基于阿玛蒂亚森权利方法的小微企业融资可获得性研究
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摘要
摆脱贫困、促进国民财富增长是经济发展的主题,这并不容易,贫困与饥荒时常相伴,森提出了“权利方法”研究饥荒,几乎否定了EAD对饥荒的解释,权利方法强调了市场、社会公正在解决饥荒等灾难中的重要性。现实中小微企业经历着某种融资的“饥荒”,“融资难”反映了其强烈的融资诉求。
在权利方法看来,影响小微企业融资权利与可获得性的主要因素为小微企业自有的资源禀赋、融资权利映射系统以及货币资源,这三种因素在小微企业融资权利中发挥着不同的作用,资源禀赋起到了基础性作用,融资权利映射系统则决定了有多少资源禀赋可以映射到货币资金,货币资源的分配则影响了小微企业信贷市场上信贷资金的稀缺性。
在小微企业的资源禀赋中,流动资产、固定资产等有形资源禀赋对小微企业融资的作用要大于其他资源禀赋,尽管技术、生产经营能力、信用等资源禀赋开始发挥一定的融资作用了,这说明小微企业融资状况正在向好的方向转变,但是这种改善也是相对有限的,传统的“抵质押物”贷款模式已经松动,对小微企业融资权利起到改善作用。在小微企业融资权利映射系统方面,权利映射系统对小微企业融资可获得性具有最直接的作用,决策者可以通过制度供给来实现小微企业融资权利映射系统的优化,随着融资权利映射系统的优化,其弹性也在不断发生变化。决策者通过扭转对小微企业的歧视、金融机构多元化、金融机构向小微企业融资供给能力的培育推动小微企业融资权利映射系统的变迁,系统的变迁有效改善了小微企业融资权利,贷款利率自由化进一步释放了小微企业信贷市场的活力,为小微企业信贷市场有效运行进一步创造了有利条件；权利映射系统在微观层面则是机构及其信息生产问题,不存在最先进的小微企业融资模式,机构只能依据自有的信息结构进行信息生产的分工向小微企业供给融资,通过机构的比较来看,都能取得较好的绩效,商业银行对小微企业融资供给路径也要遵循信息生产的原则。在货币资源的融资权利分析中发现并非货币资源的绝对量降低了小微企业融资可获得性,而是货币资源的分配以及小微企业信贷市场存在着不同的市场势力妨碍了小微企业融资权利的改善。
最后研究表明,一个有效运行的信贷市场要优于政府的直接干预、补贴小微企业融资,政府的最佳作用不是干预、控制市场,而是要构建一个有效运行的小微企业信贷市场,从而改善小微企业融资权利。小微企业融资状况的改善需要多方面协调推进,培育与小微企业资源禀赋相关的要素市场,提高小微企业资源禀赋的变现能力以及流通性,继续推动金融机构多元化,提高金融市场竞争程度,创新并传播小额信贷技术都是改善小微企业融资的必要政策。
It is the theme of economic development to get rid of poverty and prompt the national wealth increase, which is not easy. The poverty always goes with the famine. Sen put forward the'entitlement approach', which nearly negate the FAD's famine explanation. The entitlement approach emphasizes the importance of the market, social justice in settling with the famine or other disaster. In the reality the micro and small enterprise(MSE for short) are going through 'famine'. It's difficult to get the loan for them, which also reflect their strong finance demand.
From the entitlement approach, the main factor that influence the MSE financial entitlement and availability can be categorized as:the MSE own endowment, financial mapping system and monetary resource, which play the different role in the financial entitlement. The endowment plays a basic role. The financial entitlement system determine how much money the endowment map. The allocation of the monetary resource has influenced the credit scarcity in the MSE credit market.
In theMSE endowment, current asset and fixed asset etc. visible endowment plays a greater role than other endowment in the finance. Although technique, production management ability begin to work in the enterprise finance, which shows the MSE finance is turning better, but the improvement is limited. The traditional mortgage loan method has relaxed, which improve the MSE financial entitlement. In the MSE financial entitlement mapping system, it exerts a direct function on the MSE financial availability. The policy-maker can optimize the financial entitlement system, the system elasticity is changing with the system optimization. The policy-maker can push the financial entitlement mapping system transition by turning around the discrimination on the MSE, financial institutional diversification and loan supply capability culture. The system transition effectively improve the MSE financial entitlement. The loan rate liberalization further released the MSE credit liveliness, which effectively create the beneficial condition. The micro level of the entitlement mapping system are the institution and information production. There is no advanced financial method. The institution can only make information production division to supply loan according to its own information structure. By the institution compare, all the new rural financial institutions can get a good performance. Also the commercial bank obey the information production principle. In the financial entitlement analysis of the currency resource, we can discover that the currency amount did not reduce the financial availability, but the allocation of the currency resource and the market power impede the financial entitlement improvement.
In the end, the study demonstrates that a effectively functioning credit market is better than the government intervene and subsidy. The best role for the government is not to control the market, but construct a better credit market, which improve the MSE financial entitlement. The MSE financial situation improvement need a many-sided coordination. It's necessary that cultivate the MSE endowment market, which raises the endowment liquidity. The financial institutional diversification can raise the financial market competition. The innovation and propagation of the microcredit technique are also necessary.
在权利方法看来,影响小微企业融资权利与可获得性的主要因素为小微企业自有的资源禀赋、融资权利映射系统以及货币资源,这三种因素在小微企业融资权利中发挥着不同的作用,资源禀赋起到了基础性作用,融资权利映射系统则决定了有多少资源禀赋可以映射到货币资金,货币资源的分配则影响了小微企业信贷市场上信贷资金的稀缺性。
在小微企业的资源禀赋中,流动资产、固定资产等有形资源禀赋对小微企业融资的作用要大于其他资源禀赋,尽管技术、生产经营能力、信用等资源禀赋开始发挥一定的融资作用了,这说明小微企业融资状况正在向好的方向转变,但是这种改善也是相对有限的,传统的“抵质押物”贷款模式已经松动,对小微企业融资权利起到改善作用。在小微企业融资权利映射系统方面,权利映射系统对小微企业融资可获得性具有最直接的作用,决策者可以通过制度供给来实现小微企业融资权利映射系统的优化,随着融资权利映射系统的优化,其弹性也在不断发生变化。决策者通过扭转对小微企业的歧视、金融机构多元化、金融机构向小微企业融资供给能力的培育推动小微企业融资权利映射系统的变迁,系统的变迁有效改善了小微企业融资权利,贷款利率自由化进一步释放了小微企业信贷市场的活力,为小微企业信贷市场有效运行进一步创造了有利条件；权利映射系统在微观层面则是机构及其信息生产问题,不存在最先进的小微企业融资模式,机构只能依据自有的信息结构进行信息生产的分工向小微企业供给融资,通过机构的比较来看,都能取得较好的绩效,商业银行对小微企业融资供给路径也要遵循信息生产的原则。在货币资源的融资权利分析中发现并非货币资源的绝对量降低了小微企业融资可获得性,而是货币资源的分配以及小微企业信贷市场存在着不同的市场势力妨碍了小微企业融资权利的改善。
最后研究表明,一个有效运行的信贷市场要优于政府的直接干预、补贴小微企业融资,政府的最佳作用不是干预、控制市场,而是要构建一个有效运行的小微企业信贷市场,从而改善小微企业融资权利。小微企业融资状况的改善需要多方面协调推进,培育与小微企业资源禀赋相关的要素市场,提高小微企业资源禀赋的变现能力以及流通性,继续推动金融机构多元化,提高金融市场竞争程度,创新并传播小额信贷技术都是改善小微企业融资的必要政策。
It is the theme of economic development to get rid of poverty and prompt the national wealth increase, which is not easy. The poverty always goes with the famine. Sen put forward the'entitlement approach', which nearly negate the FAD's famine explanation. The entitlement approach emphasizes the importance of the market, social justice in settling with the famine or other disaster. In the reality the micro and small enterprise(MSE for short) are going through 'famine'. It's difficult to get the loan for them, which also reflect their strong finance demand.
From the entitlement approach, the main factor that influence the MSE financial entitlement and availability can be categorized as:the MSE own endowment, financial mapping system and monetary resource, which play the different role in the financial entitlement. The endowment plays a basic role. The financial entitlement system determine how much money the endowment map. The allocation of the monetary resource has influenced the credit scarcity in the MSE credit market.
In theMSE endowment, current asset and fixed asset etc. visible endowment plays a greater role than other endowment in the finance. Although technique, production management ability begin to work in the enterprise finance, which shows the MSE finance is turning better, but the improvement is limited. The traditional mortgage loan method has relaxed, which improve the MSE financial entitlement. In the MSE financial entitlement mapping system, it exerts a direct function on the MSE financial availability. The policy-maker can optimize the financial entitlement system, the system elasticity is changing with the system optimization. The policy-maker can push the financial entitlement mapping system transition by turning around the discrimination on the MSE, financial institutional diversification and loan supply capability culture. The system transition effectively improve the MSE financial entitlement. The loan rate liberalization further released the MSE credit liveliness, which effectively create the beneficial condition. The micro level of the entitlement mapping system are the institution and information production. There is no advanced financial method. The institution can only make information production division to supply loan according to its own information structure. By the institution compare, all the new rural financial institutions can get a good performance. Also the commercial bank obey the information production principle. In the financial entitlement analysis of the currency resource, we can discover that the currency amount did not reduce the financial availability, but the allocation of the currency resource and the market power impede the financial entitlement improvement.
In the end, the study demonstrates that a effectively functioning credit market is better than the government intervene and subsidy. The best role for the government is not to control the market, but construct a better credit market, which improve the MSE financial entitlement. The MSE financial situation improvement need a many-sided coordination. It's necessary that cultivate the MSE endowment market, which raises the endowment liquidity. The financial institutional diversification can raise the financial market competition. The innovation and propagation of the microcredit technique are also necessary.
引文
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