信息、风险、契约与中小企业融资

融资困难是我国广大中小企业的重大难题,已成为制约中小企业发展的瓶颈。本文在对中小企业存在的融资缺口(资本融资缺口和债务融资缺口)的现实状况进行分析的基础上,指出中小企业严重的信息非均衡所导致的银行信贷配给、风险等级不一致所要求的多样化的风险分担机制和融资策略及契约的不完善所导致的信用风险是产生融资缺口的根本原因。解决这一问题的关键是完善企业信息披露制度,健全信用担保体系和信用评级制度,建立高效率的金融市场,加快中小金融机构建设,充分利用非正式金融(民间资本),大力发展风险投资市场。

Information, Risk, Contract and the Small and Medium-Sized Enterprises Financing

Financing difficulty, the major problem of small and medium-sized enterprises in our country, has become the bottleneck restraining their development. This paper suggests that the financing breach is derived from the bank credit ration produced by the serious information asymmetry of small and medium-sized enterprises, diversified risk allocation mechanism and financing strategy produced by risk grade inconsistency, and credit risk produced by imperfect contacts. The key to solve the problem is to establish and perfect corporate information announcing system, credit collateral system and credit rating system; to set up efficient financial market, accelerate medium and small financial organizational construction, utilize nonofficial finance, and develop the venture capital market.