国内中小企业的融资问题已成为老大难问题，即使各方在大力推动，但最先受益的并不是小微企业，竟然是融资中介。日前在深圳举行的小微企业融资展上，除了急需资金的中小企业外，95%的咨询者是融资中介，其中包括一些小额贷款公司，来咨询银行的小企业信贷产品。据介绍，小额贷款公司充当融资中介的角色显得如鱼得水，但小额贷款公司收取的中介费亦不是小数目，据某小贷公司工作人员介绍，该公司成功介绍一笔银行贷款的手续费为贷款金额的1.5%。

Domestic small and medium-sized enterprise financing has become some long-standing problems,Even if the parties in vigorously promoting,But the first to benefit is not small micro enterprise,Unexpectedly is financing intermediary.Recently held in shenzhen little micro enterprise financing on the exhibition,In addition to the small and medium-sized enterprises in urgent need of money outside,95% of the consultant is a financial intermediary,Including some petty loan company,To advisory bank small business credit products.According to introducing,Small loan companies act as financing intermediary role appear like a duck to water,But small loan companies charge of intermediary also not a small number,According to some small credit company staff is introduced,The company successfully introduced a bank loan commission for 1.5% of the loan amount.

　　目前随着异地城商行加快扩张，一线城市的银行数量持续膨胀，各家银行推出的小微企业信贷产品各式各样，但四处求贷的企业和银行之间缺少一座桥梁，导致很多企业不知道银行信贷产品。虽然，融资中介可以在四处求贷的企业和银行之间搭起一座桥梁，帮助企业找到能为其提供贷款的银行以及能为其解决融资难题的贷款产品，但另一方面，银行对于跟融资中介合作似乎兴趣不大。一银行界人士表示，如果融资中介为获得企业支付的手续费，力促贷款发放而不惜采取各种方式来达到目的，甚至帮助企业骗取贷款，则会加大银行信贷风险。

At present with the different city firm to speed up the expansion,A line of the continuous expansion of city bank number,Banks launched small micro enterprise credit products of all kinds,But around for credit enterprise and bank lack of a bridge between,Lead to many enterprises don't know bank credit products.although,Financing intermediary can ask around credit enterprise and bank build a bridge between,To help enterprise find the can to provide loans to Banks and can solve the financing problem loan products,But on the other hand,Bank with financing intermediary cooperation seems not so interested in.A bankers said,If the financing intermediary to obtain enterprise pay commission,Urged loans to take all kinds of ways to achieve,Even help enterprises to cheat loan,Will increase the bank credit risk.

　　这种现象突出地表现了当前中国小微企业融资的现实困境。一方面中国在大力发展小额信贷，除了福利性和公益性小额信贷外，完全商业性的小额信贷却陷入融资中介的尴尬角色。按理说，小额信贷公司来自基层，比银行更熟悉小微企业，应成为小微企业融资的首选。但深圳小微企业融资展上表现出来的情况足以说明，小额信贷公司的本来作用已渐渐异化。另一方面，多数银行都在探索“小贷工厂”模式，但又无法和广大基层的小微企业很好对接。

This kind of phenomenon outstanding displays the current China small micro enterprise financing dilemma.On the one hand China in developing microfinance,In addition to welfare and public welfare microfinance outside,Complete commercial microfinance are in financing intermediary awkward role.By rights,Microfinance companies from the grassroots,More familiar than bank small micro enterprise,Should be the first choice of small micro enterprise financing.But shenzhen small micro enterprise financing on the exhibition show enough to explain situation,Microfinance company's original role has been gradually alienated.On the other hand,Most Banks are all exploring"Small credit factory"mode,But he couldn't and the vast majority of grassroots small micro enterprise is very good butt.

　　在笔者看来，出现这种现象的根源还是我国普惠金融的基础建设不到位。改革中小微企业和弱势群体融资难需要一整套的机制和体制改革，但在当前现实约束下，可以从以下几点做起。

In the author looks,The phenomenon's root or our country pratt &whitney financial infrastructure is not in place.Reform of the small and medium-sized enterprise and micro disadvantaged group financing difficult need a set of mechanism and system reform,But in the current reality constraints,From the start the following points.

　　首先，在观念和政策上重视推动普惠金融。普惠金融的核心，“就是让每一个人都能在有金融需求时，能以合适的价格及时地、有尊严地享受方便的、高质量的金融服务”。普惠金融不仅是包括低收入和贫困人群，而是包括所有人的金融普惠服务。理论上说，普惠金融体系包括所有的正规金融机构，还有一些非政府组织、小额贷款公司等各类金融机构。但由于中小、微型企业及弱势群体的金融获得性相对更难，因此一般而言，普惠金融体系又以小额信贷为主。

First of all,In the idea and policy importance to promote financial pratt &whitney.Pratt &whitney financial core,"Is to let every one can in a financial needs,To the right price in time/With dignity and enjoy convenient/High quality financial services".Pratt &whitney financial is not only including the low income and poor people,But including all financial pratt &whitney service.In theory,Pratt &whitney financial system includes all the formal financial institutions,There are some ngos/Small loan companies and other kinds of financial institutions.But due to the small and medium-sized/Miniature enterprise and the vulnerable financial acquired relatively more difficult,So in general,Pratt &whitney financial system and to microfinance is given priority to.

　　普惠金融的一个要点就是，以合理的价格提供金融服务。这点对于小额信贷公司而言，就是要财务上可持续，能够循环运转。出现小额贷款公司中介化，一方面是由于小额信贷成本过高，造成贷款企业成本负担重，虽然可能比高利贷成本低，但在经济下行环境下，仍让很多企业无法承受。数据显示，小额贷款公司贷款综合成本一般高达25%以上，而银行贷款利率通常在10%以下，即使被银行认定为风险较高的贷款，贷款利率也在15%左右。因此出现小额信贷闲置与企业融资难并存。这就需要国家给予小额信用贷款以税收优惠和风险补偿，或者给小微企业一定的利息补贴，切实体现政府扶贫政策，实施小贷资金供需在合理价位的对接。

Pratt &whitney financial a key is,At a reasonable price to provide financial services.This credit for small companies,Is to financial sustainable,Can cycle operation.Appear small loan companies disintermediation,On the one hand, the high cost of microfinance,Cause loan enterprise cost a heavy burden,Although perhaps more than usury low cost,But in the economic descending environment,Still let a lot of enterprises cannot afford.Data display,Small loan company loans generally comprehensive cost as high as 25% above,And bank loan interest rate is usually below 10%,Even if the bank were identified as risky loans,Loan interest rate is about 15%.So there microfinance idle and enterprise financing difficult to coexist.This requires countries to give small credit loans to preferential tax and risk compensation,Or give small micro enterprise certain interest subsidy,Embody the government poverty alleviation policy,Implementation of small credit capital supply and demand in the reasonable price butt.

　　其次，由于小额信贷客户有大量的小额需求（如几千元、几万元），大银行服务成本太高，只有类似“社区银行”的小额信贷承担。但因受制于三条红线约束（不得变向吸收公众存款、不放大额贷款、不办理受贷），小额贷款往往面临资金不足问题。正如中国普惠金融建设的推动者、全国人大财经委员会副主任委员吴晓灵曾指出的，国家可以设立或鼓励大银行建立支持基金，成为小额贷款机构资金的供应者、业务的辅导者和规则的监督者，建立小额贷款资金批发与信贷零售的服务分工体系。这就是实现金融机构错位竞争、提升金融业整体竞争力的现实选择，将金融为实体经济服务真正落实到实处。

secondly,Due to the small credit customers have a lot of small demand(Like thousands of yuan/Tens of thousands of yuan),Big bank service cost is too high,Only similar"Community Banks"The microfinance bear.But because subject to three red line constraint(Shall not change to absorbing public savings/Don't put the big loans/Don't deal with by credit),Small loans often face fund shortage problem.As China pratt &whitney financial construction agents/The financial committee of the National People's Congress vice director of WuXiaoLing was pointed out,The state may establish or encourage Banks to establish support fund,Become a microfinance institutions capital provider/Business mentoring relationships and rules of the supervisor,Establish small loan funds wholesale and credit retail service division of labor system.This is the dislocation competition to realize financial institutions/Improve the financial industry competitiveness of realistic choice,Will financial service for the real economy really into practice.

　　最后，要加强信息化建设，建设供求双方的信息交流平台，促进企业和各类资金的信息沟通，减少交易成本。从上述融资展来看，除了小额贷款公司外，还有相当一部分是纯粹的资金掮客。由于信息不对称，加大了企业的财务成本，同时也加大了银行的风险。

finally,To strengthen the information construction,Construction supply and demand both sides platform for the exchange of information,Promote enterprise and all kinds of fund information communication,Reduce transaction cost.From the above financing exhibition to see,In addition to small loans outside the company,There are quite a part is pure money broker.Because of information asymmetry,Increase the enterprise financial cost,At the same time also increase the risk of the bank.

　　改善中国的小微金融环境需要一系列的配套改革，但上述三方面的基础建设是符合顶层制度设计趋势下的现实选择，一方面，促进小额贷款公司真正能发挥解决小微企业融资难问题，另一方面，促进银行的“小贷”业务不因信息不对称而缺乏“地气”。

To improve China's small micro financial environment requires a series of coordinated reforms,But the above three aspects of basic construction is accord with top system design trend of the realistic choice,On the one hand,Promote small loan companies can really play to solve small micro enterprise financing difficult problem,On the other hand,Promote bank"Small credit"Business is not because of asymmetric information and lack of"geo-gas".

　　（作者系宏观经济研究员，经济学博士）

(The author is macro economic researcher,Dr economics)