王小广

WangXiaoGuang

　　中小企业融资困难是一直以来媒体关注的热点。导致我国中小企业融资困难的原因不外乎有三层原因。

Small and medium-sized enterprise financing difficulty is always the focus of media attention。Cause our country small and medium-sized enterprise financing difficult for no better reason than there are three layer reason。

　　首先，我国长期性宏观经济政策取向是不利于中小企业融资的。主要问题是宏观经济政策采取增长优先导向，而不是就业优先导向。有人说增长优先就是就业优先，我们保增长就是保就业，这看起来是有道理的，实际上两者矛盾非常大。

First of all，Our country long-term macroeconomic policy orientation, is not conducive to the financing of small and medium enterprises。The main problem is that the macro economic policy take growth priority guide，Rather than employment preferred orientation。Someone says growth priority is the priority of employment，We are responsible to growth is the employment，It seems to be reasonable，In fact the contradiction is very large。

　　在重化工业阶段及增长主要是靠投资而不是消费的环境下，保增长一般是保投资，而现在的高投资增长创造的就业却较低，增长优先就是投资优先、大项目优先、大企业优先。

In the heavy chemical industry stage and growth was mainly depend on investment rather than consumption environment，The general is the investment growth，And now high investment growth create employment is lower，Growth priority is investment priorities、Large project priority、Big enterprise priority。

　　而就业优先的宏观经济政策完全不同，保增长是“适度”的保，主要是保就业的稳定，而就业的主渠道是中小企业，是服务业，是民营企业。因此，在全球金融危机环境下，更多的是要鼓励、支持中小企业、民企、服务业的发展。

But the employment prior macro economic policy completely different，The growth is“moderate”'s，Mainly is the stability of employment，And the main channel of employment is the medium and small enterprises，Is service，Is private enterprise。therefore，In the global financial crisis under the environment，More is to encourage、Support small and medium-sized enterprise、corporation、The development of service industry。

　　第二个原因即金融体制问题。由于中小企业效率较低、信用不足、抗风险能力弱等原因，各国的金融机构从成本、风险、收益等方面考虑，都更偏向于给大型企业融资，导致中小企业融资不足。

The second reason is the financial system。Due to the small and medium-sized enterprise low efficiency、Credit deficiency、The risk resistance ability of the weak wait for a reason，National financial institutions from cost、risk、Profits into consideration，All the more deviation in large enterprise financing，Lead to lack of financing of small and medium enterprises。

　　我国缺乏一套有效的制度安排来支持中小企业的融资。中小企业发展在融资上有天然的劣势。在重化工业化阶段，如果不予以特别的体制或政策安排，融资问题会越来越突出。现在全国各地成立了大大小小数量很多的商业银行，但他们与国有大企业在提供贷款和其他金融服务上完全同构，没有分工。

Our country lacks a set of effective institutional arrangements to support the small and medium-sized enterprise financing。The development of small and medium-sized enterprises in financing has natural disadvantages。In the heavy industrialization stage，If not be special system or policy arrangement，Financing problem will be more and more prominent。Now all over the country set up greatly small quantity a lot of commercial Banks，But they and the state-owned big enterprise in providing loans and other financial services completely isomorphism，No division of labor。

　　如民生银行(600016,股吧)成立之初说主要是为中小企业开展融资服务，但其实早就变了，为大客户服务才是他们的宗旨。巨大的存贷款利率差(金融过度管制的结果)和房地产融资的高回报使全国的各类银行日子非常好过。因之，无法形成金融的分工，中小企业融资主要靠民间借贷完成，正常的金融机构不愿介入。

If the people's livelihood bank(600016,guba)At the beginning of its establishment said primarily for small and medium enterprises financing service，But actually would have changed，For large customer service is their purpose。Huge loan interest(Financial excessive control results)And real estate financing high returns to the national various bank days very better。interfering，Can't form financial division of labor，Small and medium-sized enterprise financing mainly by private lending finish，The normal financial institutions is not willing to intervention。

　　第三层的原因是利率政策的扭曲。正是低利率政策导致中小企业融资异常困难。在一个很大的负利率下，企业对资金贷款的需求被无限放大。贷款总量好比一个“池子”，由于存贷款利率过低意味着贷款将占大便宜，池子里的“水”全被大企业、国企(包括房地产商，今年以来房地产企业的资金来源仍保持20%左右的增长，很充足，房价怎么可能跌呢)吸光，中小企业通过正常的渠道无法得到一分贷款。

The third reason is the distortion of the interest rate policy。It is low interest rate policy leads to small and medium-sized enterprise financing difficult。In a big budget next，The enterprise to the demand of capital loans to be magnified indefinitely。The loan amount is like a“pool”，Due to the low interest rate loan means will account for a great one，A pool“water”Are all big enterprise、State-owned enterprises(Including real estate business，Since this year the real estate enterprise funds remain around 20% growth，good，How could house prices fall)absorption，Small and medium-sized enterprises through normal channels can't get a loan points。

　　而在往常，由于利率接近市场均衡利率(实际利率为零或小的正值)，这池水并没用完，还剩下两至三成，可供中小企业使用。即在人为把利率压得过低(负利率值很高)的情况下，中小企业融资在两方面“断流”。一方面，正常贷款“水”被取光，低成本的贷款一分也得不到。

In usual，Since the interest rate is close to market equilibrium interest rate(The actual interest rate of zero or small value)，This pool water and useless over，The remaining two to thirty percent，For small and medium-sized enterprises to use。That is the rate for pressure too low(Firmly negative value is very high)Under the condition of the，Small and medium-sized enterprise financing in two aspects“stop”。On the one hand，Normal loan“water”Light is taken，Low cost loans also can not get a point。

　　另一方面，因为少了20%至30%的正常贷款渠道，大量的中小企业只好将贷款需求向民间借贷转移，于是导致民间借贷成本大幅上升。在正常情况下，管方贷款利率为6%至7%，民间贷款利率为15%左右，而此时，民间借贷利率却陡升到30%以上，结果，中小企业不是贷不到款，而是贷款成本过高而不敢贷、不能贷。

On the other hand，Because less 20% to 30% of the normal loan channel，A large number of small and medium-sized enterprise loan demand had to folk loan transfer，Then lead to folk borrowing costs have risen sharply。In normal circumstances，Tube side loan interest rate is 6% to 7%，Folk loan interest rate is about 15%，the，Folk borrowing rate is high to more than 30%，The results，Small and medium-sized enterprise is not borrow less than money，But the high cost of loans to credit、Can't borrow。

　　澳大利亚资源繁荣是否见顶

Australia resources whether prosperity peaked

　　徐海静

XuHaiJing

　　澳大利亚资源行业近来阴云密布：世界最大矿业企业必和必拓公司决定无限期搁置价值287亿澳元(300亿美元)的扩建奥林匹克坝矿场计划；伍德赛斯石油公司推迟价值400亿澳元的布劳斯盆地天然气项目；壳牌公司推迟其170亿美元在澳投资计划中的部分项目……

Australia's resources industry recently overcast：The world's largest mining enterprise BHP billiton decided to put on hold indefinitely $28.7 billion(30 billion dollars)The expansion of the Olympic dam field plan；Wood Seth oil companies delay value of $40 billion bloss basin gas project；Royal Dutch shell to postpone its $17 billion investment plan in Australia in the part of the project...

　　澳大利亚矿产资源委员会执行官米奇·胡克说，在竞争激烈的煤炭、铜、镍市场上，一多半澳大利亚矿企的成本已高于全球平均水平，这归咎于不断上涨的人工、能源、交通成本，以及坚挺的澳元汇率。他说，在国际市场上，澳大利亚企业竞争力下降得很明显。

Australia's mineral resources committee executive mitch hooker said，In the fierce competition in the coal、copper、Nickel market，More than half the cost of Australian ore enterprises is higher than the global average，This is blamed on rising artificial、energy、Traffic cost，And the strong Australian dollars exchange rate。He said，In the international market，Australia enterprise competitiveness down very obvious。

　　从外部看，欧洲主权债务危机久拖不决，美国经济复苏乏力，亚洲经济体经济下行压力加大，都拖累了大宗商品价格。以铁矿石为例，其价格已跌至每吨104美元，是2009年12月以来的最低水平。煤炭的价格也从每吨120美元跌到了目前的85美元。

From the outside to see，European sovereign debt crisis dragged on，The United States economic recovery lack of power，Asian economies economic downward pressure increasing，Have to drag down the commodity prices。To iron ore for example，Its price has fallen to $104 per ton，Since December 2009 is the minimum level。Coal prices from $120 per ton fell $85 now。

　　难怪能源部长马丁·弗格森23日宣布，澳大利亚的矿业繁荣已经见顶。

It is no wonder that energy minister Martin sir alex ferguson 23 announced，Australia's mining boom has peaked。

　　但是果真如此吗？弗格森话一出口，立刻引发质疑。不但本党党首、总理吉拉德出面“控制损失”，声言对资源行业的乐观，更是连忙出来澄清，所谓见顶是指商品价格见顶，而不是整个行业见顶。

But if so？Sir alex ferguson said export，Immediately trigger question。Renders not only getting their、Prime minister gillard front“Loss control”，Claim to resources industry optimistic，But also hurriedly out clarification，The so-called see top is refers to the commodity prices peaked，Instead of the whole industry peaked。

　　根据资源和能源经济局最新一份统计，上述3个遭到搁置的项目压根儿不在名单之列。目前，名单上有98个高等级项目，总价值2600亿澳元。资源和能源经济局局长、澳大利亚国立大学经济学教授昆廷·格拉夫顿说，就投资而言，资源领域还没有见顶。

According to the resources and energy oversees a latest statistics，The above three were shelved project altogether not list。At present，The list has 98 high grade project，Total value of $260 billion。Resources and energy secretary for economic services、Australian national university economics professor quentin grafton said，In terms of investment is，Resources field have not peaked。

　　澳大利亚矿业分析专著《矿场》一书作者保罗·克利里分析认为，尽管矿石价格已经开始走下坡路，但澳大利亚各类矿产品的产量仍在不断增长，凭这一点就不能说矿业繁荣已经开始终结。格拉夫顿也说“按照我们的长期预期，到2050年大宗商品的产量将翻番。”

Australian mining analysis monographs《field》A book the author Paul kelly in that analysis，Although ore prices have already started to decline，But Australia all kinds of minerals output is still growing，By this point cannot say mining boom has begun to end。Grafton also said“According to our long-term expected，By 2050 commodity production will be doubled。”

　　昆士兰州最近一份研究报告指出，作为澳大利亚主要煤炭产地的昆士兰州，其煤炭产量将在这个十年增长3倍，出口运量将从去年的2.1亿吨增加到2020年的7亿吨。

Queensland a recent research report says，As Australia's main coal of Queensland，Its coal production will in this ten years growth 3 times，Export volume will increase from last year's 210 million tons to 2020 tons。

　　尽管必和必拓决定推迟西澳大利亚州主要铁矿石产区皮尔巴拉地区黑德兰港的扩建，但铁矿石年产量将超过4.2亿吨的趋势已无法阻挡。

Although BHP decided to postpone western Australia mainly iron ore region remote pilbara region port hedland expansion，But iron ore will have an annual capacity of more than 420 million tons of trend already can't stop。

　　最大的产量增长可能还是来自液化天然气，格拉夫顿预计液化天然气产量将在十年内增长4倍。这意味着液化天然气将成为除煤炭、铁矿石之外澳大利亚资源经济的第三个支柱。

The biggest production growth may still come from liquefied natural gas，Grafton expected liquefied natural gas output will in ten years growth 4 times。This means that the liquefied natural gas will be in addition to coal、Outside Australia iron ore resources economy and the third pillar。

　　保罗·克利里认为，即便商品价格下降50%，这些增加的产量仍将为澳大利亚带来大量资金，保持澳元的坚挺，并为澳大利亚赢得转变经济发展方式的时间。

Paul kelly thought，Even if commodity prices fell 50%，The increased production will bring a lot of money for Australia，Maintain the strength of Australian dollars，And for Australia win the transformation of the mode of economic development time。

　　（本栏目稿件只反映作者个人观点，不代表本报立场）

（This column contributions can only reflect the author's point of view，Do not represent the position）