金融约束理论及其在中国的实践

Financial Restraint Theory and its Practices in China

中文关键词:  金融约束理论  中小企业融资  金融管制

英文关键词:financial restraints theory  small and medium-sized enterprises financing  financial regulation

中文摘要:

      近年来关注金融约束理论的学者日益增多,但存在对金融约束政策含义的误解以及缺乏对其在中国实践状况的深入分析。文章在分析该理论基本框架基础上,重点强调其特许权价值、专利权保护及私营部门的真正含义,以消除前人的误解；首次深入分析金融约束理论在我国的实践情况,包括前提条件满足状况和具体表现,以期给后续相关研究提供借鉴；最后分析了金融约束政策是导致我国中小企业融资困境产生的主要原因并提出政策建议。

英文摘要:

      Recently, more and more scholars have paid attention to financial restraint theory. However, there are misunderstandings for the policy implication of financial restraint and there is a lack of deep analysis of its practices in China. This paper analyzes the basic framework of financial restraint theory, focusing on the connotation of franchise value, patent protection and private sectors to eliminate the previous misunderstandings. For the first time, this paper makes a deep analysis of the practices of financial restraint theory in China, including the premise condition and concrete embodiment, in a hope of providing reference for subsequent researches. Finally, it analyzes the main reasons from financial restraint policy which leads to the financing dilemma of small and medium-sized enterprises (SMEs) and proposes the policy suggestions. 