编者提示：本文结合某地市实际，明确了该地金融创新应结合物流业来进行，通过物流金融发展物流业，继而充分发挥物流业在优化产业结构中的作用，实现产业结构的调整目标。

Editor hint:Combining with the actual place city,Clear the area of financial innovation should be combined with the logistics industry to carry out,Through the logistics financial development of the logistics industry,Then give full play to the logistics industry in the industrial structure optimization the role,To realize the industrial structure adjustment goal.

　　某市作为山西省资源型经济的典型代表面临着产业结构单一、层次低端的困境。纵观“十一五”期间某地市产业结构的演变轨迹，可以看出地方政府在制定产业政策时没有摆脱制造业为主的思维定式，对物流业虽有考虑但力度不够，导致5年间第三产业占比在震荡中下降。而物流业，尤其是现代物流业的发展对产业结构的调整起着重要作用，地方政府在制定产业政策时应逐步提高物流业的地位，借助现代物流业的发展塑造传导机制，实现地区产业结构的进一步转变升级。

City in Shanxi Province as a typical representative of the resource-based economy faced with single industrial structure/The plight of low level.The general"11th five-year plan"Somewhere during the city industrial structure development track,Can see that the local government to make industry policy did not get rid of the thinking formulary of industries,Although there are considered for logistics industry but is not strong enough,Lead to five years of the third industry than in shock drop in.And logistics industry,Especially the development of modern logistics industry to the readjustment of industrial structure plays an important role,The local government to make industry policy should gradually improve the status of logistics industry,With the development of modern logistics industry shaping transmission mechanism,To realize regional industrial structure upgrade further change.

　　“十一五”期间某地市产业结构调整中金融机构扮演了重要角色，不过应该看到某地市地区有着良好的经济基础，是金融机构大有可为的平台。金融机构在借助支持地方产业结构调整来发展自身方面还存在着很多改进空间。

"11th five-year plan"Somewhere during the city industrial structure adjustment of financial institutions play an important role,But should see a place city area has a good economic foundation,Is financial institutions have a brilliant future platform.Financial institutions with the aid of support local industrial structure adjustment to develop their own side there are a lot of room for improvement.

　　物流业的发展内生金融需求 The development of the logistics industry endogenous financial needs

　　物流业的发展内生金融需求，良好的金融发展水平又为物流业的发展提供更多机遇。传统的晋商贩运生意与票号业务，以及近年来愈发红火的物流金融不断表明物流与金融存在着不可分割的内在联系，二者共同发展，同时二者又互相补充，为各自发展创造机遇。物流对金融的促进作用表现在：物流的发展促进金融工具的创新，网络银行是现代物流出现后金融电子化的最新产物，同时基于物流业务的各种质押、保兑方式层出不穷；物流的发展推动金融制度创新，由物流发展推动网络金融发展，使得银行业、保险业、证券信托业的发展逐渐呈融合趋势，传统分业经营的边界越来越模糊，这正是金融制度创新的具体体现；物流发展推动金融监管创新，混业趋势与我国现行的分业监管不相一致，面对发展变化了的金融展业实际情况，如何加强风险管控是现代物流提出的新课题。物流业在不断发展的同时也需要金融部门的大力支持，金融对物流的促进作用主要表现在：金融发展对物流的保障作用，通过金融市场高效配置资金，可以为物流业的基础设施建设提供更多资金来源，金融渠道的畅通可以保证物流过程中产供销的有效衔接，金融工具和结算体系保障物流企业资金的正常周转；金融对物流的支持作用，现代物流力求满足不同批量、不同规格、不同地区的需求，当顾客来自各地时，如果相关金融服务没有延伸到各地，那物流企业的成本就会扩大，开拓市场的动力就会受阻；金融对物流的监督作用，金融机构为了保证资金安全，必然监督企业加强内部核算和风险管控能力，帮助企业实现“零”资金运营的科学营销。

The development of the logistics industry endogenous financial needs,Good financial development level and for the development of logistics industry to provide more opportunities.The traditional trafficking traders and business exchange business,In recent years, and more prosperous logistics financial constantly shows that logistics and financial there are inseparable inner link,Both common development,At the same time both mutually complementary with each other again,Create opportunities for their development.The logistics of financial role in performance:Logistics development to promote the innovation of the financial tools,The network bank is the modern logistics appears after the latest financial electronic product,At the same time based on the logistics business of all kinds of pledge/Confirming mode emerge in endlessly;To promote the development of the logistics financial system innovation,To promote the development of the logistics network financial development,Make banking/insurance/Securities trust industry development is gradually fusion trend,The traditional separate operation has become increasingly blurred border,This is the embodiment of financial system innovation;To promote the development of the logistics financial supervision innovation,Mixed trend and China's current supervised respectively are not consistent,In the face of the development and change of the financial presenting the actual situation,How to strengthen risk control is the modern logistics has proposed a new subject.In the development of the logistics industry and the financial sector need support,Financial in logistics of the major role in performance:Financial development on logistics role,Through the financial markets efficient allocation of capital,For logistics infrastructure construction to provide more capital source,Financial channels unblocked can guarantee the process of logistics ltd.is effective cohesion,Financial tools and settlement system security logistics enterprise capital normal turnover;Financial in logistics support effect,Modern logistics strive to meet different batch/Different specifications/The demand of different regions,When customers when from all over the world,If the relevant financial services did not extend to all over the country,The logistics enterprise cost will expand,To develop the market power will be hindered;Financial in logistics the supervision function,Financial institutions in order to ensure the safety of fund,Inevitable supervision enterprises to strengthen internal accounting and risk control ability,To help enterprises to realize"zero"Capital operation of scientific marketing.

　　良好的金融支持日益成为物流业发展的必要条件。如何更好地发挥金融对物流产业的支持需要了解物流产业的现状及金融支持中存在的问题，方能对症下药，达到目的。

Good financial support is increasingly becoming a necessary condition of the development of the logistics industry.How to give full play to the finance for logistics industry support need to understand the current situation of the logistics industry and the problems existing in the financial support,Can suit the remedy to the case,To achieve purpose.

　　金融支持物流业应量体裁衣 Financial support logistics should act according to actual circumstances

　　目前，金融支持物流业发展存在以下问题：

At present,Financial support for the development of logistics industry exist the following questions:

　　第一，物流业现状分析。从市场结构来看，某地市物流企业数量众多，有的企业，在细分的市场中寻找自己的市场定位，但物流企业规模化、集中度还有待提高。从市场行为分析来看，价格竞争与非价格竞争并存，价格竞争行为开始向非价格竞争行为转变。从市场绩效分析来看，物流业2009年、2010年的整体盈利能力较2008年有所下降，营业利润率下降的幅度较大。从资产负债率看，产业的偿债能力在不断优化。产业的偿债能力变差。从产业内部结构来看，中小企业经营过程中经常会有资金盈余并适当向下游企业提供信用。大企业利用规模优势逐步降低成本，技术进步以大企业为典型，中小企业则更加注重货物运输过程中的损毁情况，货损率呈降低趋势。

The first,Analysis of the status of logistics industry.See from market structure,Somewhere city logistics enterprise numerous,Some enterprises,In the subdivision market looking for their own market position,But the logistics enterprise scale/Concentration needs to be improved.From the market behavior analysis to see,Price competition and the non-price competition coexist,Price competition behavior began to nonprice competition behavior change.From the market performance analysis to see,The logistics industry in 2009/In 2010 the overall profitability decline of more than 2008 years,Business profitability dropped to a larger extent.See from the asset-liability ratio,Industry debt paying ability in the constant optimization.Industry debt paying ability variation.From the interior industrial structure to see,Small and medium-sized enterprise business process we often has the capital surplus and appropriate to the downstream enterprises to provide credit.Big enterprise use scale advantages gradually reduce the cost,Technical progress to big business for typical,Small and medium-sized enterprises are paying more attention to the transport of goods in the process of the damage situation,Cargo damage rate was reduced.

　　第二，金融支持物流中存在的问题。金融机构在支持大企业和小企业方面存在着不同的问题。大企业面临的最大困难是如何更有效率或者以更低的成本进行融资。而就目前某地市大银行情况看，由于央行紧缩货币供给，存款业务成为各银行激烈竞争的领域。基于存款业务的个人理财业务逐渐成为各大行经营重点。而受贷款权限和贷款额度的限制，各大行贷款积极性不高，近10年来贷款额度环比增长率总体呈下降趋势，贷款业务停留在事后监督层次，没有深入到企业主动为企业制订资金解决方案。

The second,The financial support of the problems existing in the logistics.Financial institutions in support of large and small enterprises exist different questions.Big enterprise biggest difficulty is how to more efficient or at lower cost financing.And the big Banks at a certain place city,Because central Banks to tighten monetary supply,Deposit business become Banks competitive field.Based on the deposit business of the personal financial management business gradually become each big line management key.And by loan authority and loans restrictions,Each big line loans enthusiasm is not high,In the past 10 years loans link growth rate declined overall,Loan business to stay in after monitoring level,Not delving into enterprise active for the enterprises to make capital solutions.

　　中小企业面临的主要问题有以下几方面：一是中小企业融资时的首选仍然是银行，致使第二梯队银行信贷资金供不应求，提高贷款标准的办法又使部分中小企业资金需求得不到满足。二是这类资金需求得不到满足的中小企业一般也不会轻易向新型金融机构或民间资本融资。三是融资平台欠缺，央行某地市分行2011年3月份召开的银企洽谈会上达成的贷款合同明显高出平时水平。可以看出银行供给与企业需求之间存在着结构性矛盾。四是融资工具利用不够，尽管本地金融市场能够提供的融资工具有中小企业集合债券、短期融资券、中期票据、中小企业集合票据等7种，但真正被中小企业利用的只有融资担保，融资租赁和中小企业集合债券鲜有利用。五是融资渠道窄，融资渠道只有银行。六是调查发现制约中小企业日常运营的首要因素是货物损失，市场上现有的保险产品不能满足物流企业的保险需求。

The main problems of small and medium-sized enterprises has the following several aspects:One is the small and medium-sized enterprise financing is still the first choice of bank,The second echelon bank credit capital demand exceeds supply,Improve the loan standard way and that part of the small and medium-sized enterprise capital needs are not being met.The second is this kind of capital needs are not being met of small and medium-sized enterprises generally will not easily to new financial institutions or private capital financing.The third is lack of financing platform,The central bank somewhere city branch in March 2011 at the fact on the fair a loan contract obviously higher than usual level.Can see that bank supply and the demand of the enterprises exist between structural contradictions.The fourth is financing tool use is not enough,Although the local financial market can provide financing tool have small and medium-sized enterprise set bond/Short-term financing bonds/Medium-term notes/Small and medium-sized enterprise set seven kinds of paper, etc,But the real was small and medium-sized enterprise use only financing guarantee,Financing lease and small and medium-sized enterprise set bond few use.Five is narrow financing channel,The financing channels only bank.The sixth is survey found that restrict small and medium-sized enterprise daily operation of the primary factor is the damage of the goods,The market of the existing insurance products can not meet the logistics enterprise insurance demand.

　　关注物流金融的潜力 Pay attention to logistics financial potential

　　未来一段时间是物流业充分发展的时期，针对某地市在金融支持物流业方面存在的不足可以做如下分析：

The next period of time is the logistics industry full development period,Somewhere in the city in the financial support for the deficiency of the logistics industry can do the analysis:

　　一是目前本地金融市场上初步形成了大银行与中小银行分工合作的局面。大银行应充分利用债券市场和银行间同业拆借市场，借助金融工具创新来应对信贷资金短缺的局面，应在个人理财基础上注意企业理财服务，真正意识到物流金融对银行未来发展的重要性。

One is the local financial markets initially formed big Banks and small and medium-sized Banks division of Labour cooperation situation.Big Banks should make full use of bond market and interbank loan market,With the aid of financial tool innovation to cope with the credit fund shortage situation,In personal finance should be based on pay attention to enterprise financing service,Really aware of the logistics financial to bank future development importance.

　　二是中小企业资金需求量大，而中小银行实力有限。作为地方金融市场的管理者，人民银行的分支机构应进一步完善中小企业信用档案建设，总结项目的经验教训，切实发挥该项目支持中小企业融资的积极作用。作为融资工具的提供商，各商业银行在实际经营过程中应融地方特色于一般化的融资工具中，贴近实际，真正推出适合企业特点，能为企业接受和熟练使用的融资工具和模式。各新型金融机构和民间资本市场是金融体系的有机组成部分，如何发挥它们的积极作用值得进一步研究。不过有一点可以肯定即规范化是新兴金融机构继续发展的前提。

The second is small and medium-sized enterprise capital demand big,And small and medium-sized bank limited strength.As a local financial market managers,The branches of the people's bank should further perfect the small and medium-sized enterprise credit archives construction,Summarizes the experiences and lessons of the project,To play this project support small and medium-sized enterprise financing positive role.As a financing tool providers,Various commercial bank in the actual operation process should melt local characteristics in the run of the mill financing tools,Close to actual,Real launch suitable for the characteristics of enterprise,For enterprises to accept and proficiency in the use of financing tools and mode.The new type of financial institutions and private capital market is the organic part of the financial system,How to play to their positive role is worth further study.However a point can be sure namely standardization is emerging financial institutions continue to the premise for development.

　　站在产业融合的角度上，物流金融应该是金融对某地市物流业的真正支持，也是金融有效参与地方产业结构调整的一个突破口。

Standing in the point of view of industrial integration on,The logistics finance should be financial to somewhere city logistics industry really support,Is financial effective to participate in the local industrial structure adjustment of a breakthrough.

　　（作者单位为中国人民银行太原中心支行）

(The author unit for the people's bank of China, taiyuan branch center)