如何通过财政金融协同支持中小企业融资——基于西部某沿边省份的调查研究  

How to Support SMEs' Financing Through Fiscal and Financial Coordination?--Based on a Field Study in a Western Border Province of China

作　　者：张明[1] 路先锋 张建勋 Zhang Ming;Lu Xianfeng;Zhang Jianxun

机构地区：[1]中国社会科学院金融研究所 [2]中国社会科学院大学应用经济学院 [3]新疆财经大学金融学院

出　　处：《经济学家》2025年第3期108-117,共10页Economist

基　　金：中国社会科学院新疆智库项目“新疆建设‘一带一路’核心区金融中心研究”(XJZK2025ZD006)。

摘　　要：本文通过对中国西部某沿边省份的实地调研,探讨了财政部门和金融部门在支持中小企业融资中面临的障碍。问卷调查显示,当前中小企业融资问题集中在征信服务、增信机制以及债券融资工具等方面。实地调研进一步发现,该省财政部门通过优化税费优惠、奖励补贴和政府采购等政策支持中小企业,而金融部门则借助普惠金融监管、结构性货币政策工具及创新金融产品提供支持。财政与金融部门还通过融资担保、风险补偿、政府采购订单融资以及政府引导基金等协同方式,一定程度上缓解了中小企业的融资难题。然而,该省仍面临一系列潜在风险和现实挑战。潜在风险包括财政对中央转移支付的依赖可能削弱财政金融协同效能、经济下行背景下普惠金融领域在稳增长与防风险之间的张力加剧,以及财政金融协同中存在的风险溢出效应。现实挑战则包括央行征信处罚力度偏重、新型抵质押品价值评估和交易的双重困难,以及受托支付机制限制了中小企业的灵活性。基于此,本文从优化财政部门执行、提升金融部门效率和促进两部门协调三个层面提出了具有可行性的实施方案。Through field research in a western border province of China,this paper discusses obstacles faced by fiscal and financial departments in supporting SMEs' financing.Questionnaire shows SMEs' financing problems center on credit reporting services,credit enhancement mechanisms and bond financing tools.Field research further revealed that the province's fiscal department supports SMEs by optimizing tax incentives,incentives and subsidies,and government procurement policies,while the financial department provides support through inclusive financial regulation,structural monetary policy tools and innovative financial products.The fiscal and financial departments have also eased the financing difficulties of SMEs to a certain extent through synergistic approaches such as financing guarantees,risk compensation,financing of government procurement orders and government-guided funds.However,the province still faces a series of potential risks and real challenges.Potential risks include fiscal dependence on centralized transfers that may weaken the effectiveness of fiscal-financial synergies,heightened tensions between growth stabilization and risk prevention in the area of inclusive finance in the context of the economic downturn,and risk spillover effects in fiscal-financial synergies.Realistic challenges,on the other hand,include heavy central bank credit penalties,dual difficulties in assessing the value of new types of collateral and trading,and fiduciary payment mechanisms that limit the flexibility of SMEs.Based on this,this paper proposes feasible implementation options at three levels:optimizing the execution of the fiscal department,enhancing the efficiency of the financial department and promoting coordination between the two sectors.

关 键 词：财政部门 金融部门 协调搭配 中小企业融资 调查研究 

分 类 号：F727[经济管理—产业经济]