● 中國(guo)人民銀行金融研究所副所長 雷曜(yao)

　　中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)融(rong)資(zi)(zi)(zi)難、融(rong)資(zi)(zi)(zi)貴是社會各界普(pu)遍關注的(de)(de)問題，是非常復雜的(de)(de)綜合性(xing)(xing)問題，也是世界性(xing)(xing)難題。做(zuo)好對中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)的(de)(de)金(jin)(jin)融(rong)服務(wu)是一(yi)項(xiang)系(xi)統性(xing)(xing)工程，“十(shi)四(si)五(wu)”時(shi)期(qi)中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)高(gao)(gao)質量(liang)發(fa)展對金(jin)(jin)融(rong)服務(wu)提(ti)出了更(geng)高(gao)(gao)要求(qiu)。提(ti)高(gao)(gao)中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)的(de)(de)融(rong)資(zi)(zi)(zi)可得性(xing)(xing)，促(cu)進中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)融(rong)資(zi)(zi)(zi)規(gui)(gui)模增(zeng)長、融(rong)資(zi)(zi)(zi)結(jie)構(gou)更(geng)加優化(hua)(hua)，實(shi)現“增(zeng)量(liang)、降(jiang)價、提(ti)質、擴面”目(mu)(mu)標，不(bu)僅需(xu)要金(jin)(jin)融(rong)系(xi)統的(de)(de)自身努(nu)力，也需(xu)要多部門(men)共同支持的(de)(de)政策環境。《“十(shi)四(si)五(wu)”促(cu)進中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)發(fa)展規(gui)(gui)劃(hua)》（以下簡稱《規(gui)(gui)劃(hua)》）緊密(mi)結(jie)合我國《第十(shi)四(si)個(ge)五(wu)年規(gui)(gui)劃(hua)和2035年遠景目(mu)(mu)標綱要》中(zhong)(zhong)(zhong)有(you)關中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)高(gao)(gao)質量(liang)發(fa)展、深(shen)化(hua)(hua)金(jin)(jin)融(rong)供給側結(jie)構(gou)性(xing)(xing)改革(ge)，增(zeng)強金(jin)(jin)融(rong)普(pu)惠性(xing)(xing)的(de)(de)要求(qiu)，較全面、系(xi)統和完整地給出了“十(shi)四(si)五(wu)”時(shi)期(qi)促(cu)進中(zhong)(zhong)(zhong)小(xiao)企(qi)業(ye)高(gao)(gao)質量(liang)發(fa)展的(de)(de)金(jin)(jin)融(rong)服務(wu)方案、支持路徑與政策舉措。

　　一、《規(gui)劃》鼓勵金融機構(gou)全面發揮市場(chang)化資源(yuan)配置作(zuo)用(yong)，實(shi)現(xian)金融資源(yuan)高效配置

　　經(jing)過(guo)各(ge)方(fang)共(gong)同努力(li)，目(mu)前(qian)我國小(xiao)微(wei)(wei)金(jin)(jin)融(rong)(rong)(rong)服(fu)務成效明(ming)顯。截至2021年10月末，普惠(hui)小(xiao)微(wei)(wei)貸(dai)(dai)(dai)款余額18.6萬億元，支(zhi)持小(xiao)微(wei)(wei)經(jing)營主體(ti)(ti)(ti)4217萬戶，分別同比增長26.7%與34.1%。“專精(jing)特新”企(qi)(qi)(qi)業(ye)整體(ti)(ti)(ti)獲貸(dai)(dai)(dai)率超過(guo)七成。《規(gui)劃》將(jiang)(jiang)“提(ti)高(gao)融(rong)(rong)(rong)資可得(de)性”與“中小(xiao)企(qi)(qi)(qi)業(ye)融(rong)(rong)(rong)資促進(jin)(jin)工(gong)程(cheng)”分別作為“十(shi)四五”促進(jin)(jin)中小(xiao)企(qi)(qi)(qi)業(ye)發(fa)展的主要(yao)任務與重點工(gong)程(cheng)之一(yi)，致(zhi)力(li)于(yu)解決小(xiao)微(wei)(wei)金(jin)(jin)融(rong)(rong)(rong)服(fu)務供給結構(gou)(gou)(gou)性失衡問題，強化(hua)(hua)金(jin)(jin)融(rong)(rong)(rong)機構(gou)(gou)(gou)中小(xiao)微(wei)(wei)企(qi)(qi)(qi)業(ye)金(jin)(jin)融(rong)(rong)(rong)服(fu)務能(neng)力(li)提(ti)升，著力(li)構(gou)(gou)(gou)建“敢(gan)貸(dai)(dai)(dai)、愿貸(dai)(dai)(dai)、能(neng)貸(dai)(dai)(dai)、會(hui)貸(dai)(dai)(dai)”長效機制(zhi)(zhi)。這既是深(shen)化(hua)(hua)金(jin)(jin)融(rong)(rong)(rong)供給側結構(gou)(gou)(gou)性改(gai)革(ge)，落實(shi)(shi)(shi)構(gou)(gou)(gou)建金(jin)(jin)融(rong)(rong)(rong)有(you)(you)效支(zhi)持實(shi)(shi)(shi)體(ti)(ti)(ti)經(jing)濟的體(ti)(ti)(ti)制(zhi)(zhi)機制(zhi)(zhi)要(yao)求，也(ye)是健全具有(you)(you)高(gao)度適應性、競爭力(li)、普惠(hui)型的現(xian)代金(jin)(jin)融(rong)(rong)(rong)體(ti)(ti)(ti)系具體(ti)(ti)(ti)體(ti)(ti)(ti)現(xian)。隨著《規(gui)劃》政(zheng)策舉措逐步(bu)落實(shi)(shi)(shi)，必將(jiang)(jiang)有(you)(you)利于(yu)進(jin)(jin)一(yi)步(bu)優化(hua)(hua)金(jin)(jin)融(rong)(rong)(rong)結構(gou)(gou)(gou)，引導(dao)金(jin)(jin)融(rong)(rong)(rong)機構(gou)(gou)(gou)按市場化(hua)(hua)機制(zhi)(zhi)，高(gao)效配置金(jin)(jin)融(rong)(rong)(rong)資源，將(jiang)(jiang)經(jing)營重心和(he)信貸(dai)(dai)(dai)資源從偏好房地產(chan)、地方(fang)政(zheng)府融(rong)(rong)(rong)資平臺等領域，向制(zhi)(zhi)造業(ye)、中小(xiao)微(wei)(wei)企(qi)(qi)(qi)業(ye)等實(shi)(shi)(shi)體(ti)(ti)(ti)經(jing)濟重點領域和(he)薄弱環節傾斜(xie)，實(shi)(shi)(shi)現(xian)信貸(dai)(dai)(dai)資源增量優化(hua)(hua)、存量重組，更好服(fu)務實(shi)(shi)(shi)體(ti)(ti)(ti)經(jing)濟高(gao)質量發(fa)展。

　　二、《規(gui)劃》總結吸(xi)收了過去幾年(nian)行(xing)之有效、受到市(shi)場歡迎的金(jin)融(rong)政策(ce)、產品與(yu)服(fu)務并(bing)加以提(ti)升

　　《規(gui)劃(hua)》針(zhen)對中(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)業(ye)發展(zhan)不確定性(xing)高(gao)、銀(yin)企(qi)信(xin)息(xi)不對稱、金(jin)(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu)規(gui)模不經濟等傳統融(rong)資(zi)(zi)難點(dian)(dian)痛點(dian)(dian)，著重(zhong)從以下幾方面闡述近些年來我國小(xiao)(xiao)微(wei)(wei)(wei)金(jin)(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu)領域積累的卓有成效(xiao)經驗(yan)做法并加以凝(ning)練提升。一(yi)是(shi)(shi)用好(hao)貨(huo)幣信(xin)貸(dai)政(zheng)(zheng)策，擴大小(xiao)(xiao)微(wei)(wei)(wei)信(xin)貸(dai)供給。包(bao)(bao)括(kuo)用好(hao)全(quan)面降準(zhun)、定向降準(zhun)、支小(xiao)(xiao)再貸(dai)款(kuan)(kuan)再貼現、兩項(xiang)直達工具(ju)等結構性(xing)政(zheng)(zheng)策，引導金(jin)(jin)(jin)(jin)融(rong)機(ji)構重(zhong)點(dian)(dian)支持(chi)中(zhong)(zhong)(zhong)小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)。二是(shi)(shi)優化(hua)金(jin)(jin)(jin)(jin)融(rong)機(ji)構內部資(zi)(zi)源(yuan)配(pei)置與政(zheng)(zheng)策安排。包(bao)(bao)括(kuo)單列小(xiao)(xiao)微(wei)(wei)(wei)專項(xiang)信(xin)貸(dai)計劃(hua)，改(gai)革小(xiao)(xiao)微(wei)(wei)(wei)信(xin)貸(dai)業(ye)務(wu)(wu)條線(xian)的成本分(fen)(fen)攤和(he)收(shou)益分(fen)(fen)享機(ji)制(zhi)(zhi)，實行(xing)內部資(zi)(zi)金(jin)(jin)(jin)(jin)轉(zhuan)移(yi)定價優惠；完善績(ji)效(xiao)考(kao)核(he)機(ji)制(zhi)(zhi)，增加小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)客戶服(fu)(fu)務(wu)(wu)情況考(kao)核(he)權重(zhong)，適(shi)當下放(fang)授信(xin)審批權；健(jian)全(quan)盡職免(mian)責制(zhi)(zhi)度，適(shi)當提高(gao)不良(liang)貸(dai)款(kuan)(kuan)容忍度。三是(shi)(shi)運用科(ke)技手段(duan)賦能中(zhong)(zhong)(zhong)小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)金(jin)(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu)。包(bao)(bao)括(kuo)鼓勵金(jin)(jin)(jin)(jin)融(rong)機(ji)構通過大數據、區塊鏈等金(jin)(jin)(jin)(jin)融(rong)科(ke)技手段(duan)，提高(gao)貸(dai)款(kuan)(kuan)效(xiao)率(lv)，創新風險評估方式(shi)，拓寬中(zhong)(zhong)(zhong)小(xiao)(xiao)客戶覆(fu)蓋面；加快金(jin)(jin)(jin)(jin)融(rong)機(ji)構數字化(hua)轉(zhuan)型，打造線(xian)上線(xian)下、全(quan)流(liu)程中(zhong)(zhong)(zhong)小(xiao)(xiao)金(jin)(jin)(jin)(jin)融(rong)產(chan)(chan)品體系(xi)；增加中(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)業(ye)信(xin)用貸(dai)款(kuan)(kuan)、首貸(dai)、無(wu)還本續貸(dai)和(he)隨(sui)借隨(sui)還產(chan)(chan)品，推(tui)動供應鏈金(jin)(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu)，提升金(jin)(jin)(jin)(jin)融(rong)服(fu)(fu)務(wu)(wu)便利度。四是(shi)(shi)拓寬中(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)業(ye)直接融(rong)資(zi)(zi)渠道。包(bao)(bao)括(kuo)支持(chi)金(jin)(jin)(jin)(jin)融(rong)機(ji)構發行(xing)小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)專項(xiang)金(jin)(jin)(jin)(jin)融(rong)債券，提升中(zhong)(zhong)(zhong)小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)使用商業(ye)匯票(piao)融(rong)資(zi)(zi)效(xiao)率(lv)，支持(chi)優質中(zhong)(zhong)(zhong)小(xiao)(xiao)微(wei)(wei)(wei)企(qi)業(ye)上市或掛牌融(rong)資(zi)(zi)，引導私募股權投(tou)(tou)資(zi)(zi)和(he)創業(ye)投(tou)(tou)資(zi)(zi)投(tou)(tou)早投(tou)(tou)小(xiao)(xiao)。五是(shi)(shi)發揮(hui)“幾家(jia)抬(tai)”政(zheng)(zheng)策合力。包(bao)(bao)括(kuo)拓展(zhan)政(zheng)(zheng)府性(xing)融(rong)資(zi)(zi)擔(dan)保(bao)覆(fu)蓋面，降低擔(dan)保(bao)費率(lv)；健(jian)全(quan)信(xin)貸(dai)獎(jiang)補(bu)和(he)風險分(fen)(fen)擔(dan)機(ji)制(zhi)(zhi)，提供貸(dai)款(kuan)(kuan)貼息(xi)和(he)獎(jiang)勵；深(shen)化(hua)“放(fang)管服(fu)(fu)”改(gai)革，清理(li)中(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)業(ye)融(rong)資(zi)(zi)環節不合理(li)和(he)違(wei)規(gui)收(shou)費。

　　三、《規(gui)劃(hua)》也充分考慮“十四五”時期(qi)中(zhong)小企(qi)業(ye)發展(zhan)面臨(lin)的新(xin)(xin)挑戰新(xin)(xin)任(ren)務(wu)，進一步鼓勵創新(xin)(xin)金融(rong)服務(wu)方案

　　“十四五”時期，面(mian)對(dui)碳(tan)達峰碳(tan)中(zhong)和(he)目標任務(wu)、建設創新(xin)性國(guo)家戰略(lve)、國(guo)內國(guo)際雙(shuang)循環(huan)發(fa)(fa)(fa)(fa)展(zhan)格局等(deng)新(xin)形勢，中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)高質(zhi)量(liang)發(fa)(fa)(fa)(fa)展(zhan)也面(mian)臨新(xin)問題和(he)新(xin)任務(wu)，中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)發(fa)(fa)(fa)(fa)展(zhan)呈現出創新(xin)化、專業(ye)(ye)(ye)(ye)化、數字化、綠(lv)(lv)色(se)(se)化等(deng)新(xin)特(te)征，《規(gui)(gui)(gui)劃(hua)》及時準確闡(chan)述了諸如(ru)(ru)發(fa)(fa)(fa)(fa)展(zhan)綠(lv)(lv)色(se)(se)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)、發(fa)(fa)(fa)(fa)展(zhan)數字普惠金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)、創新(xin)供(gong)應鏈(lian)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)等(deng)小(xiao)(xiao)微(wei)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服(fu)(fu)務(wu)重(zhong)(zhong)點(dian)領域的最(zui)新(xin)政策(ce)趨向，這些都使得《規(gui)(gui)(gui)劃(hua)》的金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)部分既有(you)較強政策(ce)宣示導(dao)(dao)向，也有(you)積極實踐指導(dao)(dao)意(yi)義。譬如(ru)(ru)，一是鼓勵創新(xin)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)支(zhi)(zhi)持中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)綠(lv)(lv)色(se)(se)發(fa)(fa)(fa)(fa)展(zhan)方案。如(ru)(ru)《規(gui)(gui)(gui)劃(hua)》提到“發(fa)(fa)(fa)(fa)展(zhan)綠(lv)(lv)色(se)(se)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)，創新(xin)基于(yu)排(pai)污權(quan)、用(yong)能(neng)權(quan)、用(yong)水權(quan)、碳(tan)排(pai)放權(quan)等(deng)環(huan)境權(quan)益的金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)產品(pin)”與(yu)當前人(ren)民(min)銀行積極推動(dong)碳(tan)減(jian)排(pai)支(zhi)(zhi)持工具(ju)，加快完善綠(lv)(lv)色(se)(se)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體系政策(ce)高度契合(he)，也與(yu)《規(gui)(gui)(gui)劃(hua)》涉及推動(dong)的“中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)綠(lv)(lv)色(se)(se)發(fa)(fa)(fa)(fa)展(zhan)促進工程(cheng)(cheng)”緊密呼(hu)應。二是鼓勵創新(xin)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)支(zhi)(zhi)持中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)全(quan)生命周期方案。如(ru)(ru)《規(gui)(gui)(gui)劃(hua)》提到拓寬直接融(rong)(rong)(rong)(rong)(rong)資(zi)渠(qu)道(dao)，發(fa)(fa)(fa)(fa)展(zhan)多層次資(zi)本市場來滿足創新(xin)型中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)全(quan)生命周期融(rong)(rong)(rong)(rong)(rong)資(zi)需求，特(te)別是引導(dao)(dao)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)資(zi)本、社會資(zi)本積極支(zhi)(zhi)持培育優(you)質(zhi)中(zhong)小(xiao)(xiao)企(qi)業(ye)(ye)(ye)(ye)走“專精特(te)新(xin)”發(fa)(fa)(fa)(fa)展(zhan)道(dao)路。三是鼓勵進一步提升(sheng)中(zhong)小(xiao)(xiao)微(wei)企(qi)業(ye)(ye)(ye)(ye)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服(fu)(fu)務(wu)能(neng)力(li)。《規(gui)(gui)(gui)劃(hua)》鼓勵持續(xu)深入開展(zhan)中(zhong)小(xiao)(xiao)微(wei)企(qi)業(ye)(ye)(ye)(ye)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服(fu)(fu)務(wu)能(neng)力(li)提升(sheng)工程(cheng)(cheng)，強化金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)構內部資(zi)源(yuan)配置和(he)考核激勵。加強科技手段(duan)運用(yong)，規(gui)(gui)(gui)范發(fa)(fa)(fa)(fa)展(zhan)供(gong)應鏈(lian)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)。同時，注重(zhong)(zhong)部門間協(xie)調配合(he)，推動(dong)信用(yong)信息(xi)共享、融(rong)(rong)(rong)(rong)(rong)資(zi)擔保等(deng)配套機(ji)制建設，提升(sheng)金(jin)(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服(fu)(fu)務(wu)質(zhi)效。