金融支持研究外文文献翻译2014年译文3200多字 - 复制

文献出处：Miller F G. The research on the financing restriction and policy-supporting

[J]. The Journal of Law, Medicine & Ethics, 2014，26(3): 15-26.

（声明：本译文归百度文库所有，完整译文请到百度文库。）

原文

The research on the financing restriction and policy-supporting

Millers.

In the recent ten years, the development of economy of the countries worldwide has shown that the small- and medium-sized enterprises have played inactive role in promoting the sound development of the economy, enlarging the employment, fostering the advancement of the technology, developing the international trade and enhancing the vitality of the market. However, in the process of the development of the small- and medium-sized enterprises, they has-been restrained by the financing that has reined in the enlargement of production scale, promoting the technology level, developing new products and exploiting thenew market. Because of the shortage of “Blood”, a lot of the small- andmedium-sized enterprises have been immersed in a vicious cycle, that is, they can’t get the funds for the operation and development with the bad performance of the operation, and in turn being short of sufficient funds leads to the lower benefits. The restraints of financing have a severe impact on the subsistence and development of the small- and medium-sized enterprises.

It is a problem that exits in the countries worldwide. It not only causes the sweeping concerns in the theoretical circles, but also the countries and the regional governments in the world actively explore the methods to solve it at the practical level.

Up to now, they have accumulated much precious experience. Among the developed countries, Japan has the most small- and medium-sized enterprises, ands the country that achieves most success in playing role in supporting the development of the small- and medium-sized enterprises. Especially, the finance r support for

political considerations is most remarkable.

The countries and regions, for example, Japan, choose the finance support for political considerations as the core of policies towards small- and medium-sized enterprises on the base of the following two aspects: on the one hand, the small-and medium-sized enterprises have been persecuted by the shortage of funds thatis the core problem. The reason is that most of the small- and medium-sizedenterprises set up and invested by the individual funds and the limited scale of the funds leads to the inherent shortage of the support of them funds. At the same time, the commercial banks refuse to provide the small- and medium-sized enterprises with small funds, big operational risks and high-cost of loan because of“asymmetry of the information” and “risks of morality”. In addition, the directfinancing needs an enterprise with good credit to guarantee, which also hinders the channel of the direct financing. For the above-mentioned factors, the small- andmedium-sized enterprises are facing the great loopholes of the financing. On the other hand, given the fundamental principles of the operations of the market economy, the government is very cautious about applying the economic or administrative mechanisms. Instead of too much direct intervene of the government, which spoils the efficiency of the operations of the market and hinders the equal competition among a variety of the economic main bodies, the government makes up for the loopholes of funds by instituting the finance system for the political considerations, which can not only minimize spoiling the efficiency of the market, but also better reflect the appropriate intervene of the government in the market economy and perfectly supply the necessary public products needed by the operations of the market economy. The experience is worthy of our study and reference. The article makes an attempt to analyze the reasons of restraints of the financing of the small- and medium-sized enterprises with the analysis method of supply and demand of the western economics and the related principles of the information economics, which puts emphasis on the study of the methods and experience in solving the problem, that is, restraints of the financing of the small-and medium-sized enterprises, and puts forward some inspirations for us.

First part mainly talks about the outline of the related theories of the small and

medium-sized enterprises and restraints of the financing. In this part, firstly, it introduces the theories in the world of the economy. “Optimal Scale Theory” of Stigler, “Optimum Scale Theory”and the demonstrations of the economists like Karlsson, Aacchus, Sarek, Grossman in the aspect of the advancement of the technology, the entrepreneurial spirit, the preference of the consumers ad the cost of the supervision, all of which show the rationality and inevitability of the existence of the small- and medium-sized enterprises. Then, “Loopholes of Finance” of the small- and medium-sized enterprises or the restraints of the financing can analyze in the supply and demand’s perspective and explain with the related theories of the information economics. In the supply and demand’s perspective, when there is an equal interest rate in the curve of the demand of the external financing and in the curve of the supply of the external financing, there is only an equilibrium, that is the balance between supply and demand. When it is affected by the restraints of the finance or the tightening of the loans, at that time the interest rate is severely controlled, there will have a big loophole of the financing. The information economics believe that the distributions of the information among the economic main bodies not symmetrical. The asymmetry of the information includes the asymmetry in advance and the ex-post asymmetry. In the credit market, the asymmetry in advance may lead to the converse choice of the bank and the ex-post asymmetry the risks of morality of the enterprise. All the above factors gear up the risks of the bank credit and have an impact on the indirect financing of the small- and medium-sized enterprises. In the western developed countries or regions, this is an effective way to solve the restraints of the financing of the small- and medium-sized enterprises is to develop the finance support system for the political considerations. It shows that the special functions of the finance support system for the political considerations by way of practice, which can make up for the function defects made by the market in the process of the allocation of the resources.

Second part mainly talks about the background, reasons of the formation of the restraints of the financing of the Japanese small- and medium-sized enterprises and the influence on the Japanese economic development. Firstly, it explains the following

functions of the small- and medium-sized enterprises in the economic life in Japan. They recruit a lot of workforce to maintain the stability of the society.

As the foundation of the large-sized enterprises, they form the perfect economic and industrial chains. They also are the important force to meet the needs of the public in the social production. Moreover, they promote the development the export-oriented economy of Japan. Subsequently, it analyzes the reasons of the formation of the restraints of the financing in the different period of the economic development in the small- and medium-sized enterprises and it points out that the restraints have an bad impact on the growth of the economy, the enlargement of employment and the export.

Third part mainly talks about the structure of the finance support for political considerations of the small- and medium-sized enterprises. It explains that it has undergone the process of the development and the perfection and briefly introduces the finance institutions for poetical considerations provided by Japanese government such as Public Life Finance Treasury, Finance Treasury For Small-And Medium-Sized Enterprises and Central Finance Treasury For Commercial and Industrial Communication and credit guarantee of the small- and medium-sized enterprises and credit insurance system, which lays a solid foundation for further summarizing the experience in solving the restraints of the financing of the small-and medium-sized enterprises.

Fourth part mainly talks about the characteristics of the finance support for political considerations of the small- and medium-sized enterprises. It outlines that Japan institutes the finance support for political considerations of the small- and medium-sized enterprises, which shows the remarkable characteristics of institution after legislation. It forms their own system; the source of funds has their own specific characteristics, and financing for political considerations and commercial financing in the nongovernmental sector together institute the financing system of the small- and medium-sized enterprises. Application of the different ways is the effective one to solve the problem. The support of finance of the small- and medium-sized enterprises plays role in maintaining the effective competition of the industrial policies.

Fifth part mainly talks about we use the Japanese experience for reference when

we build the finance support system of the small- and medium-sized enterprises in our country. It mainly analyzes the current situation of the financing of the small- and medium-sized enterprises, the current situation of the building the finance support system of the small- and medium-sized enterprises and the common and special reasons of the restrains of financing of the small- and medium-sized enterprises in our country. With the Japanese experience for reference, we put forward the plans of building the finance support system of the small- and medium-sized enterprises.

In a word, if we want to change the disadvantageous status and solve the financing of the small- and medium-sized enterprises, we must depend on the sound service system of socialization of the small- and medium-sized enterprises. By way of practice, it shows that the institution of finance support system for political considerations can effectively solve the core problem that restrains the subsistence and development of the small- and medium-sized enterprises, that is, the restraints of the financing. But if you want to root out the problem, you not only develop finance support system for political considerations, but also institute the finance system that combines the finance for political considerations, the finance for commercial considerations with the finance for co-operative considerations. You must establish the harmonious mechanism between direct financing and indirect financing, enlarging the channel of direct financing and developing the multi-level capital market to make cooperate between the monetary market, capital market and insurance market, which together institute the financing system of small- and medium-sized enterprises.

译文

中小企业融资约束与金融支持研究

作者：米勒斯

近几十年来各国经济发展表明，中小企业在促进经济健康发展、扩大就业、促进技术进步、发展国际贸易、增强市场活力等方面，起到了十分积极的作用。然而，中小企业的发展进程却始终难以摆脱融资约束的桎梏，它制约着中小企业扩大生产规模、提高技术水平、开发新产品和开拓新市场。由于“血液”供应不足，不少中小企业陷入“由于经营绩效差，不能得到经营发展所需资金；由于缺少资金支持，加重效益滑坡”的恶性循环。融资约束已严重影响到中小企业的生存和发展。

中小企业融资问题作为一个世界性难题，不仅在理论界引起广泛关注，而且世界各国和地区政府也纷纷从实践层面上积极探索解决这一问题的方法，至今已积累了许多宝贵的经验。在发达国家中，日本是中小企业数量最多的国家之一，也是政府发挥对中小企业扶持作用较为成功的国家，其中小企业政策性金融支持政策尤为引人注目。

日本等国家和地区选择政策性金融作为中小企业政策的核心，一般是基

于以下两方面认识：一方面中小企业资金短缺是困扰中小企业发展的核心问 题。形成这种状况的原因是，中小企业大多由私人资本投资设立，资本规模 有限，导致中小企业资金供应的“先天不足”；同时，商业银行由于“信息不 对称”和存在“道德风险”等原因，拒绝为需要资金规模小、经营风险大、 放款成本高的中小企业提供贷款等融资服务，直接融资又需要企业有较高的 信誉或担保，导致中小企业直接融资渠道受阻。由于这些因素的共同作用， 中小企业发展面临的融资缺口巨大。另一方面，政府出于市场经济运行基本 原则的尊重对其经济或行政手段的运用极为慎重。不能因为政府过多的、直 接的干预，破坏市场运行效率，妨碍众多经济主体的平等竞争。而通过建立

政策性金融体系对中小企业融资缺口进行弥补，可以将政府行为对市场效率 的破坏降低到一个最低限度，又能较好地体现政府对市场经济运行的适当干

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