⊙宣 宇

⊙ xuan yu

　　真有些出乎意料，原本为了缓解中小企业的融资难而大力推出的措施，最先受益的并不是中小微企业，却是融资中介。稍早时候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。看情形，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却不是小数目。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，手续费为贷款金额的1.5%。

True some unexpected,Originally in order to alleviate the financing difficulties of small and medium enterprises to launch of the measures,The first benefit is not small and medium-sized micro enterprise,Is financing intermediary.When earlier 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.It depends,Small loan companies act as financing intermediary role appear like a duck to water,But small loan company collection of the charge is not a small number.According to some small credit company staff is introduced,The company successfully introduced a bank loan,Charges for 1.5% of the loan amount.

　　随着异地城商行加快扩张，目前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，但在四处求贷的企业与银行之间却缺少一座桥梁。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，但银行对于跟融资中介合作似乎兴趣不大。有银行界人士就表示，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，则可能加大银行信贷的风险。

Along with the different city firm to speed up the expansion,At present a line city number of Banks in continuous expansion,Banks launched small micro enterprise credit products of all kinds,But in all around for credit enterprise and between the Banks but the lack of a bridge.although,Financing intermediary can ask around credit enterprise and bank build a bridge between,To help enterprise find can provide the loan bank,And can solve the financing problem loan products,But the bank with financing intermediary cooperation seems not so interested in.Have 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,May increase the risk of bank credit.

　　笔者以为，这种现状突出地表现了当前中国小微企业融资的现实困境。一方面，我们在大力发展小额信贷，可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，理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地对接。

The author thought,This kind of present situation outstanding displays the current China small micro enterprise financing dilemma.On the one hand,We are developing microfinance,But 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 well butt.

　　追根究源，出现这种现象根本原因还在于我国普惠金融的基础建设不到位。改变中小企业、小微企业以及弱势群体的融资难困局，需要一整套的机制和体制改革。在当前现实约束下，可以从以下几点做起。

Breeders source,Appear this kind of phenomenon basic reason lies in our country pratt &whitney financial infrastructure is not in place.Change the small and medium-sized enterprise/Small micro enterprise and disadvantaged groups financing difficult predicament,Need a set of mechanism and system reform.In the current reality constraints,From the start the following points.

　　首先，在观念和政策上要推动普惠金融。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多次强调的那样，要建立中国的普惠金融体系。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，不是仅包括低收入和贫困人群，而是包括所有人的金融普惠服务。从理论上说，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。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 to boost pratt &whitney financial.As China pratt &whitney financial construction agents/The financial committee of the National People's Congress vice director of WuXiaoLing has repeatedly emphasized that,To build China's pratt &whitney financial system.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,Not only includes 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.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，能循环运转。眼下之所以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，仍让很多中小企业难以承受。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，利率也不过在15%左右。这是造成出现小额信贷闲置与企业融资难并存的关键因素。因此，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，切实体现扶贫力度。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.Now the reason that has 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 small and medium-sized enterprise hard to bear.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,Interest rates also but at around 15%.This is cause appear microfinance idle and enterprise financing difficult key factors coexist.therefore,The state is required to give a small credit loans to preferential tax and risk compensation,Or give small micro enterprise certain interest subsidy,Embody poverty relief.Implementation of small credit capital supply and demand in the reasonable price butt.

　　其次，从现实看，小额信贷客户有大量的小额需求（如几千、几万元等），也只有类似“社区银行”的小额信贷能承担。但因受制于三条红线约束（不得变相吸收公众存款；不放大额贷款；不办理受贷），小额贷款往往面临资金不足的问题。但正如吴晓灵委员曾指出的，政府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,realistically,Microfinance customers have a lot of small demand(Like thousands of/Tens of thousands of yuan, etc),Only similar"Community Banks"The small credit can take on.But because subject to three red line constraint(Not disguised absorbing public savings;Don't put the big loans;Don't deal with by credit),Small loans are often faced with the problems of insufficient funds.But as WuXiaoLing committee was pointed out,The government 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，看深圳融资展，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。为此，想促进企业和各类资金的信息沟通，减少交易成本，还需建设供求双方的信息交流平台，加强信息化建设。

finally,Look at the shenzhen exhibition of financing,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.therefore,Want to promote enterprise and all kinds of fund information communication,Reduce transaction cost,Still need to construction both supply and demand information exchange platform,To strengthen the information construction.

　　改善中国的金融环境，推动普惠金融，需要一系列配套改革。上述三方面的基础设施建设是符合顶层制度设计下的现实选择，既能促进小额贷款公司真正能发挥解决小微企业融资难问题的作用，又能尽力促进银行的“小贷”业务接“地气”。

To improve China's financial environment,Promote pratt &whitney financial,Need a series of coordinated reforms.The above three aspects of infrastructure construction is accord with top system design of the realistic choice,Not only can promote small loan companies can really play to solve small micro enterprise financing difficult problem role,And try our best to promote the bank"Small credit"Business joint"geo-gas".

　　（作者系经济学博士，宏观经济研究员）

(The author dr system economics,The macro economic researcher)