河北大学学报:哲学社会科学版
河北大學學報:哲學社會科學版
하북대학학보:철학사회과학판
Journal of Hebei University(Philosophy and Social Science)
2012年
4期
50~53
,共null页
收益宽幅 财务杠杆 高利资 融资难
收益寬幅 財務槓桿 高利資 融資難
수익관폭 재무강간 고리자 융자난
return disparity; financial leverage; usury; financing difficulties
中小企业融资难并且融资成本上升是我国保持经济增长过程中的经济刺激机制导致的。刺激经济增长中的“过度金融化倾向”催生了“收益宽幅”现象,收益宽幅致使财务杠杆过分使用和高利贷的滋生,其结果是GDP增长的同时物价上涨、资产泡沫形成,流通领域以及虚拟经济中借机炒作所获得的高收益与实体经济低收益形成了巨大的收益差,从而诱导社会资本脱实向虚,实体经济空心化,中小企业融资难并且融资成本上升就成为机制性顽症。因此,“收益宽幅”揭示了中小企业融资难存在的内在机理,探索实施“储蓄累进利率制”回笼货币,建立“资金池”,对中小企业实施分行业定向宽松、利率优惠等市场手段,收窄“收益宽幅”,才能从根本上解决中小企业的融资难问题。
中小企業融資難併且融資成本上升是我國保持經濟增長過程中的經濟刺激機製導緻的。刺激經濟增長中的“過度金融化傾嚮”催生瞭“收益寬幅”現象,收益寬幅緻使財務槓桿過分使用和高利貸的滋生,其結果是GDP增長的同時物價上漲、資產泡沫形成,流通領域以及虛擬經濟中藉機炒作所穫得的高收益與實體經濟低收益形成瞭巨大的收益差,從而誘導社會資本脫實嚮虛,實體經濟空心化,中小企業融資難併且融資成本上升就成為機製性頑癥。因此,“收益寬幅”揭示瞭中小企業融資難存在的內在機理,探索實施“儲蓄纍進利率製”迴籠貨幣,建立“資金池”,對中小企業實施分行業定嚮寬鬆、利率優惠等市場手段,收窄“收益寬幅”,纔能從根本上解決中小企業的融資難問題。
중소기업융자난병차융자성본상승시아국보지경제증장과정중적경제자격궤제도치적。자격경제증장중적“과도금융화경향”최생료“수익관폭”현상,수익관폭치사재무강간과분사용화고리대적자생,기결과시GDP증장적동시물개상창、자산포말형성,류통영역이급허의경제중차궤초작소획득적고수익여실체경제저수익형성료거대적수익차,종이유도사회자본탈실향허,실체경제공심화,중소기업융자난병차융자성본상승취성위궤제성완증。인차,“수익관폭”게시료중소기업융자난존재적내재궤리,탐색실시“저축루진리솔제”회롱화폐,건립“자금지”,대중소기업실시분행업정향관송、리솔우혜등시장수단,수착“수익관폭”,재능종근본상해결중소기업적융자난문제。
The difficulties of financing and the increasing of the related cost for small and medium-sized enterprises are derived from the economic stimulation mechanism implemented in China. The stimulation triggered the tendency of over--reliance on financial schemes, which gave birth to the "Return Dispari- ty" phenomenon. Return disparity is to describe the huge yield gap between real economy and virtual e- conomy-the capital market. When the commodity price is increasing and assets bubble is blooming, this gap becomes larger due to abusing financial leverage and usury, i.e. the capital are preferred to invest in the virtual market since it yields higher than in the real economy. Therefore, deteriorate return disparity can be used to explain difficulties of raising money and increasingly high cost of financing against small and medium--sized enterprises. Also, return disparity reveals the weaknesses of the financing mecha- nisms in small and medium--sized enterprises. To mitigate the disparity, we can implement "progres- sive interest rates system", pull money to establish a" fund pool ", and set directional loose and favora- ble interest rates based on the lines of business, substantially solving the financing problems for small and medium enterprises.