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【正文】 to very difficult to obtain bank loans, and most intellectuals in the early start emptyhanded serious shortage of funds, there is no reasonable financing channels to bee a great obstacle. Although the central bank39。s credit policy to encourage mercial banks to increase lending to SMEs, but for security reasons, the banks tend to concentrate their efforts on solving big clients are reluctant to lend to SMEs. In addition, in the current financing system, the term of the loans to private enterprises are usually less than 1 year. As the investment project examination and approval system reform have yet to arrive, and the banks are concerned that the risks of longterm loans, at present, no banks for SME lending is truly open infrastructure and put in subject, thus the longterm loans 22 to small and medium private enterprises are basically Not very likely. Enterprises have created many ways to take shortterm loans, thereby increasing the cost of financing the enterprise. More importantly, the existing financing channels for SMEs simply can not meet the second startup and technological transformation. 4 is the small and medium private enterprises, especially private hightech panies can not direct financing in the capital markets, the state launched the SME Growth Enterprise Market of cautious, resulting in China39。s capital market is dominated by stateowned enterprise restructuring and corporate finance services for the jointstock . This creates a right of private enterprise development, soft constraints, contrary to market economic principles of fair petition rules and the principles of national treatment, private enterprise is in a relatively nonfair environment for survival and development. Fifth, private lending is the financing of small and medium private enterprises the main channel, despite the strict control of the financial regulatory authorities, but the private lending market has not only been very active but did not stop in the bank deposit interest rates continue to drop, while the absence of other investment channels circumstances, Many urban residents will be in the hands of money into this market, guaranteed source of funding for private financial activities. While private capital, private enterprises can ease the shortage of funds, but it constrains the development of private enterprises. On the one hand, smallscale private capital loans, shortterm, high interest rates, credit and debt relations remain unstable and ncreased financing costs and risks。 the other hand, can provide longterm large loans to capital, the creditors have been satisfied with a debtor to pay the high interest rates, but hopes the development of private enterprises, the implementation of debtequity swap, in order to achieve equity holdings and impact of private enterprises in major business decisionmaking purposes. No wonder an economic forum, a private entrepreneur sighed and said: Pigs do not raise large, the meat of the kill. 6 is a variety of fund security is too little avail. Although the National Hitech Development Zone was set up venture capital funds, venture capital, hightech finance working capital, financial guarantees and other types of corporate finance services to provide 23 enterprises with funds and guarantee institutions, due to financial operation is governed by administrative intervention and requires the strict, the threshold is too high, is plicated, and increased the burden on enterprises and waste an opportunity. 24 附 錄 1 十六大為中國 民營經(jīng)濟的發(fā)展開辟了更大空間 在當代中國經(jīng)濟發(fā)展史上，民營經(jīng)濟的發(fā)生和發(fā)展是與中國的經(jīng)濟、政治由淺入深的改革節(jié)奏合拍的，從思想解放到政策松綁，從文件肯定到法律確認，它融匯了政治家的開拓、理論家的爭論和企業(yè)家的探索。特別是黨的 “十六大 ”的召開，明確地肯定民營經(jīng)濟是社會主義市場經(jīng)濟的重要組成部分；明確提出了要毫不動搖地鼓勵、支持和引導非公有制經(jīng)濟的發(fā)展；明確地強調(diào)對非公有制經(jīng)濟人士要尊重、鼓勵、保護、表彰，等等這些黨的重大決策無疑為民營經(jīng)濟的發(fā)展鋪設(shè)了燦爛的前程，使中國的民營經(jīng)濟從曲折徘徊中走向波瀾壯闊，成為中 國經(jīng)濟中最強勁、最有影響力的市場主體之一。 2 籌資難問題制約了民營企業(yè)可持續(xù)發(fā)展 目前由于我國的民營企業(yè)發(fā)展起步較晚，規(guī)模較小， 90%以上都是中小企業(yè)，但是他們卻創(chuàng)造了近 40%的 GDP，實現(xiàn)了近 40%的稅收及解決了 45%的人口就業(yè)。所以說中國經(jīng)濟要實現(xiàn)可持續(xù)快速發(fā)展，則必須讓民營經(jīng)濟實現(xiàn)可持續(xù)發(fā)展，只有這樣才能完成 “十六大 ”提出的全面建設(shè)小康社會的宏偉目標。資金是企業(yè)成長的 “血液 ”，當前民營經(jīng)濟發(fā)展過程中最大的障礙是資金籌集困難，這是制約民營企業(yè)發(fā)展的瓶頸。特別是產(chǎn)品處于成長期的民營企業(yè)，如果經(jīng)營資金短 缺，那么在人力資源、機械設(shè)備、廣告宣傳、技術(shù)改造等方面進行投資是不可能的，然而在這些方面的投資正是新的競爭形式和不斷變化的市場所必須的。民營企業(yè)資金短缺主要原因有以下幾個方面： 一是民營經(jīng)濟即是民本經(jīng)濟，在起步階段主要是靠個人積累的資本來運作的，而我國改革開放時間較短，個人積累的資金有限，決定了目前我國民營企業(yè)絕大多數(shù)是生產(chǎn)經(jīng)營規(guī)模較小的企業(yè)，所以民營企業(yè)的發(fā)展資金先天不足。 二是 “十六大 ”召開以前的民營經(jīng)濟被定位為社會主義市場經(jīng)濟的必要補充，政策法律對民營經(jīng)濟扶持力度有限，發(fā)展前景受到限制。因此，民營企業(yè) 原始積累規(guī)模較小，發(fā)展資金十分有限。 三是由于民營企業(yè)的發(fā)展還處于一個非常初級的階段，如規(guī)模較小，家族式管理，財務(wù)不透明，缺乏信譽，沒有信用記錄等原因，致使銀行等金融機構(gòu)對中小民營企業(yè)提供的資金扶持十分有限。目前中國的銀行貸款大多給了大型企業(yè)或者是基礎(chǔ)建設(shè)，或者 25 總是投向確保毫無風險的地方，風險投資也鑒于市場環(huán)境在投資趨向上非常保守，使得處于發(fā)展初始階段的中小民營企業(yè)要獲得銀行貸款十分困難，而多數(shù)知識分子在創(chuàng)業(yè)初期兩手空空，資金十分缺乏，沒有合理的融資渠道成為很大的障礙。盡管中央銀行的信貸政策鼓勵商業(yè)銀行增加 對中小企業(yè)的貸款，但出于安全考慮，各銀行往往集中力量抓大客戶，而不愿向中小企業(yè)放貸。另外，在當前融資體系中，對民營企業(yè)的貸款期限通常在 1 年以內(nèi)。由于投資項目審批制度改革尚未到位，而且銀行擔心長期貸款帶來的風險，目前，沒有幾家銀行為中小企業(yè)真正開放基建和投放貸款科目，因而中小民營企業(yè)的長期貸款基本上沒有多大可能。造成了企業(yè)不得不采取短期貸款多次的辦法，從而增加了企業(yè)的融資成本。更重要的是，現(xiàn)有的融資渠道根本無法滿足中小企業(yè)的二次創(chuàng)業(yè)和進行技術(shù)改造。 四是目前中小民營企業(yè)特別是民營高科技企業(yè)還不能在資本市場上直 接融資，國家對推出中小企業(yè)創(chuàng)業(yè)板市場慎之又慎，致使中國的資本市場主要是為國有企業(yè)改組為股份制企業(yè)融資服務(wù)的。這種做法形成了對民營企業(yè)發(fā)展的軟約束，有違市場經(jīng)濟主體公平競爭的規(guī)則和國民待遇的原則，民營企業(yè)是在相對不公平的環(huán)境中求生存求發(fā)展。 五是民間借貸是目前中小民營企業(yè)籌資的主要渠道，盡管金融監(jiān)管部門控制嚴格，但民間借貸市場不僅一直沒有停止反而十分活躍，在銀行存款利率不斷下調(diào)，同時又缺乏其他投資渠道的情況下，許多城鎮(zhèn)居民將手中的資金投入到這一市場上，保障了民間金融活動的資金來源。雖然民間資本可以緩解民營企業(yè) 資金短缺問題，但是它又制約了民企的發(fā)展。一方面，民間資本借貸規(guī)模小，期限短，利率高，債權(quán)債務(wù)關(guān)系不穩(wěn)定，增加了籌資的成本和風險；另一方面，可提供長期大額的借貸資本的債權(quán)人已不滿足于債務(wù)人支付的高額利息，而是寄希望于民營企業(yè)的發(fā)展，實行 “債轉(zhuǎn)股 ”，以期達到參股控股和影響民企重大經(jīng)營決策的目的。難怪在一次經(jīng)濟論壇上，一位民營企業(yè)家感嘆道：“豬還沒有養(yǎng)大，就要殺肉吃了 ”。 六是各類基金擔保是杯水車薪，無濟于事。盡管國家級高新技術(shù)開發(fā)區(qū)成立了風險投資基金、創(chuàng)業(yè)基金、高科技財政周轉(zhuǎn)金、財政企業(yè)擔保等各類為企業(yè)提供融資 服務(wù)的基金和擔保機構(gòu)等，由于資金運作受行政干預較大，要求嚴格，門檻過高，手續(xù)繁瑣，加重了企業(yè)負擔，貽誤了商機。