民间金融弥补“麦克米伦缺口”的有效路径  

The Effective Path of Informal Finance Making up for the Macmillan Gap

作　　者：李阳[1] 胡文博[2] 井丽巍[3] 高华兴 

机构地区：[1]吉林财经大学会计学院,吉林长春130117 [2]东北师范大学,吉林长春130000 [3]吉林省科学技术信息研究所,吉林长春130000 [4]吉林大学电子科学与工程学院,吉林长春130012

出　　处：《税务与经济》2017年第1期61-67,共7页Taxation and Economy

基　　金：教育部人文社会科学研究项目"民间金融对接‘麦克米伦缺口’的法金融制度安排研究";教育部人文社会科学研究项目(项目编号:15YJC790050)资助;吉林省科技发展计划项目"吉林省民间资本对接‘麦克米伦缺口’的制度安排及实现路径"的阶段性成果

摘　　要："麦克米伦缺口"是指中小企业在筹措长期资本时,由于信息不对称等原因存在融资缺口,需要政府采取措施进行治理。从中小企业的融资需求角度看,民间金融具有信息优势、担保优势及交易成本优势;从民间金融的投资需要角度看,中小企业是民间金融较好的投资对象,且发展民间金融市场已有相应的政策支持,因此,民间金融弥补"麦克米伦缺口"具有现实可行性。应从完善法制、差异化管理、配套建设等方面加强对民间金融的管理和规范,有效发挥其弥补"麦克米伦缺口"的作用。＂Macmillan Gap＂refers to a financing gap due to asymmetric information and other factors when SMEs raise long-term capital. The government should take measures to deal with this gap. From the perspective of financing needs of SMEs,the informal finance has many advantages with respect to information,guarantee and transaction cost. From the perspective of investment needs of informal finance,the SMEs are the better investment objects. And the development of informal financial market has obtained policy support. Therefore,it is feasible for informal finance to make up for the＂Macmillan Gap＂. It is necessary to strengthen the management and regulations of informal finance in terms of perfecting the legal system,differentiated management and supporting construction so as to give full play to the function of making up for ＂Macmillan gap＂.

关 键 词：民间金融 “麦克米伦缺口” 成因 治理 

分 类 号：F832.39[经济管理—金融学]