制度的功能重構(gòu)進(jìn)行了系統(tǒng)的經(jīng)濟(jì)學(xué)分析; 在實(shí)證分析環(huán)節(jié), 運(yùn)用問卷調(diào)查和親歷基層訪談獲取的第一手?jǐn)?shù)據(jù)資料及反映的真實(shí)信息,得出較有說服力的結(jié)論。?囿于數(shù)據(jù)資料的可得性, 本文較偏重理論分析而顯計(jì)量分析不足。 既有的回歸分析也存在一定的局限性, 由于分析所選取的樣本較為特殊, 因此其普適性有待進(jìn)一步檢驗(yàn)。 此外, 中小企業(yè)信貸融資是一個(gè)覆蓋面較廣的課題, 由于占有文獻(xiàn)有限, 本文僅選取了其中的某些重要方

11、面進(jìn)行了較為粗淺的探討, 還沒有找到合適的突破口來形成較為完整的理論框架,這也將是未來有待深入研究的方向。關(guān)鍵詞: 非對(duì)稱信息?中小企業(yè)?信貸融資?銀行結(jié)構(gòu)?信貸擔(dān)保3AbstractIt is generally admitted that small-and-medium enterprises SMEs will play an important role in economic development during the twenty-first century. SMEs can not be substituted by large enterprises ,especiall

12、y in the aspects of promoting market efficiency and economic growth, encouraging technical innovation as well as accelerating international trade and etc. China is characterized by abundant labor force and scarce capital. Therefore, SMEs have both development and reform significance in national econ

13、omy. However, SMEs external financial constraint is one of the factors that prevent their potentials and speed for further development. Under Chinese bank-dominated financial system, bank loan is the primary form of SMEs external financing. Some factors such as debt contract, transition of bank stru

14、cture and establishment of loan guarantee, will have profound effects on SMEs bank financingAccordingly, a comprehensive study on SMEs bank financing is significant both in theory and in practiceThis paper is based on information asymmetry of SMEs credit market and aimed at offering theoretic explan

15、ation and policy implications for the harmonic development between Chinese bank structure and SMEs. By virtue of applying advanced modern economic theories and research methods such as normative and positive, static and dynamic, conclusive and comparative approaches, the paper makes an analysis on t

16、he relationship between credit contract, bank structure, loan guarantee and SMEs bank financing from macro and micro perspectiveThis paper consists of eight parts. The first chapter introduces the significance of writing, and the relative literatures paper concerned. It also summarizes the papers re

17、search method, basic framework, main opinions, innovation and deficiencies as wellThe second chapter focuses on the SMEs financing features and the existence of SMEs financial gap. It is examined that SMEs have important position in modern economy. Different types of SMEs have different financing de

18、mands. Their financial growth cycle needs a multi-levels and diversified financial system to match its financing1demands in different phases. Compared with big enterprises, SMEs are inclined to internal and debt financing. However, SMEs external financing is apt to be suffered by financial gap, whic

19、h result from information asymmetry, scale diseconomy, financial institution and government controlThe third chapter summarizes and concludes the theories about SMEs bank financing. From three different angles of financial structure, financial intermediary and credit ration theories, some viewpoints

20、 can be obtained to explain SMEs bank financing. Agency cost theory, signal approach and pecking order hypothesis are the three most convincing theories to illustrate SMEs bank financing. Traction cost theory and delegation theory composed of financial intermediary theory establishes the theory foun

21、dation to interpret the advantages of information producing, delegated monitoring and reputation mechanism of commercial banks. SMEs credit ration synthesized model based on the variables of enterprise scale, project risk, guarantee value and regional factors, provides theoretic support for a genera

22、l phenomenon in credit market that SMEs is prior to be victim of bank credit rationThe fourth chapter investigates the relationship between debt contract and SMEs bank financing. Some relevant factors such as information, banking structure, interest rate system, mortgage and guarantee, have influenc

23、es on SMEs credit contract respectively, which either make credit contract difficult to reach, or result in equilibrium in low efficiency. To eliminate the dilemma of SMEs bank financing, it is necessary to improve technology of project evaluation and risk management of SMEs based on the perfection

24、of bank competition structure, promote interest rate reform and reduce dependence on mortgage and guaranteeThe fifth chapter put forward a new theoretic framework to discuss the relationship between bank structure and SMEs bank financing, from the perspective of comparative advantages, institution a

25、nd technologyBank structure consists of bank size structure and bank market structureLiteratures accounts for that intensive tendency of commercial banks resulting from merger and acquisition in large scales have different2impacts on availability of SMEs bank financing. By comparing the advantages b

26、etween information and risk-share of different scale banks, it is indicated that bank size structure has no direct connection with difficulty of SMEs bank financing, so that it is generally doubted for the so called small bank advantage hypothesis. Practically speaking, following the progress of inf

27、ormation technologies, even the large banks could strengthen their position and advantages in SMEs bank financingThe sixth chapter stresses on the credit guarantee system for SMEsAlthough the existence of guarantee system is rational, adverse selection and moral hazard cant be eliminated at all. Chi

28、na should acquire international experiences on the framework of guarantee system from some developed and developing countries. Under the circumstance of Chinese incomplete bank market reform, it is essential to establish guarantee system as supplement for SMEs bank financing on condition that the fu

29、nction of guarantee system cant be over-magnified. With regard to Chinese imperfect SMEs guarantee system, government should form the scientific awareness of development ideas, organizational structure and operational form so as to make better function in SMEs guarantee systemThe seventh chapter mak

30、es a positive analysis on status, micro-constraint factors of SMEs financing and dilemma of Chinese bank structure with SMEs bank financing. Data from research report and questionnaire indicated that SMEs bank financing is in very difficult condition in China. With positive analysis and inspection ,

31、 a conclusion can be draw that credit condition, SMEs financial index and time lag of approval are the main reasons for the difficulty of SMEs bank financingIn China, discrimination of SMEs bank financing isnt caused by bank scale, but by bank ownership and governance mechanism. Therefore, it is uni

32、lateral in China to over- emphasize the idea that deal with the problem of SMEs bank financing only by developing small banks and small non-bank financial institutions The Eighth chapter dwells on the institutional causes of Chinese SMEs bank financing constraint and discusses its possible counterme

33、asures. There are many kinds of institutional factors preventing3SMEs bank financing, which contains lack of SMEs credit system, the drawback of bank mechanism and competition structure, the lagging of bank credit management and techniques, financial repression, etc. China should learn experiences o

34、n SMEs bank financing policies from developed countries to build SMEs credit system and strengthen creditors right protection. In order to improve SMEs bank financing, it is also necessary for China to take many important measures such as adjusting its bank structure, building its mechanism for cred

35、it incentive and constraint, innovating SMEs credit technique and setting up laws and regulations system at all levelsThe innovations of this paper are as follows. Firstly, the paper investigates the characters of SMEs bank financing in terms of different types, phases and scales as well. Secondly,

36、it tries to search for the conniving theories that SMEs bank financing concerned by making use of the new economic theories, such as financial structure, financial intermediary and credit ration theories. Thirdly, it applies the debt contract approaches into the study of SMEs bank financing, and inf

37、ers some valuable policy implications. In addition, it affords a new theoretic framework to discuss the relationship between bank structure and SMEs bank financing, from the angles of theory, history and technology. At last, the paper makes a systematic analysis on loan guarantee of SMEs bank financ

38、ingThis paper attaches more importance on theoretic analysis by reason of data availability. And meanwhile, the positive analysis is lack of applicability to some extent caused by selecting the special samplesWhats more, SMEs bank financing is such a kind of research issue that covers many fields. O

39、n account of limited literatures, this paper only selects some aspects to make analysis. Until now, it has not found an appropriate and comprehensive theoretical framework to research, which is also the direction for further study?Keywords: Information asymmetry; Small-and-medium Enterprises; Bank f

40、inancing; Bank structure; Loan guarantee4目 錄第 1 章導(dǎo)論1?1.選題意義 1?2.文獻(xiàn)輯要 2?3.研究方法與技術(shù)路線4?4.基本框架與主要觀點(diǎn)6?5.創(chuàng)新與不足. 9?第 2 章中小企業(yè)的作用及其融資約束 11?1.中小企業(yè)的界定及其地位和作用 11?2.中小企業(yè)的融資特性分析 19?3.中小企業(yè)的融資約束及根源初探 27?4.本章小結(jié)31 第 3 章中小企業(yè)信貸融資相關(guān)理論綜述. 33?1.中小企業(yè)信貸融資偏好:融資結(jié)構(gòu)理論的闡釋 33?2.銀行信貸融資的比較優(yōu)勢(shì):金融中介理論的解析. 41?3.中小企業(yè)信貸融資困境:銀行信貸配給理論探源. 4

41、9?4.本章小結(jié)55?第 4 章商業(yè)銀行信貸合約設(shè)計(jì)與中小企業(yè)信貸融資 56?1.信貸合約理論基本概念56?2.壟斷型信貸市場(chǎng)中的中小企業(yè)信貸合約設(shè)計(jì)59?3.競(jìng)爭型信貸市場(chǎng)中的中小企業(yè)信貸合約設(shè)計(jì)64?4.中小企業(yè)信貸融資影響因素:信貸合約理論的視角67?5.本章小結(jié)71?第 5 章銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資. 72?1.銀行業(yè)結(jié)構(gòu)的理論框架及其集約化趨勢(shì) 72?2.銀行業(yè)結(jié)構(gòu)變化對(duì)中小企業(yè)信貸融資的影響:文獻(xiàn)綜述. 79?3.銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資:多維度分析 84?4.本章小結(jié)97?第 6 章信用擔(dān)保制度與中小企業(yè)信貸融資99?1.中小企業(yè)信用擔(dān)保制度的經(jīng)濟(jì)學(xué)機(jī)理9912.中小企

42、業(yè)信用擔(dān)保制度演進(jìn)的國際經(jīng)驗(yàn)107?3.構(gòu)建我國中小企業(yè)信用擔(dān)保制度的思考113?4.本章小結(jié). 118 第 7 章中國中小企業(yè)信貸融資:實(shí)證考察與解析. 119?1.我國中小企業(yè)的定位及其信貸融資現(xiàn)狀119?2.我國中小企業(yè)信貸約束微觀變量:區(qū)域?qū)嵶C分析 128?3.我國銀行業(yè)結(jié)構(gòu)與中小企業(yè)信貸融資悖論 134?4.本章小結(jié). 144?第 8 章中國中小企業(yè)信貸融資:制度缺陷與解困路徑 145?1.中國中小企業(yè)信貸融資的制度障礙:觀點(diǎn)評(píng)介145?2.發(fā)達(dá)國家支持中小企業(yè)信貸融資的政策啟示. 153?3.改進(jìn)我國中小企業(yè)信貸融資的政策思路156?4.本章小結(jié). 164?附錄165?附錄 1:中

43、小企業(yè)信貸融資情況調(diào)查表 165?附錄 2:與銀行信貸部門負(fù)責(zé)人訪談錄 168?參考文獻(xiàn). 171?后?記. 1812第 1 章 導(dǎo)論?1.選題意義?謀求經(jīng)濟(jì)與金融的協(xié)調(diào)發(fā)展是經(jīng)濟(jì)學(xué)研究永恒的主題。2 0 世紀(jì)末以來,經(jīng)濟(jì)的結(jié)構(gòu)性變化使作為微觀經(jīng)濟(jì)主體的企業(yè)在組織結(jié)構(gòu)上呈現(xiàn)出兩級(jí)分化趨勢(shì):通過并購擴(kuò)張整合的特大型企業(yè)與富于靈活性和創(chuàng)造性的中小企業(yè)并存。然而,經(jīng)濟(jì)全球化并沒有完全消除各國經(jīng)濟(jì)中普遍存在的經(jīng)濟(jì)金融結(jié)構(gòu)失衡現(xiàn)象, 由此引發(fā)了金融結(jié)構(gòu)轉(zhuǎn)換與中小企業(yè)發(fā)展的悖論。 其中, 中小企業(yè)外源融資約束成為鉗制其發(fā)展的主要掣肘,如何緩解中小企業(yè)的融資瓶頸亦成為世界性難題。?本文認(rèn)為, 對(duì)中小企業(yè)融資

44、的研究不能僅局限立足于中小企業(yè)自身發(fā)展的視角, 而應(yīng)放入宏觀經(jīng)濟(jì)的動(dòng)態(tài)背景中加以考察, 并納入到整個(gè)金融結(jié)構(gòu)調(diào)整和金融發(fā)展的理論框架中。 尤其是銀行信貸融資是中小企業(yè)外源融資的主渠道, 故而商業(yè)銀行信貸合約的設(shè)計(jì)、 銀行業(yè)結(jié)構(gòu)的變遷與整合、 信貸擔(dān)保制度的構(gòu)建都將對(duì)中小企業(yè)信貸融資產(chǎn)生直接的沖擊和影響。 因此, 以緩解中小企業(yè)發(fā)展的信貸融資難為起點(diǎn), 從微觀層面剖析商業(yè)銀行合約設(shè)計(jì)與中小企業(yè)信貸融資的相互關(guān)系; 從宏觀視角探究銀行業(yè)結(jié)構(gòu)與中小企業(yè)之間的對(duì)應(yīng)邏輯; 從制度構(gòu)建上考察信貸擔(dān)保制度對(duì)中小企業(yè)信貸融資的功能重構(gòu),為構(gòu)筑一個(gè)合理的銀行業(yè)結(jié)構(gòu),以實(shí)現(xiàn)解決中小企業(yè)融資瓶頸、 提高銀行自身經(jīng)營

45、績效、 優(yōu)化宏觀金融資源配置的“共贏”提供理論依據(jù)與政策啟示,具有十分重要的理論和現(xiàn)實(shí)意義。?在我國, 勞動(dòng)力相對(duì)豐富和資本相對(duì)稀缺的要素稟賦特征, 決定了中小企業(yè)將是推動(dòng)未來經(jīng)濟(jì)增長的強(qiáng)勁引擎。 進(jìn)入上世紀(jì)?90?年代后, 中小企業(yè)在我國經(jīng)濟(jì)改革和發(fā)展中的作用逐漸受到理論界和決策層的重視。董彥嶺(2005)提出,中小企業(yè)對(duì)我國國民經(jīng)濟(jì)和經(jīng)濟(jì)體制具有發(fā)展與改革的雙重意義。中小企業(yè)的“發(fā)展意義” 是指在國際分工中我國具有勞動(dòng)力優(yōu)勢(shì), 而勞動(dòng)密集型企業(yè)的規(guī)模一般偏小, 因此, 中小企業(yè)最能體現(xiàn)我國勞動(dòng)力成本優(yōu)勢(shì), 并以此帶動(dòng)經(jīng)濟(jì)的持續(xù)發(fā)展。如果用數(shù)據(jù)來佐證中小企業(yè)對(duì)我國國民經(jīng)濟(jì)的貢獻(xiàn),可以歸納為“

46、四、五、 六、 七、 八、 九” , 即中小企業(yè)群體創(chuàng)造了我國 40%以上的利稅、 57%以上的銷售收入、 60%以上的工業(yè)總產(chǎn)值、 75%以上的就業(yè)、 87%的零售及商業(yè)網(wǎng)點(diǎn)、 90%以上的企業(yè)數(shù)。中小企業(yè)的“改革意義”是指“體制外”發(fā)展起來的民營企業(yè),不僅為國有企業(yè)改革提供了借鑒, 而且還消化了改革成本, 如在國有企業(yè)效益低下的情況下保證經(jīng)濟(jì)的較高增長率和吸收國有企業(yè)改革中分流下來的人員。?理論界普遍認(rèn)為, 現(xiàn)今諸多體制性因素仍然制約著我國中小企業(yè)的進(jìn)一步發(fā)展。 其中最為突出的就是中小企業(yè)外源融資障礙, 它使中小企業(yè)的發(fā)展基本上被限制在自我融資的狹小范圍內(nèi), 發(fā)展?jié)摿退俣榷际艿街萍s。 在

47、我國以間接融資1為主導(dǎo)的金融體制下, 信貸融資在中小企業(yè)外部融資中占有特別重要的地位, 在有些地區(qū), 甚至是唯一對(duì)中小企業(yè)有實(shí)質(zhì)性影響的外部融資形式。 因此, 改善我國中小企業(yè)融資狀況, 也應(yīng)該從這一初始條件出發(fā)。 在信貸融資問題不能得到很好地解決之前, 其他融資形式必然面臨著相同或相似的體制障礙。 所以, 選取對(duì)中小企業(yè)相對(duì)重要的信貸融資形式進(jìn)行研究,其現(xiàn)實(shí)意義較為顯著。?從理論層面看,現(xiàn)在學(xué)術(shù)界已經(jīng)有大量關(guān)于中小企業(yè)融資問題研究的文獻(xiàn)。但這些文獻(xiàn)往往孤立地從中小企業(yè)自身出發(fā), 以單一的平面視角探討中小企業(yè)融資中涉及的融資成本和收益、 融資的結(jié)構(gòu)和效率、 融資的渠道和創(chuàng)新等問題。 而系統(tǒng)全面

48、研究中小企業(yè)信貸融資方面的文獻(xiàn)較為缺乏。 因此, 筆者期望在現(xiàn)有文獻(xiàn)研究的理論啟發(fā)基礎(chǔ)上, 集中對(duì)中小企業(yè)融資的特定形式?信貸融資做相對(duì)全面而細(xì)致的剖析, 以深化對(duì)中小企業(yè)融資問題的研究, 避免因選題太過寬泛而影響論文的邏輯結(jié)構(gòu), 也力圖得出更具說服力和操作性的政策結(jié)論。 當(dāng)然這并不意味著其他融資形式在長期內(nèi)對(duì)中小企業(yè)意義不大。 金融體制的不均衡既可以表現(xiàn)為直接融資與間接融資的不均衡, 也可以表現(xiàn)為信貸融資市場(chǎng)本身的扭曲。 從理論上分析形成中小企業(yè)信貸市場(chǎng)扭曲的原因,并提出矯正這種扭曲的政策建議,對(duì)中小企業(yè)其他融資形式和融資市場(chǎng)的研究,也具有理論上的啟發(fā)意義。2.文獻(xiàn)輯要20 世紀(jì) 90 年代

49、中后期, 中小企業(yè)融資問題研究逐漸成為熱點(diǎn), 相關(guān)的理論、實(shí)證和政策文獻(xiàn)可謂汗牛充棟。就國內(nèi)外研究中小企業(yè)信貸融資問題的文獻(xiàn)來看, 西方學(xué)者 (主要是美國學(xué)者) 對(duì)中小企業(yè)融資及其與銀行結(jié)構(gòu)關(guān)系的研究傾注了極大的熱情, 文獻(xiàn)頗豐。 他們的研究涵蓋了諸多方面, 如銀行在中小企業(yè)融資中的作用、銀行信貸配給理論、銀行規(guī)模與中小企業(yè)借貸的關(guān)系及相互影響、銀行并購與集中對(duì)中小企業(yè)融資的沖擊、 信息處理與中小企業(yè)關(guān)系型信貸等。 其中與本文相關(guān)的國外學(xué)者及其著作主要有: Stiglitz, J, E., Weiss, A.,1981, “Credit Rationing in Markets with Im

50、perfect Information”; Strahan, P.E., Weston, J., P, 1998, “Small Business Lending and the Changing Structure of the Banking Industry”; Meyer, L.,H., 1998, “The Present and Future Roles of Banks in Small Business Finance”; Berger, A.,N., Saunders, A., Scalise, J.,M, Udell, G.,F., 1998, “The Effects o

51、f Mergers and Acquisitions on Small Business Lending”; Peek, J., Rosengren, E., 1998, “Bank Consolidation and Small Business Lending: Its not Just Bank Size That Matters” Journal of Banking and Finance 22 ( 1998 ) 討論中小企業(yè)融資問題的專題系列文章; 和 Journal of Financial Intermediation2000 年第 9 期對(duì)關(guān)系信貸( Lending Rela

52、tionship )進(jìn)行專題討論的系列文章等。2另有 等。西方學(xué)者的研究成果多從實(shí)證角度出發(fā), 運(yùn)用大量的數(shù)據(jù)和回歸方法做經(jīng)驗(yàn)分析。 他們普遍認(rèn)為銀行在中小企業(yè)融資中發(fā)揮著主導(dǎo)作用, 但由于信息不對(duì)稱和不透明, 中小企業(yè)往往成為銀行信貸配給的首選對(duì)象。 Stigliz 和 Weiss ( 1981)對(duì)不完全信息下逆向選擇能導(dǎo)致長期均衡現(xiàn)象存在的信貸配給作了經(jīng)典的證明。Strahan 和 Weston ( 1998)著重研究了銀行規(guī)模、銀行合并與中小企業(yè)融資之間的關(guān)系, 認(rèn)為隨著銀行規(guī)模和復(fù)雜性的遞增, 向中小企業(yè)貸款會(huì)出現(xiàn)組織不經(jīng)濟(jì),但銀行多樣化會(huì)抵消這種效應(yīng)。 Peek , Rosengren 和 Berger ( 1996通過對(duì)英國和美國銀行業(yè)整合的實(shí)證研究探討了銀行業(yè)集中對(duì)中小企業(yè)融資的沖擊, 研究表明大銀行合并后中小企業(yè)的貸款比合并前減少了, 而小銀行之間的合并使中小企業(yè)得到的貸款增加。 Berger , Petersen ( 1998 ) 等學(xué)者圍繞銀行信息處理問題提出了小銀行提供關(guān)系型信貸的優(yōu)勢(shì)假說等。 以上學(xué)者的研究成果是本文研究的理論基礎(chǔ),其分析方法尤其值得本文借鑒。?論述發(fā)展中國家中小企業(yè)信貸融資問題的文獻(xiàn)