中小企业融资力差异与融资制度创新次序  

On the Difference in Financing Ability of Mid-and-small Enterprises and Innovation Sequence of Financing Institution

作　　者：刘湘云[1] 杜金岷[1] 郑凌云[1] 

机构地区：[1]暨南大学金融系,广东广州510320

出　　处：《财经研究》2003年第8期53-57,共5页Journal of Finance and Economics

摘　　要：中小企业在现代经济中处于极其重要的地位,中小企业融资力弱是阻碍其进一步发展的瓶颈。中小企业融资力存在着地区性差异、产业性差异、规模性差异和所有制性质差异;这些差异对中小企业融资制度创新的逻辑顺序构成重要影响:首先,从内部因素上提升全体中小企业融资力的信息制度创新应放在首位;其次,创新成本较低的、由民营经济内生而来的、有利于削弱中小企业融资力的所有制性质差异的民间金融等内生性金融制度创新在融资制度创新次序中应排在前列;最后,创新成本较高的、有利于削弱中小企业融资力的地区性差异、产业性差异及规模性差异的外生性金融制度创新应放在融资次序的后端。当然,这种逻辑顺序实际上只是给出各层级融资制度创新的重要性大小,在实践中可随具体情况而进行相应调整。Midandsmall enterprises (SMEs) are of great importance in a modern economy,and the lack of their financing ability is the bottleneck of their further development.However,there are differences among the financing ability of SMEs considering region,industry,size and their ownership status,which have great effect on the sequence of SMEs' institutional innovation:first,innovation of informational institutions which improves financing ability of all SMEs internally should be ranked in the first place;second,priority should be given to such endogenous institutional innovation of finance as lowcost,the private financing system engendered in the private economy sector;finally,highcost,extrogenous institutional innovation of finance shoule be ranked in the last place.Of course,the foregoing sequence only explains the importance of different institutional innovation of finance at all levels,and it is not constant,but could be adjusted accordingly in practice.

关 键 词：中小企业 融资力差异 融资制度 创新次序 

分 类 号：F271[经济管理—企业管理] F276.3[经济管理—国民经济]