金融转轨中的流动资金贷款问题  

作　　者：姜建清 詹向阳 

机构地区：[1]中国工商银行,北京100032

出　　处：《金融研究》2005年第7期1-11,共11页Journal of Financial Research

摘　　要：流动资金紧张问题一直是困扰我国企业的难题,在新一轮宏观经济调控中,这一问题又凸显出来。面对这一情况,许多人简单地认为,只要增加企业的流动资金供应就足以解决问题,因而建议银行加大对企业的流动资金贷款投放。事实上,我国企业流动资金的紧张问题,不是仅仅依靠增加流动资金供应数量就能解决的,其背后隐藏着深刻的体制原因。在经济体制开始转轨后,企业流动资金供应由于财政的不堪重负,而不得不实行替代性金融政策,即“拨改贷”,由国家银行统管企业流动资金,并最终形成企业流动资金银行供给制。这种体制最为明显的弊端,就是与资金市场化改革方向相悖的资金财政化倾向。正是这一体制特征,使企业长期处在缺乏自有资金补充机制,以及错配流动资金等非正常状态,才导致企业不断出现流动资金短缺,及国家银行为了弥补短缺而大量贷款,并由此导致流动资金贷款的高不良率。因此,只有彻底改革企业的融资体制,才能从根本上消除企业流动资金紧张问题。For a long time the shortage of working capital has been a difficult problem for Chinese enterprises. Recently in the new round of macro-economic control and regulation, it looms large once again. Simply taking more working capital supplying as the prescription, many people suggest that commercial banks should provide more working capital loans to the enterprises. As a matter of fact, however, with some systematic reasons, more working capital loans itself cannot solve this problem. In the transitional period, to avoid the heavy burden of public finance, the substitutional policy of'banking loans in place of government appropriations' was carried out. Gradually it leads to a bank-supplying working capital system in which national banks are in charge of the working capital of enterprises. One of the most obvious features of this system is the treasury-oriented allocation of working capital, which runs against the reform of market-oriented capital allocation system. Because of this systematic feature, phenomena such as working capital misallocation can be seen frequently in the enterprises, which in turn results in the shortage of working capital, and high non-performing loan ratios in working capital loans for national banks. Therefore, the problem of working capital shortage can only be resolved with the overall reconstruction of the enterprise financial mechanism.

关 键 词：流动资金 替代性金融政策 流动资金贷款错配 贷款制度创新 

分 类 号：F832.4[经济管理—金融学]