Do a small and micro、Financial services for private enterprises are a systematic engineering。In recent years，my country's relevant departments have developed small and medium -sized financial institutions、Discovery of credit、Loan assessment incentive、Direct reduction and re -loan discount、Improve direct financing support，Focus on solving the problem of "financing difficulties" in small and micro and private enterprises。But in my opinion，Due to the limitations of the analysis framework selection，Discussion on the cause is not in -depth，Related policy still has room for improvement。

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"Difficulty in financing" is a micro problem at the enterprise level，Based on this，Back into a macro phenomenon with the total amount plus the total amount。First，Different from other fields，The transaction involved in financing activities is 100 % non -instantaneous transaction，It is impossible to achieve "one -handed money、Delivery first -hand "，Investors have to face the risk of "natural" default。To promote financing transactions，Must match appropriate contracts for governance。contract selection is state -dependent，Trading environment、Traders' characteristics and any differences in financing purposes，will bring differences in the structure of financing contract。Next，The financing contract in reality mainly refers to the financial product system, including the credit risk control mechanism。and financial institutions' financing support for enterprises is generally realized through financial products，Therefore，Under the context of financial contracts，bet365 best casino games The problem of "difficulty in financing" is manifested as，Financing needs for small and micro groups and private areas，Financial institutions cannot design and operate the corresponding financial products at a sufficiently low cost。again，The above cost can be further divided into capital costs and transaction costs。For financial institutions, especially commercial banks，Whether it is loan funds to large and medium -sized enterprises or small and micro enterprises，The cost of funds raised by absorbing deposits and other channels is generally the same。The total cause of the total cost of pushing high financing and the main reason for the problem of "difficulty in financing"，It includes recognition、Supervision and bad loss, high trading costs。and the high and low transaction cost，Affected by three factors。First, the repayment willingness of the borrower。Borrowers higher credit level，It means that financial institutions only need to spend less trading costs for identification and post -loan supervision。Second, the repayment ability of the borrower。stronger repayment ability means creating a "economic surplus" that is enough for financial institutions to share，The focus of risk control focuses on how to divide the "cake"，instead of consuming too much transaction cost on identifying "cakes"。Third, the efforts of the financing transaction environment and the financial institution。The former includes a general financial agency that can be supported by financial institutions, including financial infrastructure and business environment，It can be divided into nationwide according to the geographical range、Regional and locality three levels，It can also be divided into two types of intermediary types: offline community and online community。No doubt，Bet365 app download The better the financing trading environment，The risk control measures of financial institutions are "simpler"，The less transaction cost of its identification and supervision of financiers will be lower。In the established trading environment，The harder the financial institutions are，The more likely it is, the more likely to create a financing contract that saves more transaction costs。

　Multi -order factors restrict financing efficiency

Visible，Financial institutions are not the only factor that determines the cost of transaction，It is also impossible to solve the problem of financing difficulties caused by insufficient business benefits of the enterprise。The development of the real economy itself is the first -level restriction of financing efficiency。Based on this，Can the financial intermediary system effectively reduce financing transaction costs，is the second -order factor of financing difficulties。In many "financing difficulties" scenarios in many two -stage，Financial institutions cannot be in a good way，Through national or regional public infrastructure, obtain relevant information and perform bad disposal，can only supplement the establishment of some local intermediaries。This will push the transaction cost of financial institutions in some cases，Then improve the financing threshold of the enterprise。

Generally speaking，A series of measures issued by relevant departments in my country to reduce financing costs and strengthen assessment incentives，It played an important role in alleviating financing difficulties，But the difficulty of financing in small and micro enterprises is mainly due to transaction costs，The targetedness of these policies is not strong enough，The space of action is limited。First，At the stage when the development level of financial infrastructure is low，Direct financing of enterprises Bet365 lotto review in non -personalized trading environments，Often facing transaction costs higher than indirect financing。The financing structure mainly based on indirect finance is the objective reality we have to face in the short period of time。2，Hole of large banks、Large number of branches、Business types involve wide face，In terms of management of soft information type small and micro financing products，Compared with the county legal person financial institution，With the disadvantage of "natural"。third，Fintech cannot "cure all diseases"。Fintech although some big data information of small and micro enterprises is hardened，But this is just a second -order hard information，The first -order hard information that directly reflects the credit of the credit reporting system is very different。In the short term, it can be used as a measure of power，In the long run, we must still adhere to the construction of credit infrastructure and the development of small and medium financial institutions。

　　Further improving policy measures for targetedness

According to the above analysis，First，should objectively understand the "financing difficulties" and "financing expensive" facing small and medium -sized enterprises。The financing constraints faced by a considerable number of enterprises are indeed related to the shortcomings of the broad financial intermediary system，It should be improved by promoting the structural reform of the financial supply side。But，The financing dilemma of some companies is derived from real economic factors such as "low project quality"。In this case，"Difficulty in financing" is actually a reflection of the market hard constraint，Need the real economy or the company's own "quality improvement and efficiency"。Next，The financing efficiency of a country's financial system is determined by its development bet365 live casino games stage and national conditions，Difficulties in financing can be relieved, but it is difficult to "jump" to solve，The "long -term" to deal with this problem has enough psychological preparation。again，To prevent the economic trend from falling in a cliff -like decline，Timely stabilize market confidence，Introduce some structural monetary policy specifically for small and micro and private enterprises to reduce the cost of financial institutions，Even the improvement of the credit quality of small and micro enterprises with moderate expansion and order growth，It is necessary for a period of time。But from the long term，It should also further improve the targetedness of relevant policies and measures。

First，Improve corporate financing capabilities with technological innovation capabilities。First, continue to strengthen basic scientific research work，Provide more powerful support for the application research of the enterprise。The second is the transformation channel of the results between scientific research institutions and enterprises，Give full play to the complementary effect of the advantages of scientific research institutions and enterprises。Third is to further strengthen the protection of intellectual property，Improve patent authorization approval efficiency，To build the "constant production" environment to better cultivate the "perseverance" of scientific and technological innovation。

Second，Further improve the industrial policy and business environment。First, under the premise of linkage with social security policies and central local financial relations，Resolutely clean up "Zombie Enterprise"，"De -production capacity" in a more market -oriented manner，Continue optimizing the manufacturing industry structure。Second, strengthen bet365 Play online games the construction of business environment including competitive neutrality，Provide a more fair development environment，Improve the credit gain of small and micro enterprises。

third，Continue to speed up the construction of credit information。First, solve the problem of dividing and mutually exclusion in the service field of the central bank's credit reporting basic database as soon as possible，At the same time, effectively improve the convenience and concurrency of credit data access in financial credit and social credit information。Second, in terms of access to the credit reporting industry，The situation of a large number of informal credit reporting data companies in response to the needs of credit reporting，To let go of the front door reasonably to reduce the pressure of "squeezing back door"。

Fourth，Efforts to cultivate the credit system。Strengthen the construction of a regional credit system，Can expand the feasible service boundary of financial institutions，It can also record the rise in economic value by credit record，Inspiring market players to improve trust level。Actively promote the "central collaboration" in the construction of credit reporting system，Inspiration and urging governments to accelerate the implementation progress of regional credit information infrastructure projects such as credit cities。

Fifth，Objectively understanding the positive role of new social agencies。Some organizations and enterprises have the soft information of long -tail customers due to the long -tailed customers，Functions with local social intermediaries，Can make up for the deficiencies of the national and regional official credit reporting system。The government strictly controls social risks while，Also dialectical look at P2P、Reasonable factors behind the "new" financial organization bet365 live casino games methods such as lending and rural cooperative finance，Continuously innovative supervision means，Introducing strong policy measures，Help Xiaowei、The healthy development of private enterprises。

(Author Unit: School of Finance at the University of Foreign Economics and Trade)