CAJ | 학술논문

传统产业升级是转变中国经济发展方式的重要内容，而劳动密集型中小企业转型又是传统产业升级的关键。本文以最优金融结构理论为视角，分析劳动密集型中小企业转型升级的内涵和转型融资的四大特征，认为当前劳动密集型中小企业融资是常规融资和转型融资的叠加，解决经济转型和产业升级背景下劳动密集型中小企业融资问题，必须同时考虑到制度性因素和周期性因素。本文还通过问卷调查和案例研究，分析了劳动密集型中小企业转型融资的供求状况，发现银行仍然是劳动密集型中小企业最为重要的融资来源，但以银行为代表的间接融资渠道并不符合转型融资的需求特征。同时，限制劳动密集型中小企业融资的主要障碍并非融资的财务成本高企，而在于融资的交易成本过高。此外，助推劳动密集型中小企业转型升级的公共服务体系不健全，劳动密集型中小企业转型升级的综合成本和转型风险居高不下，放大了劳动密集型中小企业融资难的问题。因此，不仅要通过融资政策加大对劳动密集型中小企业的扶持力度，更要通过中小企业公共服务体系建设，降低劳动密集型中小企业转型升级的综合成本和风险，以缓解劳动密集型中小企业的融资难题。
전통산업승급시전변중국경제발전방식적중요내용，이노동밀집형중소기업전형우시전통산업승급적관건。본문이최우금융결구이론위시각，분석노동밀집형중소기업전형승급적내함화전형융자적사대특정，인위당전노동밀집형중소기업융자시상규융자화전형융자적첩가，해결경제전형화산업승급배경하노동밀집형중소기업융자문제，필수동시고필도제도성인소화주기성인소。본문환통과문권조사화안례연구，분석료노동밀집형중소기업전형융자적공구상황，발현은행잉연시노동밀집형중소기업최위중요적융자래원，단이은행위대표적간접융자거도병불부합전형융자적수구특정。동시，한제노동밀집형중소기업융자적주요장애병비융자적재무성본고기，이재우융자적교역성본과고。차외，조추노동밀집형중소기업전형승급적공공복무체계불건전，노동밀집형중소기업전형승급적종합성본화전형풍험거고불하，방대료노동밀집형중소기업융자난적문제。인차，불부요통과융자정책가대대노동밀집형중소기업적부지력도，경요통과중소기업공공복무체계건설，강저노동밀집형중소기업전형승급적종합성본화풍험，이완해노동밀집형중소기업적융자난제。
China joins the global industrial division Of labor is largely based on its cheap labor supply, which creates million of labor-intensive small and medium sized enterprises. Transformation and upgrade of traditional industry is an indispensible to China＇ s economic development strategy shift. Among others, the development of laborintensive small and medium sized enterprises （SMEs） is vital for the evolution of traditional industry. This paper employs the Optimal Finance Structure theory to explore the finance issue of labor-intensive SMEs. We argue that China＇ s SMEs industrial distribution is the natural consequence of China＇ s three decades of economic development strategy of following the factor endowment structure. Under the traditional economic development strategy, China＇ s financial structure has been operating to be favorable to big enterprises in order to mobilize financial resource to pursuit of the national catch-up strategy. Big banks are incumbent dominant suppliers of this financial system. Besides cost increase and abundant capital searching for new investment opportunity. China is shining ment strategy by the transformation and upgrade of industrial structure. The risks of SMEs are transformation and upgrade. its economic developchanging during their This paper contributes to our understanding on China＇ s SMEs＇ financial problems from the demand side, rather than the conventional perspective of supply side. At this new stage of development, the financing problem of SMEs is intertwined with both old and new ones. The old problem with China＇ s SMEs＇ financing could be featured as the follow. The regular financing problem of SMEs has not been solved, while the specific problems with industrial transformation and upgrade arise. We suggest that the SMEs＇ financial demand for the transformation and upgrade is the ＇transformation-oriented financing＇ , in order to make distinction between the ted financing. It is necessary to analyze the new feature of SMEs＇ financial demands at the regular operation-orien- first hand, before we rethink about the financial supply. We nominate that SMEs＇＇transformation-oriented financing＇ is featured as longterm, big in size, stable and comprehensive. These new features are prominently from the regular financial demand of SMEs. From the perspective of optimal financial structure, it requires a new type of financial system that is capa- ble to meet SMEs＇ dual demand for long-term upgrade. This paper carried out questionnaires, field interviews and case study to collect facts on China＇ s SMEs＇ financial status and empirically test our hypotheses. The major findings are the follow. Firstly, the big four state-owned commercial banks are still the main financial source for SMEs, although indirect financing is inefficient for SMEs＇ transformation and upgrade. Local small financial agents are relatively weak in serving the SMEs. Secondly, The major impediment for SMEs＇ financing is not the financial cost, but the transaction cost to get funds, such as the examination and approve process of the banks is often too long, which is the most problematic factor for SMEs to get banking financing. Thirdly, the difficulty of SMEs＇ financing is deteriorated by the week public service system for SMEs that could be offer necessary service to boost SMEs＇ transformation and upgrade and leaves the SMEs the burden the full information cost and a great variety of risks. In sum, the evidence demonstrates that China＇ s SMEs demand for industrial transformation and upgrade is far from satisfaction at present. We need collective efforts from both the financial market side and policy side. In order to alleviate SMEs＇ difficulty in finance, we suggest a dual strategy. On the one hand, strengthening finance policy to support SMEs, which includes improving personal and enterprise credit system, widening direct fi- nancing channels for SMEs, capacity building of small and medium sized financial agents, promoting financial product innovation for SMEs of commercial banks and other commercial financial services. On the other hand, it is helpful to building up efficient public service system for SMEs and strengthening the service network, in order to reduce SMEs＇ information cost and risks in transformation and upgrading.