中小企业融资约束与金融支持研究外文文献翻译2015年译文3000多字

文献出处：Miller F G. The research on the financing restriction and policy-supporting [J]. The Journal of Law, Medicine & Ethics, 2015，26(3): 15-26.

原文

The research on the financing restriction and policy-supporting

Millers.

In the recent ten years, the development of economy of the countries worldwide has shown that the small- and medium-sized enterprises have played inactive role in promoting the sound development of the economy, enlarging the employment, fostering the advancement of the technology, developing the international trade and enhancing the vitality of the market. However, in the process of the development of the small- and medium-sized enterprises, they has-been restrained by the financing that has reined in the enlargement of production scale, promoting the technology level, developing new products and exploiting the new market. Because of the shortage of “Blood”, a lot of the small- andmedium-sized enterprises have been immersed in a vicious cycle, that is, they can’t get the funds for the operation and development with the bad performance of the operation, and in turn being short of sufficient funds leads to the lower benefits. The restraints of financing have a severe impact on the subsistence and development of the small- and medium-sized enterprises.

It is a problem that exits in the countries worldwide. It not only causes the sweeping concerns in the theoretical circles, but also the countries and the regional governments in the world actively explore the methods to solve it at the practical level.

Up to now, they have accumulated much precious experience. Among the developed countries, Japan has the most small- and medium-sized enterprises, ands the country that achieves most success in playing role in supporting the development of the small- and medium-sized enterprises. Especially, the finance r support for political considerations is most remarkable.

The countries and regions, for example, Japan, choose the finance support for political considerations as the core of policies towards small- and medium-sized

enterprises on the base of the following two aspects: on the one hand, the small-and medium-sized enterprises have been persecuted by the shortage of funds thatis the core problem. The reason is that most of the small- and medium-sizedenterprises set up and invested by the individual funds and the limited scale of the funds leads to the inherent shortage of the support of them funds. At the same time, the commercial banks refuse to provide the small- and medium-sized enterprises with small funds, big operational risks and high-cost of loan because of“asymmetry of the information” and “risks of morality”. In addition, the directfinancing needs an enterprise with good credit to guarantee, which also hinders the channel of the direct financing. For the above-mentioned factors, the small- andmedium-sized enterprises are facing the great loopholes of the financing. On the other hand, given the fundamental principles of the operations of the market economy, the government is very cautious about applying the economic or administrative mechanisms. Instead of too much direct intervene of the government, which spoils the efficiency of the operations of the market and hinders the equal competition among a variety of the economic main bodies, the government makes up for the loopholes of funds by instituting the finance system for the political considerations, which can not only minimize spoiling the efficiency of the market, but also better reflect the appropriate intervene of the government in the market economy and perfectly supply the necessary public products needed by the operations of the market economy. The experience is worthy of our study and reference. The article makes an attempt to analyze the reasons of restraints of the financing of the small- and medium-sized enterprises with the analysis method of supply and demand of the western economics and the related principles of the information economics, which puts emphasis on the study of the methods and experience in solving the problem, that is, restraints of the financing of the small-and medium-sized enterprises, and puts forward some inspirations for us.

First part mainly talks about the outline of the related theories of the small and medium-sized enterprises and restraints of the financing. In this part, firstly, it introduces the theories in the world of the economy. “Optimal Scale Theory” of

Stigler, “Optimum Scale Theory”and the demonstrations of the economists like Karlsson, Aacchus, Sarek, Grossman in the aspect of the advancement of the technology, the entrepreneurial spirit, the preference of the consumers ad the cost of the supervision, all of which show the rationality and inevitability of the existence of the small- and medium-sized enterprises. Then, “Loopholes of Finance” of the small- and medium-sized enterprises or the restraints of the financing can analyze in the supply and demand’s perspective and explain with the related theories of the information economics. In the supply and demand’s perspective, when there is an equal interest rate in the curve of the demand of the external financing and in the curve of the supply of the external financing, there is only an equilibrium, that is the balance between supply and demand. When it is affected by the restraints of the finance or the tightening of the loans, at that time the interest rate is severely controlled, there will have a big loophole of the financing. The information economics believe that the distributions of the information among the economic main bodies not symmetrical. The asymmetry of the information includes the asymmetry in advance and the ex-post asymmetry. In the credit market, the asymmetry in advance may lead to the converse choice of the bank and the ex-post asymmetry the risks of morality of the enterprise. All the above factors gear up the risks of the bank credit and have an impact on the indirect financing of the small- and medium-sized enterprises. In the western developed countries or regions, this is an effective way to solve the restraints of the financing of the small- and medium-sized enterprises is to develop the finance support system for the political considerations. It shows that the special functions of the finance support system for the political considerations by way of practice, which can make up for the function defects made by the market in the process of the allocation of the resources.

Second part mainly talks about the background, reasons of the formation of the restraints of the financing of the Japanese small- and medium-sized enterprises and the influence on the Japanese economic development. Firstly, it explains the following functions of the small- and medium-sized enterprises in the economic life in Japan. They recruit a lot of workforce to maintain the stability of the society.

As the foundation of the large-sized enterprises, they form the perfect economic and industrial chains. They also are the important force to meet the needs of the public in the social production. Moreover, they promote the development the export-oriented economy of Japan. Subsequently, it analyzes the reasons of the formation of the restraints of the financing in the different period of the economic development in the small- and medium-sized enterprises and it points out that the restraints have an bad impact on the growth of the economy, the enlargement of employment and the export.

Third part mainly talks about the structure of the finance support for political considerations of the small- and medium-sized enterprises. It explains that it has undergone the process of the development and the perfection and briefly introduces the finance institutions for poetical considerations provided by Japanese government such as Public Life Finance Treasury, Finance Treasury For Small-And Medium-Sized Enterprises and Central Finance Treasury For Commercial and Industrial Communication and credit guarantee of the small- and medium-sized enterprises and credit insurance system, which lays a solid foundation for further summarizing the experience in solving the restraints of the financing of the small-and medium-sized enterprises.

Fourth part mainly talks about the characteristics of the finance support for political considerations of the small- and medium-sized enterprises. It outlines that Japan institutes the finance support for political considerations of the small- and medium-sized enterprises, which shows the remarkable characteristics of institution after legislation. It forms their own system; the source of funds has their own specific characteristics, and financing for political considerations and commercial financing in the nongovernmental sector together institute the financing system of the small- and medium-sized enterprises. Application of the different ways is the effective one to solve the problem. The support of finance of the small- and medium-sized enterprises plays role in maintaining the effective competition of the industrial policies.

Fifth part mainly talks about we use the Japanese experience for reference when we build the finance support system of the small- and medium-sized enterprises in our country. It mainly analyzes the current situation of the financing of the small- and

medium-sized enterprises, the current situation of the building the finance support system of the small- and medium-sized enterprises and the common and special reasons of the restrains of financing of the small- and medium-sized enterprises in our country. With the Japanese experience for reference, we put forward the plans of building the finance support system of the small- and medium-sized enterprises.

In a word, if we want to change the disadvantageous status and solve the financing of the small- and medium-sized enterprises, we must depend on the sound service system of socialization of the small- and medium-sized enterprises. By way of practice, it shows that the institution of finance support system for political considerations can effectively solve the core problem that restrains the subsistence and development of the small- and medium-sized enterprises, that is, the restraints of the financing. But if you want to root out the problem, you not only develop finance support system for political considerations, but also institute the finance system that combines the finance for political considerations, the finance for commercial considerations with the finance for co-operative considerations. You must establish the harmonious mechanism between direct financing and indirect financing, enlarging the channel of direct financing and developing the multi-level capital market to make cooperate between the monetary market, capital market and insurance market, which together institute the financing system of small- and medium-sized enterprises.

译文

中小企业融资约束与金融支持研究

作者：米勒斯

近几十年来各国经济发展表明，中小企业在促进经济健康发展、扩大就业、促进技术进步、发展国际贸易、增强市场活力等方面，起到了十分积极的作用。然而，中小企业的发展进程却始终难以摆脱融资约束的桎梏，它制约着中小企业扩大生产规模、提高技术水平、开发新产品和开拓新市场。由于“血液”供应不足，不少中小企业陷入“由于经营绩效差，不能得到经营发展所需资金；由于缺

少资金支持，加重效益滑坡”的恶性循环。融资约束已严重影响到中小企业的生存和发展。

中小企业融资问题作为一个世界性难题，不仅在理论界引起广泛关注，而且世界各国和地区政府也纷纷从实践层面上积极探索解决这一问题的方法，至今已积累了许多宝贵的经验。在发达国家中，日本是中小企业数量最多的国家之一，也是政府发挥对中小企业扶持作用较为成功的国家，其中小企业政策性金融支持政策尤为引人注目。

日本等国家和地区选择政策性金融作为中小企业政策的核心，一般是基于以下两方面认识：一方面中小企业资金短缺是困扰中小企业发展的核心问题。形成这种状况的原因是，中小企业大多由私人资本投资设立，资本规模有限，导致中小企业资金供应的“先天不足”；同时，商业银行由于“信息不对称”和存在“道德风险”等原因，拒绝为需要资金规模小、经营风险大、放款成本高的中小企业提供贷款等融资服务，直接融资又需要企业有较高的信誉或担保，导致中小企业直接融资渠道受阻。由于这些因素的共同作用，中小企业发展面临的融资缺口巨大。另一方面，政府出于市场经济运行基本原则的尊重对其经济或行政手段的运用极为慎重。不能因为政府过多的、直接的干预，破坏市场运行效率，妨碍众多经济主体的平等竞争。而通过建立政策性金融体系对中小企业融资缺口进行弥补，可以将政府行为对市场效率的破坏降低到一个最低限度，又能较好地体现政府对市场经济运行的适当干预，恰到好处地为市场经济运行提供必需的公共产品。日本的这一经验值得我们研究和借鉴。

近几十年来各国经济发展表明，中小企业在促进经济健康发展、扩大就业、促进技术进步、发展国际贸易、增强市场活力等方面，起到了十分积极的作用。然而，中小企业的发展进程却始终难以摆脱融资约束的桎梏，它制约着中小企业扩大生产规模、提高技术水平、开发新产品和开拓新市场。由于“血液”供应不足，不少中小企业陷入“由于经营绩效差，不能得到经营发展所需资金；由于缺少资金支持，加重效益滑坡”的恶性循环。融资约束已严重影响到中小企业的生存和发展。本文试图运用西方经济学供求理论的分析方法和信息经济学的相关原理，对中小企业融资约束的成因进行理论分析，重点研究日本解决中小企业

融资约束问题的方法、经验，并提出对我们的启示。

本文的主体内容包括五部分：

第一部分，中小企业及其融资约束相关理论概略。在这部分中，首先介绍了中小企业在经济生活中大量存在的理论依据，无论是施蒂格勒的“最佳规模论”，“最适规模论”，还是卡尔松、阿科斯、萨瑞克、格罗斯曼等经济学家分别从技术进步、企业家精神、消费者偏好和监督成本等方面的论证，都说明中小企业存在的合理性与必然性。其次，中小企业的“金融缺口”或融资约束，既可从供求角度分析，也可用信息经济学的相关理论解释。从供求角度分析，中小企业对外融资的需求曲线与外部资金供给曲线在均衡利率时可以有唯一的均衡点，即供需平衡；而受金融抑制或信贷紧缩影响，当利率受到严格控制时，则会出现较大的融资缺口。信息经济学则认为，信息在经济主体之间的分布是不均匀的，存在信息不对称。信息不对称分为事前不对称和事后不对称。在信贷市场上，事前不对称导致银行的逆向选择，事后不对称导致企业的道德风险，这些因素综合作用使银行信贷风险增加，影响到中小企业的间接融资。西方发达国家或地区解决中小企业融资约束的一个有效方法便是发展政策性金融支持体系。实践证明，政策性金融支持体系的特殊作用，可有效弥补市场在进行资源配置过程中存在的功能缺陷。

中小企业融资问题作为一个世界性难题，不仅在理论界引起广泛关注，而且世界各国和地区政府也纷纷从实践层面上积极探索解决这一问题的方法，至今已积累了许多宝贵的经验。在发达国家中，日本是中小企业数量最多的国家之一，也是政府发挥对中小企业扶持作用较为成功的国家，其中小企业政策性金融支持政策尤为引人注目。

日本等国家和地区选择政策性金融作为中小企业政策的核心，一般是基于以下两方面认识：一方面中小企业资金短缺是困扰中小企业发展的核心问题。形成这种状况的原因是，中小企业大多由私人资本投资设立，资本规模有限，导致中小企业资金供应的“先天不足”；同时，商业银行由于“信息不对称”和存在“道德风险”等原因，拒绝为需要资金规模小、经营风险大、放款成本高的中小企业提供贷款等融资服务，直接融资又需要企业有较高的信誉或担保，导致中小企业直接融资渠道受阻。由于这些因素的共同作用，中小企业发展面临的融资缺口巨大。（完整译文请到百度文库）另一方面，政府出于市场经济运行基本原则的尊

重对其经济或行政手段的运用极为慎重。不能因为政府过多的、直接的干预，破坏市场运行效率，妨碍众多经济主体的平等竞争。而通过建立体系，而解决中小企业的融资问题，也有赖于建立和健全完善和金融支持体系。实践证明，建立政策性金融支持体系，可直接有效地解决制约中小企业生存和发展的核心问题——融资约束问题。但要从根本上解决这一问题，不仅需要发展政策性融资支持体系，更需要建设政策性金融与商业性金融、合作性金融有机结合的金融体系；要建立起间接融资与直接融资相互协调的机制，拓宽直接融资渠道，大力发展多层次的资本市场，使货币市场、资本市场和保险市场有机配合，共同构筑中小企业融资体系。

在发达国家中，日本是中小企业数量最多的国家之一，也是政府发挥对中小企业扶持作用较为成功的国家，其中小企业政策性金融支持政策尤为引人注目。日本多年来针对中小企业构建的体系完备的政策性金融支持体系非常值得我国研究与借鉴。本文在对中小企业融资约束成因进行理论分析的基础上，重点研究了日本中小企业的融资问题以及建设政策性金融支持体系的经验。日本采取由政府主办、先立法后组建的方法建设中小企业政策性金融支持体系，不仅有效地解决了中小企业的融资难题，极大地促进了中小企业的发展，而且还较好地体现了政府对市场经济运行的适当干预。

通过对日本中小企业政策性金融支持体系的研究，发现：

第一，政府主办、先立法后组建的政策性融资支持模式非常值得借鉴。日本是一个市场经济国家，但在中小企业政策性金融支持体系建设方面，国家却是积极地“有所为”的。中小企业风险高，贷款成本大，按市场竞争规律自发发展，其融资弱势地位将很难得到改善。由政府出资并按计划组建政策金融机构是纠正市场失灵并加速市场经济发展进程的客观要求。为了预防政府在纠正市场失灵的同时出现严重的政府失灵，先立法后组建不失为一个好办法。日本这种将政府的经济干预行为置于法律约束之下的做法是值得我们借鉴的。

第二，政策性金融与民间商业金融共同构筑了中小企业融资体系。正是卓有成效的政策性金融与积极活跃的民间金融共同构筑起日本的中小企业融资网络，依靠这一覆盖全国的网络，日本扶持中小企业的政策意图得以有效贯彻实施，日本放开民间金融的做法值得借鉴。