解决我国中小民营企业融资渠道问题----毕业论文

XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A15A16A17A18A19A20A5A21A22A23A24A25A26A281A29A3039A29XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业财务管理作者学号2008年4月18日XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A15A16A17A18A19A20A5A21A22A23A24A25A26A282A29A3039A29XXX大学本科学生毕业论文（设计）开题报告表A27A31A32A33A34A35A36A37A38A39A40A41A42A43A44A45A46A47A48A49A50A51A52A53A27A31A32A33A34A35A54A55A56A57A27A31A32A33A34A35A58A59A60A61A62A63A64A65A36A63A66A67A47A68A69A70A71A72A73A74A75A72A73A74A75A76A77A78A76A79A80A81A82A83A84A85A86A87A88A89A90A91A92A78A93A94A95A96A91A97A98A99A100A83A101A102A103A104A84A105A106A107A108A109A110A111A112A113A114A78A95A96A115A116A117A118A78A76A79A80A81A82A83A104A84A119A120A109A121A122A123A124A101A125A126A110A127A128A129A130A131A132A133A134A135A136A130A137A78A76A79A80A81A82A83A138A139A140A100A83A141A142A117A143A127A76A79A80A81A82A83A144A145A146A95A96A147A148A101A146A103A76A77A149A150A151A152A153A154A149A150A155A118A110A156A157A158A101A102A159A160A161A162A163A118A148A136A78A164A165A166A167A78A168A169A170A171A105A172A173A174A175A117A176A177A101A76A77A76A79A80A81A82A83A178A179A180A181A182A168A183A78A184A185A102A186A101A187A95A96A147A148A78A110A148A183A188A101A189A171A82A83A86A190A191A192A78A168A169A123A124A104A84A193A194A195A196A197A198A95A96A78A145A146A117A199A140A110A127A200A201A121A189A173A77A202A101A76A79A80A81A82A83A195A203A77A118A82A83A204A205A206A207A208A209A92A86A210A211A116A78A182A168A117A212A91A213A214A76A79A80A81A82A83A182A168A161A120A171A215A216A217A218A78A219A188A101A123A220A221A222A213A214A78A223A224A225A226A107A227A77A76A79A80A81A82A83A78A95A96A152A228A229A146A117A230A231A232A233A230A231A232A233A234A235A236A237A238A239A240A241A242A243A244A245A246A247A248A249A250A251A243A237A252A253A254A243A255A180A60A190A0A237A238A239A240A1A10A2A16A3A246A247A248A249A21A4A5A6A7A243A8A9A11A12A60A51A242A244A239A237A252A13A14A243A244A245A16A3A246A247A15A51A17A18A75A19A20A22A23A24A25A19A20A22A23A199A26A27A66A28A29A30A31A32A33A34A35A27A34A35A202A36A37A38A37A39A40A41A42A43A44A32A45A46A47A48A38A49A37A39A42A43A44A32A31A50A205A52A53A54A27A208A55A50A56A57A58A212A59A61A176A62A63A64A65A67A68A61A67A68A69A70A71A62A72A73A74A76A77A62A63A61A176A212A64A65A78A79A80A81A82A70A83A219A84A61A176A62A63A77A85A86A87A88A89A90A84A61A119A91A92A93A94A95A96A77A97A98A99A100A83A101A102A103A104A105A106A107A101A102A103A104A106A107A226A108A109A110A111A228A112A113A114A115A116A115A117A118A120A121A122A123A124A125A111A231A126A127A128A129A130A131A132A133A124A125A134A135A226A136A109A110A111A234A137A138A139A140A141A142A143A144A110A145A146A124A147A148A125A149A123A150A151,A239A152A234A116A153,A241A154/A243A141/A155A156A157A158A130A246A159A146A160A140A141A161A162A226A163A109A110A111A251A164A165A116A166A167A115A117A118A120A121A122A130A131A168A169A111A252A170A160A171A116A172A115A117A121A122A130A131A126A173A144A168A169A123A161A162A144A110A145A111A253A115A116A115A117A118A120A121A122A130A131A126A173A144A168A169A140A141A174A175A111A177A178A179A181A165A116A182A183A123A184A185A144A186A187A111A188A189A191A165A116A231A126A116A153A111A164A115A117A118A120A121A122A130A131A168A169A192A146A193A194A195A196A186A187A144A241A197A198A200A135A201A203A204A206A201A203A204A206A207A209A210A211A213A214A215A216A217A218A211A213A214A215A216A217A220A221A222A223A224,A225A227A229A230A232A233A235A236A237A238A240A242A244A245A247A248A249,A250A254A255A17A0A1,A232A21A14A22A229A44A2A3A4A23A5A6A7,A27A8A229A9A10A236A11A29A12A100A13A15A16A18A19A229A20A187A24A25A26A31A245A247A32A236,A33A28A30A34A229A37A35A38A36A236A39A104A237A40A101A41A232A42A229A43A45,A66A46A47A48A229A49A185A66A46A230A232A229A237A238A50A51A52A53A54A55A56A57A58A59A60A61A62A63A50A51A52A53A55A56A57A58A59A60A61A62A64A65A65A67A68A69A64A70A69A71A72A77A73A74A75A76A78A79A80A81A82A83A84A85A86A87A88A89A64A65A65A67A68A69A64A70A90A69A71A72A77A73A91A92A218A93A79A80A81A82A83A84A94A200A95A76A78A89A64A65A65A96A68A90A70A97A71A168A72A77A73A80A81A82A83A84A98A99A82A83A102A103A105A106A200A107A108A109A110A64A65A65A96A68A90A70A69A90A71A168A72A77A73A80A81A111A91A112A113A64A65A65A96A68A114A70A64A65A71A168A72A111A91A115A116A79A82A83A73A117A89A118A119A120A121A122A123A72A71A124A72XXXA125A126A127A128A129A130A131A132A133A134A135A136A137A138A139A140A141A142A143A144A145A130A146A147A148A149A150A151A1523A153A15439A153摘要自改革开放以来，中国很多的民营企业取得了骄人的成就，但是，有一部分中小民营企业在经营过程中却因为无法成功进行融资，阻碍自身的发展，于是融资困难成为它们发展壮大的瓶颈G19394G20076。本论文G11540G11536于中国中小民营企业融资难特G2047是G9204G17959G3593G3634的G19394G20076，G17902过对中小民营企业在G6117国经G8994发展中的G3332G1313和自身发展G10378G1929特G2047是融资G10378G1929的G6563G17860，G2090G7524了G17837G12193融资难G10628G16949发G10995的G2419因，G1889对发G17810国G4490中小民营企业融资经G20576进行分G7524G994G1523G18504，G5647结G5194得出了一G3883有G2045于G16311G1927G6117国中小民营企业的融资G9204G17959G3593G3634G19394G20076的方法。关键词中小民营企业融资G9204G17959G1461G11004担G1457体G13007G18341融法律体G13007G16311G1927G3593G3634G19394G20076XXXA155A156A157A158A159A160A161A162A163A164A165A166A167A169A170A171A172A173A174A175A176A160A177A178A179A180A181A182A1834A184A18639A184ABSTRACTSMALLANDMEDIUMSIZEDENTERPRISESHADDEVELOPEDPROSPEROUSLYINCHINAFORTHEMOMENTSINCETHECHINESEMARKETSOPENING,WHOWANTEDTOOCCUPYONEPIECEOFGLOBALBUSINESSSTAGEBECAUSETHATTHEYCANNOT,YET,FINANCESUCCESSFULLYINTHEOPERATIONPROCESS,WHICHCLAGTHEIRFUTUREDEVELOPMENTTHUS,THETOUGHFINANCINGBECOMESTHEISSUEOFTHEIRPROGRESSTHEDISSERTATIONFOCUSESONTHEPROBLEMOFSMALLANDMEDIUMSIZEDENTERPRISEPROGRESS,THROUGHTHEDESCRIPTIONOFFINANCINGSTATUSONTHEENTERPRISE,ANALYSESTHECAUSEOFTHEPHENOMENON,USESTHEEXPERIENCESOFTHEENTERPRISEINDEVELOPEDCOUNTRYFORREFERENCE,ANDSUMMARIZESASORTOFMETHODSWHICHBENEFITSTHESMALLANDMEDIUMSIZEDENTERPRISEFINANCINGKEYWORDSSMALLANDMEDIUMSIZEDENTERPRISEINTERIORANDEXTERIORFINANCING,CREDITGUARANTEESYSTEM,FINANCIALLEGALSYSTEM,DEALWITHTHEBLOCKINGOFTHEFINANCINGCHANNELPROBLEMXXXA188A189A190A191A192A193A194A195A196A197A198A199A201A202A203A204A205A206A207A208A209A193A210A211A212A213A214A215A1835A184A18639A184目录A216A217A219A220A221A222A223A224A225A226A227A228A229A2306A231A216A232A217A219A220A221A222A223A224A225A226A233A234A235A236A2376A231A238A232A217A221A222A223A224A225A226A239A240A241A229A2306A238A217A242A243A221A222A223A224A225A226A240A241A229A230A239A244A2459A231A216A232A217A225A226A246A247A248A249A250A251A239A252A253A254A255A44A251A79A239A81A09A231A238A232A217A83A1A240A241A20A2A85A3A239A244A24510A231A250A232A217A14A1A240A241A20A2A85A3A239A244A24510A231A87A232A217A14A1A240A241A4A5A239A88A27A53A197A89A178A6A221A239A90A7A150A8A9A92A10A29A94A254A2A95A11A1211A231A98A232A217A221A222A223A224A225A226A239A227A228A254A241A13A239A99A236A100A15A254A241A16A7A7A17A17812A250A217A188A18A235A197A19A227A21A220A22A8A221A222A223A224A225A226A240A241A239A23A102A45A2413A231A216A232A217A225A226A246A247A239A227A228A103A188A25A2613A231A238A232A217A83A1A240A241A28A30A239A220A104A197A1914A231A250A232A217A14A1A240A241A28A30A239A220A104A197A1914A231A87A232A217A227A21A220A22A241A13A8A221A222A223A224A225A226A239A240A241A54A31A32A33A105A3415A87A217A107A35A219A220A221A222A223A224A225A226A239A240A241A20A217A231A216A232A217A221A222A223A224A225A226A26A109A33A36A37A246A247A110A38A217A58A112A222A10217A231A238A232A217A77A113A219A220A229A31A239A114A39A166A221A222A225A226A116A40A41A42A43A83A1A240A241A46A4717A231A250A232A217A77A113A243A31A48A49A50A51A52A240A55A56A241A16A42A43A14A1A240A241A46A4719A231A87A232A217A241A13A239A241A16A254A99A236A100A15A227A117A57A178A25A26A239A236A23720A98A217A118A25224A119A5925A60A61A62A6335A243A7839XXXA64A65A66A67A68A69A70A71A72A73A74A75A76A80A82A84A86A91A93A96A97A69A101A106A108A111A115A120A1216A122A12339A122一G451G6117国中小民营企业发展G10628G10378（一）G451G6117国中小民营企业G3332G1313和作G11004改革开放以来，G6117国经G8994G20652G17907发展G15民营经G8994是经G8994发展中G7380为G8975G17303的因G13044。G11458G2081G6117国G8892G1888G11343G16772的中小民营企业已G17241过G23G19G19G19G987G6155G11G2559个体G5049G2842G6155G12，G13434G2356全国企业G5647G6980的G28G28G17G27G8它们G2031G17908了全国G26G19G8的G7044G3698G5049业G1147G1552，G24G28G8的国G1881G10995G1147G5647G1552，G25G27G8的出G2487G5647G20081和G23G27G8的G12258G6922以G2462G26G24G8的就业G7438G1262。G20G28G26G27年以来，G1186G1904G7461G17728G12239出来的G21G17G22G1171G2183G2172G2159G1039要由中小企业G2572G13447。A124中小民营企业经G8994是一个国G4490经G8994发展的重要G3534G11796，在国民经G8994发展中G1867有特G8542G3332G1313，对于G1431进经G8994G13333G14647G451G3698G2164就业G451G8975G17303G5078G3342和G13512G6264G12050G1262G12295G4462G3999G13468起G11540G1042G17287G17743重的作G11004。在G6117国，自改革开放以来，特G2047是建立G12050G1262G1039义G5078G3342经G8994体制以来，民营经G8994作为G6117国国民经G8994肌体中G7380G1867G8975G2159和G10995命G2159的一个亮点“国民经G8994的重要组成部分”已成为支撑和推G2172经G8994G3698长的重要G2159量。但是近期的有关统计G6980据显示，虽然G11458G2081G6117国非国有经G8994对国民经G8994GDP的贡献率已G17810G25G22G8，对G5049业G3698G2164G1552的贡献率G17810G26G23G8，而G994此形成鲜明对比的是，在G11458G2081全部银行G1461贷资G1147中，非国有经G8994G2356G11004的比率不到G22G19G8；而在证券G5078G3342上，民营公司仅G2356上G5078公司G5647G6980的G20G17G25G8。A125（二）G451中小民营企业的融资G10628G10378当G2081G6117国中小民营企业由于它们自身和外部的G2419因在G10995G1147经营过程中面临的G7380大G19394G20076就是融资困难，G17837个G19394G20076甚至已经成为阻碍民营企业发展的瓶颈。由于民营经G8994的起飞必须以G17287够的资G18341支持为G2081提，可以A126A127A128A129A130A131A132A133A134A135A136A137A138A139A140A141A142A143A144A145A146A147A148A149A130A131A151A152A153A154A155A156A157A158A149A1302007A1594A160A2268A161A162A163A164A165A130A131A167A168A169A138A140A141A170A171A149A130A131A172A173A174A140A145A146A149A1302005A159A2264A161XXXA175A176A177A179A180A181A182A183A184A185A186A187A189A190A191A192A193A194A195A196A198A181A199A200A201A202A203A204A2057A206A20739A206说资G18341是民营经G8994G10995命G2159得以扩张的有G2159杠杆，如何G16311G1927好中小民营企业的融资G19394G20076已成为G1431进民营经G8994发展的关键，对于扩大G1881需，G1457持整个国民经G8994持续快G17907健康发展，实G10628全面建设小康G12050G1262的G11458标都是很有必要的。企业的融资G9204G17959归G13447起来G1039要有G1881源融资和外源融资，外源融资G1039要包括了直接融资和间接融资。在G6117国，中小民营企业融资困难G1039要呈G10628出几G12193G10378G1929。G20G451中小民营企业G4490们对于G1881源融资的观念凸显陈旧G6117国民营经G8994发展的G18341融G2172G2159支持G3534本是G1881源融资，G1881源融资G1039要有留存盈G2045和折旧两G12193。中小民营企业要扩大自己的规模，就必须G3698G2164资G18341的投入以扩大G1889G10995G1147，G17837就要求企业留存的多G6980的G2045润G11004于扩大G10995G1147规模和更G7044设备。但是，由于大多G6980民营企业G4490自身G13044质较低，缺乏长期的经营思想，更G2047说国际G5078G3342竞争意识。在分配G2045润上多存在短期化行为，大部分G2045润G11004于分配，很少G1186企业长远发展G11458标考虑自留资G18341以补充经营资G18341的不G17287，扩大企业的规模。因此，中小民营企业的G1881部融资明显不G17287G15民营经G8994的发展无法G12295步G3332实G10628结构优化的扩张。G21G451外源融资G9204G17959狭G12376（G20）直接融资。企业的直接融资G1039要有G13941G7447融资和G1550务融资。在G13941G7447融资方面，虽然有的民营企业可以G4570一G1135优质资G1147G17902过G1523“G3783”上G5078的G7438G1262G994国有资G1147G6523G13941企业G2524G5194上G5078，G16311G1927部分资G18341困难G19394G20076G15但是G17837G12193G13941G7447融资方式一G14336是规模较大G451G6228G7427和G1147G2709较为成G10099G451经营管理G8712G5191较好G451经G8994G6940G11422较G1351G451发展G2081G7235较好的民营企业，G17837G7691的G5785G1929很难G994中小民营企业G13864G13007起来。G6117国G457公司法G458G12544G1855G2325一G7477规G4462G13941G1233有G19492公司G18331取发起XXXA175A176A177A179A180A181A182A183A184A185A186A187A189A190A191A192A193A194A195A196A198A181A199A200A201A202A203A204A2058A206A20739A206设立方式设立的，G8892G1888资本为在公司G11343G16772G7438关G11343G16772的全体发起人G16760G17153的G13941本G5647G20081。公司全体发起人的G20330G8437出资G20081不得低于G8892G1888资本的G11346分G1055二G2325，G1866G1325部分由发起人自公司成立G1055日起两年G1881G13576G17287；G1866中，投资公司可以在G1128年G1881G13576G17287。在G13576G17287G2081，不得G2533G1194人G2227集G13941G1233。G13941G1233有G19492公司G18331取G2227集方式设立的，G8892G1888资本为在公司G11343G16772G7438关G11343G16772的实G6922G13941本G5647G20081。G13941G1233有G19492公司G8892G1888资本的G7380低G19492G20081为人民G5077G1128G11346G987G1815。法律G451行G6931法规对G13941G1233有G19492公司G8892G1888资本的G7380低G19492G20081有较G20652规G4462的，G1186G1866规G4462。A208G4625管G21G19G19G23年G24月经国务G19510G6221G1946，G9157G3335证券交G7143所设立中小企业G7507G5078G3342专G19388为中小企业直接融资G7393务，但是G1866推行的规G4462却G8821有发G10995G2476化，G10628行的法律法规和上G5078标G1946不G2476。G1375如，上G5078G19388G8111方面，G13941本必须G17241过G24G19G19G19G987G13941；G17842续G989年盈G2045。G17837G7691的G7477G1226G2494G14033G16765大多G6980的中小民营企业G7407G8927G1864G2509A125。在G1550G7447融资方面G15发行企业G1550券是G1866G7380G1039要方式。但是，G6117国G457证券法G458G12544G2325G1857G7477规G4462，公开发行公司G1550券，G5224当G12538G2524下G2027G7477G1226G13941G1233有G19492公司的G1940资G1147不低于人民G5077G989G2327G987G1815，有G19492G17143G1231公司的G1940资G1147不低于人民G5077G1857G2327G987G1815；G13059计G1550券G1325G20081不G17241过公司G1940资G1147的G11346分G1055G3247G2325；G7380近G989年G5191均可分配G2045润G17287以支G1196公司G1550券一年的G2045G5699；G12621集的资G18341投G2533G12538G2524国G4490G1147业G6931G12586；G1550券的G2045率不G17241过国务G19510G19492G4462的G2045率G8712G5191；国务G19510规G4462的G1866G1194G7477G1226。A209G1186发行G1550券的法律法规和G6931G12586的导G2533上G11487对中小民营企业不G2045，中小民营企业很难G17902过G1550务融资G14731得资G18341。（G21）间接融资。中小民营企业在直接融资G9204G17959不G11033G17902的G5785G1929下，G2842业银A126A136A210A211A169A212A213A135A211A169A214A215A216A217A218A219A220A221A217A130A131A223A224A225A149A130A226A227A228A226A229A230A226A231A232A233A234A162A235A237A238A130A239A240A130A131A242A244A134A135A136A137A138A139A245A246A247A130A248A247A249A251A144A147A148A149A130A131A138A139A253A254A149A1302007A1597A160A255A136A210A211A169A212A213A135A211A169A214A215A216A217A218A219A220A221A217A130A131A132A155A225A149A130A226A226A228A226A232A103A234XXXA175A176A177A179A180A181A182A183A184A185A186A187A189A190A191A192A193A194A195A196A198A181A199A200A201A202A203A204A2059A206A20739A206行的贷G8466是民营企业的重要融资G9204G17959，由于G6117国G11458G2081G2842业银行贷G8466G1039要G17836是G19036对大G4470G6155（如国有G6523G13941G6122者国有大中G3423企业），间接融资的困难G1039要G17836是缺乏专G19388G19036对中小企业为G1866提G1391G7393务的G18341融G7438构，所以中小民营企业融资G9204G17959G1185旧狭G12376G3593G3634。G6117国G6931G5232在G20G28G27G27年G25月发G5079的G457中G2338人民G1861和国G12181营企业G7254行G7477G1375G458中明确规G4462“G12181营企业不得G1186G1119G1903G5049G451G18341融业的G10995G1147经营，不得G10995G1147经营国G4490G12117G8502经营的G1147G2709”。A1G1186而G6245制了民营企业的发展直接导G14280民间G18341融G7438构的发G13958不G14403，中小民营企业G1075就不G14033很好G3332G1186G19512了国有G6122国有G6523G13941的G2842业银行以为的G18341融G7438构G14731得融资资G18341。此外，因为G989大国有G6523G13941G2842业银行和中国G1904业银行的G18341融资G1147集中G5242G20652G17810G26G19G8以上，在G17837G12193结构下，中小民营企业贷G8466的G1039体G2494G14033是国有G6122者国有G6523G13941的G2842业银行。据G16855G7609G15G27G19G8的G12181营企业G16760为贷G8466难G15G23G26G8的企业G1584G1147G2419因是资G18341缺乏G2530续G1391G13485。A2二G451导G14280中小民营企业融资G10628G10378的G2419因（一）G451企业自身管理体制的G14865G2530G994财务制G5242的缺G19531G20G451很多中小民营企业自身G13044质的缺G19531，管理体制不健全，多G18331G11004G4490G7075式管理G15管理G8712G5191低下G15G8892重短期G2045G11422G15G5585G16282企业长期发展G6124G11065。G21G451财务制G5242不健全，导G14280G2842业银行难以实G7057有G6940G1461贷投放。为了减少G12258费支出，部分企业往往在财务报表和账务处理等方面做文章，G17902过少计G6922入G451G2045润和资G1147，多计费G11004和支出等手段，G17810到避G12258G6122者偷逃G12258的G11458的，有的企业甚至存在几G3883财务报表的G5785G1929。G17837为G2842业银行全面了G16311和A0A13A3A157A4A76A54A38A6A159A124A14A18A7A16A137A130A13A160A17A8A9A161A200A148A239A126A5A10A233A148A761988A496A5125A52A11A162A12A15A76A124A16A17A14A19A8A9A20A21A22A23A24A25A126A76A124A164A26A27A28A29A30A167A227A31A157A31A54A126A762007A493A51A517A168A51A100XXXA32A33A34A35A36A37A39A40A41A42A43A44A45A46A47A48A50A53A55A56A57A37A58A59A60A61A62A63A6410A65A6639A65掌握企业真正的财务G6980据G451经营G10378G1929带来了难G5242，往往G1262G17908成银行G1927G12586滞G2530和G1927G12586失误，G2164大了银行贷G8466风险。G22G451G1147业化协作G8712G5191和发展G2530劲的不G17287，制G13434了G2842业银行的G1461贷支持。相当部分民营企业规模较小G451G1147G2709结构单一G451科G6228G2559量较低，在G5078G3342竞争中抗风险G14033G2159较弱，极G7143受G5078G3342G1391求关G13007波G2172的影响，G1186而影响G2842业银行在G1461贷支持上的积极性。G23G451G1461G11004观念淡薄，G6117国G25G19G8以上中小民营企业G1461G11004等级是G22BG6122G22B以下，贷G8466到期时G1262发G10995有钱不G17836的G10628G16949，甚至有G1135企业G1523改制等不正当手段，故意逃废银行G1550务，严重影响了自身的整体G1461G11004形G16949。（二）G451直接融资G9204G17959G3593G3634的G2419因在G6117国，对在资本G5078G3342发行G13941票和G1550券的企业，G5078G3342G1946入要求很G20652。G1186中G2338人民G1861和国G457公司法G458对企业上G5078规G4462以G2462G457证券法G458对企业发行G1550券的规G4462来G11487，由于大部分民营企业由于经营规模较小，自有资G18341不G17287，G1461誉不G20652，运作不规范，G1461G11004等级普遍较低，使得中小企业较难进入短期融资G1550券的发行G5078G3342，更不G11004说进入G13941票发行G5078G3342和长期G1550券发行G5078G3342。虽然G9157G3335证券交G7143所建立了中小企业G7507，但是由于G1866上G5078G7477G1226和G10628行法律法规不G2476使中小民营企业很难G1186此G9204G17959进行融资直接融资G9204G17959的受阻，导G14280企业发展对银行G1461贷资G18341的依赖性G3698大，间接融资比重越来越G20652，发展中的资G18341单纯依赖银行贷G8466的G5785G1929比较突出，但是依靠银行的贷G8466G1075受到G4470观G6122G1039观上的阻碍。（G989）G451间接融资G9204G17959G3593G3634的G2419因G20G451由于中小民营企业自身发展体制和运营风险G20652的特点，国有G2842业银行XXXA32A33A34A35A36A37A39A40A41A42A43A44A45A46A47A48A50A53A55A56A57A37A58A59A60A61A62A63A6411A65A6639A65很难为民营企业提G1391融资G7393务。G11458G2081国有G2842业银行对民营企业贷G8466的G1946入G7477G1226较G20652，贷G8466的方式G1039要是抵押和担G1457，G1461G11004方式几乎G8821有。如果民营企业G8821有G17287够的贷G8466抵押和担G1457就很难G14731得贷G8466，而许多民营企业在形成过程中，由于G12193G12193G2419因G18331取挂靠集体G994集体G451G2524资G2524作的方式经营，使得G1866G2172G1147和不G2172G1147所有G7447存在不同程G5242的G1147G7447不明晰的G10378G1929而无法G11004作贷G8466抵押G2709。G21G451国有G2842业银行对中小企业的“成G1233”歧G16282以G2462实G7057的“重点G3332区G451重点行业G451重点G1147G2709G451重点G4470G6155”的“G3247重”G6124G11065，使得国有G2842业银行的G1461贷资G18341更多G3332流G2533了国有大G3423企业，制G13434了对民营企业的投入。G22G451国有G2842业银行为了防范G1461贷风险，上G6922了G3534层G7438构的G1461贷审G6221G7447。一G1135县级银行G17842G24G987G1815以下的贷G8466G7447G1075G8821有G15导G14280G3534层每笔贷G8466都需得到上级行审G6221，贷G8466审G6221G7447G19492的G20652G5242集中G451审G6221程序的复杂化G994民营企业资G18341需求G20652频率G451小G18341G20081G451快周G17728G451强时G6940G1055间的矛盾。G23G451重G13434束G451G17743激励的贷G8466G12544一G17143G1231人制G5242严重影响了G1461贷人员放贷积极性，使得G3534层G1461贷人员G2494重G16282规避风险，不重G16282G1461贷营销，G4470观上G2164大了民营企业G17902过银行进行间接融资的难G5242。（G3247）G451间接融资困难的根源G1523贷关G13007中的G1461G5699不对称逆G2533选择G994G17959德风险中小民营企业直接融资G9204G17959受阻，于是G2494G14033G17728G2533间接融资方式，G1039要G2533国有G6523G13941G2842业银行贷G8466却遇到G9204G17959阻G3634，G1866根源在于银企G1055间存在G11540G1461G5699不对称因G13044。G1461G5699不对称普遍存在于G6117国G2842业银行中，使得银行交G7143G6940率降低，G18341融风险G3698大。在企业G994银行发G10995的G1461贷关G13007中，作为XXXA32A33A34A35A36A37A39A40A41A42A43A44A45A46A47A48A50A53A55A56A57A37A58A59A60A61A62A63A6412A65A6639A65G1523G8466者的企业G17902常比G2842业银行更清楚G1461贷项G11458成功的概率和偿G17836贷G8466的G7477G1226G2462意愿，所以在申请贷G8466时，G1523G8466者G17902常倾G2533于披露有G2045于G14731得贷G8466的G1461G5699，而隐瞒对G1866G14731得贷G8466不G2045的G1461G5699。对于银行而言，在此期间即存在G1927G12586风险，为了G5191衡G17837一风险可G14033G13485银行贷G8466所带来的损失，便要求较G20652的G2045率。G17837G7691，低风险项G11458由于G1523贷成本G20652于预期G8712G5191而退出G1523贷G5078G3342，那G1135愿意支G1196G20652G2045率的都是G20652风险项G11458。所以，银行在G1039观上形成一G12193G16760识G7380有可G14033偿G17836贷G8466的G7380优G1523G8466者不G1262G1523G8466，G2081来G1523G8466的都是违G13434风险很大的G1523G8466者，受G1783