风险缺口、市场化机制与融资可得性--金融支持民营小微企业长效机制构建研究  

Risk Gap, Marketization Mechanism and Financing Availability: A Study on the Long-term Approach of Financial Support for Private-Owned and Small or Micro Enterprises

作　　者：张全兴 李巧琴[1] 金小平[1] 余霞民[1] 

机构地区：[1]中国人民银行宁波市中心支行,浙江宁波315040

出　　处：《浙江金融》2020年第5期3-14,共12页Zhejiang Finance

摘　　要：2018年以来,为有效缓解民营小微企业的融资难和融资贵问题,国家从货币信贷、财政税收、金融监管、信用担保体系建设等方面出台了一系列支持政策,并且取得积极成效。本文在对前期支持民营小微企业政策效果评估的基础上,提出银行风险偏好和企业风险水平之间的差异,即融资风险缺口是影响企业融资可得性的根本原因,并从宏观、银行、企业等层面实证分析了影响融资风险缺口的主要因素。在研究结论的基础上,本文基于市场化机制提出了系统构建金融服务民营小微企业长效机制的政策建议。Since 2018, a series of policies, including monetary credit, fiscal benefit, tax allowance, financial supervision and credit guarantee system, have been conducted effectively by regulation authorities in China to enhance the financing availability and to reduce the financing cost of privateowned and small or micro enterprises. This study presents a review on the existing financing policy of private-owned and small or micro enterprises, then proposes the difference between banks’ risk appetite and enterprises’ risk taking, concluding that the risk gap is the fundamental reason that affects the financing availability of policy of private-owned and small or micro enterprises. In addition, determinants and factors from macro-level, bank-level and firm-level contributing to the risk gap is tested empirically. This study has important policy implications. Policy considerations and recommendations on marketization mechanism are also provided to support the long-term approach of financial services for private-owned and small or micro enterprises.

关 键 词：风险缺口 民营小微企业 市场化机制 融资可得性 

分 类 号：F832.2[经济管理—金融学]