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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(guó) 民營(yíng)經(jīng)濟(jì)的發(fā)展開(kāi)辟了更大空間 在當(dāng)代中國(guó)經(jīng)濟(jì)發(fā)展史上，民營(yíng)經(jīng)濟(jì)的發(fā)生和發(fā)展是與中國(guó)的經(jīng)濟(jì)、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(rèn)，它融匯了政治家的開(kāi)拓、理論家的爭(zhēng)論和企業(yè)家的探索。特別是黨的 “十六大 ”的召開(kāi)，明確地肯定民營(yíng)經(jīng)濟(jì)是社會(huì)主義市場(chǎng)經(jīng)濟(jì)的重要組成部分；明確提出了要毫不動(dòng)搖地鼓勵(lì)、支持和引導(dǎo)非公有制經(jīng)濟(jì)的發(fā)展；明確地強(qiáng)調(diào)對(duì)非公有制經(jīng)濟(jì)人士要尊重、鼓勵(lì)、保護(hù)、表彰，等等這些黨的重大決策無(wú)疑為民營(yíng)經(jīng)濟(jì)的發(fā)展鋪設(shè)了燦爛的前程，使中國(guó)的民營(yíng)經(jīng)濟(jì)從曲折徘徊中走向波瀾壯闊，成為中 國(guó)經(jīng)濟(jì)中最強(qiáng)勁、最有影響力的市場(chǎng)主體之一。 2 籌資難問(wèn)題制約了民營(yíng)企業(yè)可持續(xù)發(fā)展 目前由于我國(guó)的民營(yíng)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(shí)現(xiàn)了近 40%的稅收及解決了 45%的人口就業(yè)。所以說(shuō)中國(guó)經(jīng)濟(jì)要實(shí)現(xiàn)可持續(xù)快速發(fā)展，則必須讓民營(yíng)經(jīng)濟(jì)實(shí)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(huì)的宏偉目標(biāo)。資金是企業(yè)成長(zhǎng)的 “血液 ”，當(dāng)前民營(yíng)經(jīng)濟(jì)發(fā)展過(guò)程中最大的障礙是資金籌集困難，這是制約民營(yíng)企業(yè)發(fā)展的瓶頸。特別是產(chǎn)品處于成長(zhǎng)期的民營(yíng)企業(yè)，如果經(jīng)營(yíng)資金短 缺，那么在人力資源、機(jī)械設(shè)備、廣告宣傳、技術(shù)改造等方面進(jìn)行投資是不可能的，然而在這些方面的投資正是新的競(jìng)爭(zhēng)形式和不斷變化的市場(chǎng)所必須的。民營(yíng)企業(yè)資金短缺主要原因有以下幾個(gè)方面： 一是民營(yíng)經(jīng)濟(jì)即是民本經(jīng)濟(jì)，在起步階段主要是靠個(gè)人積累的資本來(lái)運(yùn)作的，而我國(guó)改革開(kāi)放時(shí)間較短，個(gè)人積累的資金有限，決定了目前我國(guó)民營(yíng)企業(yè)絕大多數(shù)是生產(chǎn)經(jīng)營(yíng)規(guī)模較小的企業(yè)，所以民營(yíng)企業(yè)的發(fā)展資金先天不足。 二是 “十六大 ”召開(kāi)以前的民營(yíng)經(jīng)濟(jì)被定位為社會(huì)主義市場(chǎng)經(jīng)濟(jì)的必要補(bǔ)充，政策法律對(duì)民營(yíng)經(jīng)濟(jì)扶持力度有限，發(fā)展前景受到限制。因此，民營(yíng)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(yíng)企業(yè)的發(fā)展還處于一個(gè)非常初級(jí)的階段，如規(guī)模較小，家族式管理，財(cái)務(wù)不透明，缺乏信譽(yù)，沒(méi)有信用記錄等原因，致使銀行等金融機(jī)構(gòu)對(duì)中小民營(yíng)企業(yè)提供的資金扶持十分有限。目前中國(guó)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(wú)風(fēng)險(xiǎn)的地方，風(fēng)險(xiǎn)投資也鑒于市場(chǎng)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(yíng)企業(yè)要獲得銀行貸款十分困難，而多數(shù)知識(shí)分子在創(chuàng)業(yè)初期兩手空空，資金十分缺乏，沒(méi)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(lì)商業(yè)銀行增加 對(duì)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(hù)，而不愿向中小企業(yè)放貸。另外，在當(dāng)前融資體系中，對(duì)民營(yíng)企業(yè)的貸款期限通常在 1 年以?xún)?nèi)。由于投資項(xiàng)目審批制度改革尚未到位，而且銀行擔(dān)心長(zhǎng)期貸款帶來(lái)的風(fēng)險(xiǎn)，目前，沒(méi)有幾家銀行為中小企業(yè)真正開(kāi)放基建和投放貸款科目，因而中小民營(yíng)企業(yè)的長(zhǎng)期貸款基本上沒(méi)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(wú)法滿(mǎn)足中小企業(yè)的二次創(chuàng)業(yè)和進(jìn)行技術(shù)改造。 四是目前中小民營(yíng)企業(yè)特別是民營(yíng)高科技企業(yè)還不能在資本市場(chǎng)上直 接融資，國(guó)家對(duì)推出中小企業(yè)創(chuàng)業(yè)板市場(chǎng)慎之又慎，致使中國(guó)的資本市場(chǎng)主要是為國(guó)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(duì)民營(yíng)企業(yè)發(fā)展的軟約束，有違市場(chǎng)經(jīng)濟(jì)主體公平競(jìng)爭(zhēng)的規(guī)則和國(guó)民待遇的原則，民營(yíng)企業(yè)是在相對(duì)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(yíng)企業(yè)籌資的主要渠道，盡管金融監(jiān)管部門(mén)控制嚴(yán)格，但民間借貸市場(chǎng)不僅一直沒(méi)有停止反而十分活躍，在銀行存款利率不斷下調(diào)，同時(shí)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(chǎng)上，保障了民間金融活動(dòng)的資金來(lái)源。雖然民間資本可以緩解民營(yíng)企業(yè) 資金短缺問(wèn)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(fēng)險(xiǎn)；另一方面，可提供長(zhǎng)期大額的借貸資本的債權(quán)人已不滿(mǎn)足于債務(wù)人支付的高額利息，而是寄希望于民營(yíng)企業(yè)的發(fā)展，實(shí)行 “債轉(zhuǎn)股 ”，以期達(dá)到參股控股和影響民企重大經(jīng)營(yíng)決策的目的。難怪在一次經(jīng)濟(jì)論壇上，一位民營(yíng)企業(yè)家感嘆道：“豬還沒(méi)有養(yǎng)大，就要?dú)⑷獬粤?”。 六是各類(lèi)基金擔(dān)保是杯水車(chē)薪，無(wú)濟(jì)于事。盡管?chē)?guó)家級(jí)高新技術(shù)開(kāi)發(fā)區(qū)成立了風(fēng)險(xiǎn)投資基金、創(chuàng)業(yè)基金、高科技財(cái)政周轉(zhuǎn)金、財(cái)政企業(yè)擔(dān)保等各類(lèi)為企業(yè)提供融資 服務(wù)的基金和擔(dān)保機(jī)構(gòu)等，由于資金運(yùn)作受行政干預(yù)較大，要求嚴(yán)格，門(mén)檻過(guò)高，手續(xù)繁瑣，加重了企業(yè)負(fù)擔(dān)，貽誤了商機(jī)。