中國中小企業融資現況及對策研究

Abstract

中國大陸自1978年施行對內改革、對外開放的政策迄今40年屆滿，民營經濟不僅從無到有，更到舉足輕重！截至2017年底，中國大陸全國中小微企業法人約2,800萬戶，個體工商戶超過6,500萬戶，合計占全部市場主體的比重超過90%；中小微企業貢獻了60%以上的GDP、50%以上的稅收以及80%的就業崗位；且完成了65%的發明專利和80%以上的新產品開發，是中國大陸經濟繼續推升、社會多元穩定發展、技術持續創新的關鍵要素！ 但是不容諱言的，中小企業如此重要的企業群體在發展的過程中，於資金融通方面並未得到來自政府或金融機構合適的扶持與協助，始終是中小企業經營的痛點。 2008年金融海嘯的衝擊下，中國政府以4萬億救市，然中國銀行業長期以來對中小企業的惜貸，以致中小企業還是一貸難求，面對人民幣升值、原材料與人工成本日益上升的挑戰，中小企業對資金需求的急迫感更是有增無減！ 礙於當前中國大陸中小企業自身素質仍有待改善、直接融資機制尚不完備、間接融資管道依然閉塞、財政扶持不到位等因素，中小企業融資難的問題必須由中國政府牽頭進行有系統的且長期的規劃，貫徹執行，才由可能短期治標、長期治本！ 本研究透過次級資料的蒐集，並參照實務中的觀察、從業經驗的歸納、結合學習心得，試圖從企業自身、金融服務與政府政策等維度找出問題癥結，並提出若干建議與可行方案，期能為中國大陸的中小企業融資難問題略盡綿薄。

The policy of reform and opening up in mainland China, firstly came out in 1978, has been implemented for 40 years, during which the private economy has flourished from scratch and now it plays a pivotal role! By the end of 2017, there were in mainland China about 28 million small, medium-sized, and micro enterprises (SMEs) and more than 65 million individual industrial and commercial households, accounting for more than 90% of all market entities; medium-sized and small enterprises contributed more than 60% of GDP and more than 50% of tax revenues and created 80% of jobs. SMEs contributed 65% of invention patents and more than 80% of new products, making them a key force of motivation for China's continual economic growth, stable social development, and sustainable technological innovation! However, it is indisputable that, in the process of development, SMEs, though an important category of enterprises in themselves, have not received from the government or financial institutions support and assistance commensurate with their important role. This is a source of grief for SMEs in their operation. To counter the impact of the financial tsunami in 2008, the Chinese government saved the market with RMB 4 trillion. However, the Chinese banking industry, having long been reluctant to finance SMEs, did not extend much financing to these enterprises. With the challenges brought about by escalations in raw materials and labor costs, SMEs are now all the more in need of funds! In view of the fact that Chinese SMEs need to improve their quality, the direct financing mechanism is still incomplete, the indirect financing channels are blocked, and financial support is not in place, the problem of financing difficulties faced by SMEs can only be solved, superciliously in the short term and fundamentally in the long term, when it is taken on by the government in its long-term plan and implementation! This paper, through the collection of secondary data, and with reference to the authors' observations in practice and by summarizing the authors' professional experience and taking into account their perception during study, attempts to locate the crux of the problem from the dimensions of the enterprises, of financial services, and of government policies. Some suggestions and advices are proposed in hopes of making some humble contribution to the solution to financing difficulties faced by SMEs in mainland China.