再论经济转轨中的流动资金贷款问题

流动资金紧张一直是困扰我国企业的一个难题,但这一问题却不是仅仅依靠银行增加流动资金贷款供应数量就能解决的,其背后隐藏着深刻的经济和体制原因。本文从经济制度的转轨与变迁,以及社会资金配置方式与经济增长、发展的内在联系等宏观视角出发,深入分析了我国企业流动资金配置方式的变迁过程,揭示企业流动资金紧张与银行流动资金贷款高不良率等问题形成的逻辑,提出化解这些难题的整体战略思路:在宏观战略层面上,转变发展战略和改革社会资金配置方式;在微观操作层面上,改进企业、银行以及政府的微观机制,使其行为和相互关系更为科学合理。

Loans as Working Capital in the Transitional Economy Restudied

Unavailability of working capital has always been a headache for Chinese enterprises. This problem can not be solved only by increasing the amount of banking loans as working capital. In fact, there is a deep underlying economic and systemic cause. This paper goes deep into the changing modes by which Chinese enterprises allocate working capital from the macro perspective of economic transformation/change and the interrelationship between the mode of social capital allocation and pattern of economic growth and development. Through analysis, the paper deducts the logic governing the relationship between the shortage of working capital experienced by enterprises and higher NPL rate faced by banks. To solve these problems, a strategic overall principle is provided: e.g. on the macro-level, we should reset our development strategy and change the mode of social capital allocation and on the micro-level, we should improve the micro-mechanism for enterprises, banks and the government so as to harmonize their behaviors and relationship.