外文翻译---中国中小企业融资难和融资结构特点

外文翻译

F inancing Difficulties and Structural

文献标题

Characteristics of SMEs in China

作者Yanzhong Wang发表日期2004

出版社或

China & World Economy论文页码Vol. 12 No. 2, 2004期刊名称

英文原文

China’s reform and opening-up policy has created a good environment for the development of small- and medium-sized enterprises (SMEs), especially the burgeoning SMEs in the private sector. In the meantime, SMEs have been playing an important role in China’s economic reform and development and, to some extent, have become a growth engine in the

Chinese economy. However, SMEs are still facing many financial difficulties due to various reasons, such as lagging in the banking system, an inadequate financial structure, lack of a guarantee system, etc. This paper will analyze the structural roots of SMEs financing difficulties and put forward possible measures to mitigate such financing obstacles

Since China’s reform and opening up, the market-oriented reform of the country’seconomic system has gradually engendered labor and capital markets, which have promoted an organic combination of rich labor resources and increasingly expandedcapital resources. The development of SMEs, especially the sharp rise in non-stateownedand non-public-owned enterprises, have provided a vast space and permanent vehicle for this type of combination. Although the overall size of the state-owned economy is still increasing in terms of number of enterprises and developmentalpotential, non-state-owned SMEs have become a main part of the Chinese economy and played an increasingly important role in the national economy and social development.

With the rapid growth of the Chinese economy, many kinds of SMEs have been established and gradually developed. In 1980, the number of industrial enterprises at the level of collective township and village enterprises and above (excluding village and family enterprises), was about 377,300. Among them were 1,400 large enterprises, 3,400 medium enterprises and 372, 500 small enterprises, about 0.37, 0.90 and 98.73 percent of all firms respectively ( National Bureau of Statistics, 1981, p. 204). In the same year, China had 1.81 million commercial enterprises (including private businesses), more than 99 percent of which were SMEs. The number of individually owned enterprises was 686,000. The Chinese economy experienced rapid growth in the 1980s, and there was a tremendous boost in the number of SMEs. In 1990, the total number of industrial enterprises reached 7,957,800. The proportions of large, medium and small enterprises were 0.95, 2.27 and 96.78 percent respectively.1 The significant increase in the number of SMEs reflects the objective reality of its fast development at the time. Apart from an increase in industrial enterprises, the number of construction, commercial, food-and-beverage and service enterprises all increased by over 300 percent over 1980 (NBS, 1991, p. 16-17). In the 1990s, the Chinese economy maintained a trend of steady and rapid growth and the overall scale of the economy continued to expand. According to the new standards on the scale of industrial enterprises carried out in 1998, there were 7,864 large enterprises, 14, 371 medium enterprises and 139,798 small enterprises – about 4.85, 8.87 and 86.28 percent of all firms respectively (NBS, 2000, p. 412-413). Compared to figures from 1980 and 1990, while there was an increase

in the proportion of large and medium-sized enterprises, the proportion of small enterprises decreased by 10 percent. There were several reasons for this: (1) Large and medium-sized enterprises increased their scale after the structural adjustment, merge and acquisition; (2) With the improvement of the enterprise differentiation standard, a great number of SMEs could not be brought into the statistical category due to their small scale. The number of SMEs decreased (the statistics for the number of firms in 1999 was 38.9

percent of the 1990 figure) and, naturally, the proportion of large and medium-sized enterprises increased; (3) Since the mid-1990s, China has switched from a shortage economy to a buyer’s market. The expansion of the opening-up policy and the Asian economic crisis exposed Chinese enterprises to more ardent international competition. Due to the system reforms, the number of state-owned SMEs was cut down largely. Many non-state-owned SMEs also left the market for many reasons, including the pressures of environmental protection, capital difficulties, increased tax burden and fierce market competition. On the whole, it is already difficult to maintain the previous growth momentum in the number of SMEs as seen in the 1980s and 1990s. Since the late 1970s, the reform and opening-up policy and objective terms of the phase of economic take-off have provided a good external environment for the development of SMEs. Therefore, the increasing number and variety of emerging SMEs not only impelled the development of local and national economies, but also became an important indicator for a boost in the Chinese economy. Today, SMEs are getting stronger and continue to contribute to the development of

Chinese society and economy. They exert the same function as SMEs in other countries, which is mainly expressed by promoting employment, technological innovation, training of entrepreneurs, developing international economic relationships, accelerating market competition, maintaining economic vitality, and so on. Comparatively speaking, the special nature of Chinese SMEs manifests their specific influence on the transition of China’s economic system and social structure. For example, the development of non-public-owned SMEs not only changes the enterprise ownership structure, but also lays an important foundation in the process of developing China’s market economy. At present, the number

of non-public-owned Chinese enterprises far exceeds the number of state-owned firms. Excluding over 20 million individually-owned enterprises, the proportion of formally registered non-state-owned legal entities grew from 26.1 to 59.5 percent between 1996 and 2001 (Table

2). The proportion of non-state-owned enterprises also far surpassed state-owned ones. According to the statistics on industrial value-added output, in the first three months of 2003, the state-owned and collective economy fell to 30 percent, while the non-publicowned economy jumped to 70 percent.

Since China’s reform and opening up, SMEs have gradually enjoyed a healthy external environment for development. By reforming the system of a planned economy, the nation relaxed its limitations on the development of SMEs so that urban collective enterprises, township and village enterprises, individual businesses, private enterprises, foreign-funded enterprises and joint ventures could rapidly develop. Regarding the various forms of SME ownership, different development policies were adopted. For state-owned SMEs, from its efforts to “decentralize authority to release benefits” (fangquan rangli) in 1978 to “grasp the large and let go of the small” (zhuada fangxiao) adopted at the Third Plenary Session of the 14th Central Comm ittee in 1995, the government’s policy has focused on reforming the old system which did not adapt to the demand of a market economy. In the mid-1990s, China adopted the policy of “deregulation to render agile” (fangkai gaohuo) and privatization policy for small-sized state-owned enterprises. Many state-owned and collective SMEs reinforced their competitive activities through reform and “privatization”, which transformed the system of property rights and management. As for non-state-owned SMEs, China mainly adopted policies of relaxing policy restrictions, granting political acceptance and financial support, and gradually established a market environment of fair competition andSince the mid-1990s, developing SMEs has been an important strategy in China.

The Asian financial crisis of 1997 made the Chinese government and academic circles completely rethink the shortcomings of the simplistic strategy that relied on large enterprises. The government and its institutions came to

recognize the need to stress the development of SMEs. Later, a unified administrative framework for all types of SMEs began to take shape. Because of the successive governmental institution reform in 1998, some government departments of various industries were incorporated into

the State Economic and Trade Commission.2 At the same time, a SME department was established in the State Economic and Trade Commission, the highest-level comprehensive management department in charge of reform and development policy of SMEs. Since the trend for the township industry to transform into an urban one is growing, the management of the village and township industry will be gradually consolidated with urban management. Government departments at different levels gradually adopted some accommodating policies to begin building a specialized support service system. From 1999, the Ministry of Finance and other departments started to actively establish a SMEs loan guarantee system. By 2001, they published some laws and regulations, such as the Provisional Regulation of SME Credit Guarantee System and Management Methods of Credit Guarantees for SMEs.3 By the end of 2000, 30 provinces, municipalities and autonomous regions in China had opened pilot sites for

the SME credit-guarantee system, established more than 200 credit-guarantee institutions, raised a guarantee fund of 10 billion yuan, and put forth an important effort to improve the credit environment for SME development. The Ministry of Science and Technology provides 10 billion yuan per year to build venture capital funds for hitech enterprises. Shanghai established the Shanghai SMEs Service Center, which released 13.9 million yuan in credit to 11 SMEs from June to September 1998 (Yao Jun, 1999). The Shanghai Branch of the China Industrial and Commercial Bank set up SME credit departments and took 10 measures to support SMEs. By April 1999, it had shelledout about 300 million yuan in credit to SMEs.4

Throughout the reform process and especially in recent years, China has begun placing an emphasis on the issue of supporting SME development. But there are still many problems in the relevant policies. First of all, China lacks a long-term, systematic, unified and relatively independent SME development strategy and policy system. Second, the SME management system and relevant policies are inconsistent, and basic management is weak. Furthermore, since the design of the social service system is severely behind the times, the burden of taxation and quotas is heavy. Finally, without sufficient financial support for SMEs, difficulties in obtaining loans and raising funds will block SME development.

外文翻译

论文标题中国中小企业融资难和融资结构特点

作者王延忠发表时间2004年出版社或

中国与世界经济论文页码12期201-218页期刊名称

中文翻译

中国的改革开放政策为中小型企业（SMEs）创造了良好的发展环境，特别是中小企业的蓬勃发展私营部门。在此期间，中小企业在中国经济改革和发展过程中一直发挥着重要作用，并在一定程度上已成为在中国的经济增长的一个引擎。然而，中小企业仍然面临着许多经济困难，诸如滞后于银行体系发展，金融结构不健全，缺乏一个担保体系等等，本文将分析中小企业的融资结构根源困难，并提出可能的措施来减轻这种融资障碍。

由于中国的改革开放，在中国的市场化改革经济体制中逐步产生劳动力和资本市场，这促进了丰富的劳动力资源和日益增长的资本资源有机结合。中小企业的发展，尤其是那些正在快速增长的非国有和非公有制的企业，都提供了广阔的发展空间和长远的发展途径。非国有中小企业已经成为中国经济的主要组成部分，在国民经济和社会中发挥了越来越重要的作用，即便大型国有企业仍以数量和发展潜力的形式在增长。

随着中国经济的快速发展，很多种类的中小企业已经成立了并逐步发展。1980年，城乡的工业企业的数量（不包括乡村和家庭企业），约是37.73万家。其中有大型企业1400家，中小型企业3400家，372500家小型企业，其所占比例分别为为0.37%，0.90%和98.73%，（国家局统计，1981年，第204页）。同年，中国有181万家商业企业（包括民营企业），超过99%是中小型企业。个体私营企业数为686,000。中国经济经历了20世纪80年代的快速增长，这极大地推动了中小企业的数量。1990年，工业企业总数量达到795.78万家。大，中，小型企业的所占比例分别为0.95%，2.27%和96.78%,中小型企业数量大幅增加，客观反映了那个时代的快速发展。除了工业企业的增加，建筑，商业，食品和饮料，服务业企业都比上世纪80年代增加了3倍（国家统计局，1991年，第16-17页）。在上世纪90年代，中国经济保持了平稳快速增长趋势，经济的总体规模继续扩大。根据1998年新发布的工业企业的规模标准，我国共有7,864家大型企业，14371家中小型企业和139798 家小型企业，所占比例分别约为4.85%，8.87%和86.28%（国家统计局，2000年，第412-413页）。与1980年相比，1990年大型和中小型企业的比例增加，而小企业数量则是减少了10%。主

要有几个原因：（1）大中型企业的通过运用合并与收购等结构调整方式后增加了规模，（2）随着企业规模分化水平的不断提高，大多数中小型企业由于规模小可能不能纳入统计范畴。中小企业的数量减少了（统计显示，1999年企业数量占1990年的38.9%），而大，中型企业的比例增加了（3）自90年代中期，中国市场已经向为买方市场。随着改革政策的深入和亚洲金融危机爆发，中国企业也融入了激烈的国际竞争。由于体制的改革，国有中小企业的数目被砍掉了大部分。许多非国有中小型企业因为很多原因被淘汰，其原因包括对环保的压力，资金困难，税收负担的增加和激烈的市场竞争。就整体而言，中小型企业的数量已经很难维持20世纪80年代和90年代那样的增长势头。

自20世纪70年代末以来，改革开放政策为中小企业提供了良好的外部发展环境。因此，越来越多的中小企业和新兴企业不仅推动地方和国家经济发展，而且也为中国经济发展发挥一个非常重要的作用。今天，中小型企业继续为中国社会和经济发展作出贡献。他们像其他国家的中小企业一样发挥着相同的功能，这主要体现促进就业，技术创新，培训企业家，发展国际经济关系，加快市场自由竞争，保持经济活力等等。相对而言，我国中小企业还对中国的经济体制和社会结构的转型产生独特的影响。例如，非公有制中小企业不仅改变了企业所有制结构，而且还在中国市场经济发展过程中奠定了的重要基础。目前，非公有制企业的数量远远超过了国有企业的数量。除了20多万个体工商户，正式登记的非国有法人实体比例也从1996年的26.1%增至2001年的59.5%（表2）。非国有企业的比重也远远超过了国有的企业。根据对工业增加值输出的统计，2003年一季度，国有和集体经济下降到百分之三十，而在非公有经济跃升至百分之七十。

由于中国的改革开放，中小企业已逐步拥有了一个健康的外部发展环境。通过经济体制改革计划，中国放宽了对中小企业的发展的限制，使得城镇集体企业，乡镇企业，个体工商户，私营企业，外商投资企业和合资企业可以迅速发展。不同的中小企业的形式所有制有不同的发展政策。对于国有中小企业，从1978年的努“下放权力，释放福利”（方权让利），到1995年十四届三中全会通过的“抓大，放开小”，政府的政策重点是在改革没有适应市场经济的需求的旧的制度。在90年代中期，针对小型国有企业中国采取的政策是“放松管制"和私有化政策。许多国有和集体中小企业通过加快“私有化”改革，改变了他们的产权和管理制度。

对于非国有中小企业，中国主要采取了放宽限制的政策，为他们提供政治和财政支持，逐步建立了一个公平竞争环，平等合法的市场。中小企业，乡镇企业，个体民营企业在90年代中末期迅速发展，逐步提高他们在国民经济中的地位和作用。自90年代中期开始，大力发展中小型企业一直是中国的重要政策。1997年亚洲金融危机爆发后，中国政府和相关部门认识到简单化的策略的缺点是依赖大型企业。政府及相关部门逐渐认识到有必要加强中小企业的发展。之后，一个针对所

有类型的中小型企业的统一行政架构开始形成。1998年一系列政府针对中小企业发展的改革措施相继出台，一些与商业相关政府部门被合并成为了国家经济和贸易委员会，国家经济贸易委员会是制订管理中小企业改革和发展政策的最高级别综合管理部门。从1999年起，财政部及相关部门开始建立中小企业贷款担保体系。到2001年，他们出台了一些法律法规，如中小企业信用担保体系管理办法，中小企业信用担保和管理办法。到2000年底，30日个省，市，自治区，直辖市开设了中小企业信用担保试点体系，建立了200多个信用担保机构，提高了10亿元的担保基金，并努力改善中小企业发展的信用环境。国家科技部每年为高科技风险投资基金为企业提供100.0亿人民币。上海成立了上海中小企业服务中心，并在1998年6月至9月期间为11个中小企业发放了1,390万元贷款（姚峻，1999年）。中国工商银行上海分行成立中小企业银行信贷部门，出台了10项措施支持中小企业。至1999年4月，已为中小企业发放了它有大约3.0亿人民币的贷款。

通过近年来的改革措施，中国中小企业发展的问题也得到了重视和支持。但政策仍存在许多问题。首先，中国缺乏一个长远的，系统的，统一的和相对独立的中小企业发展战略和政策体系。其次，中小企业管理制度和相关政策不符，基础管理薄弱。此外，由于社会化服务体系的设计是严重落后于时代，税收负担比较重。最后，没有充分的金融支持，中小企业将很难获得贷款，筹集的资金。中小企业发展也因此会受阻。