摘要
解决中小微企业面临的融资难题是我国金融供给侧结构性改革的重点内容之一。本文基于对立统一规律,分析了中小微企业"麦克米伦缺口"融资难题的基本矛盾,认为我国信托业具有破解"麦克米伦缺口"的功能优势。研究表明,经过十多年的实践,信托公司化解中小微企业"麦克米伦缺口"融资难题的操作模式已比较成熟。可通过对接数家中小微企业的融资模式,以打包的方式扩大融资规模,降低交易费用;通过"优先/劣后"的结构化设计,将中小微企业筛选与管理机构作为投资顾问引入交易,降低风险;通过金融科技赋能模式,化解中小微企业信息不对称的劣势,提高信托公司开展普惠金融服务的可持续性。
To solve the financing problems faced by small and medium-sized enterprises is one of the key contents of China’s financial supply side structural reform,and inclusive finance is the shared development concept leading China’s financial supply side reform.Based on the law of unity of opposites,this paper analyzes the basic contradiction of the financing problem of"Macmillan gap"of small and medium-sized micro enterprises,that is,the contradiction between market and public.The policy gives the trust industry of our country the functional advantage to solve the"McMillan gap".The research shows that,after more than ten years of practice,the operation mode of trust company to solve the financing problem of"Macmillan gap"of small and medium-sized micro enterprises has been relatively mature.The specific business models include:expanding the financing scale and reducing the transaction cost by docking the financing models of several small and medium-sized micro enterprises;introducing the small and medium-sized micro enterprise screening and management institutions as investment consultants through the"priority/inferior"structural design to reduce the risk;resolving the disadvantage of information asymmetry of small and medium-sized micro enterprises through the financial technology enabling model to improve the sustainability of inclusive financial services provided by trust companies.
作者
李将军
范文祥
LI Jiang-jun;FAN Wen-xiang(Beijing University of Civil Engineering and Architecture,Beijing 100044,China;State Information Center Guoxin Youe Data Co.,Ltd.,Beijing 100070,China)
出处
《技术经济与管理研究》
北大核心
2020年第7期57-61,共5页
Journal of Technical Economics & Management
基金
2017年北京建筑大学科学研究基金项目(ZF17048)
2018年北京建筑大学市属高校基本科研业务费项目(X18040
X18053)
关键词
普惠金融
信托公司
金融排斥
融资难题
Inclusive finance
Trust company
Financial exclusion
Financing problems
