摘要
中小企业是我国实现经济可持续发展的关键，在提供社会就业、增加人民收
入、促进科技创新、加快经济发展、维护社会稳定方面都有积极的作用。中小企
业的发展离不开外源融资的支撑，然而在其发展过程中面临着融资困难的巨大挑
战。中小企业很难从银行、金融市场等正式融资渠道获得资金，主要依靠非正式
融资来获取资本。因此，本文旨在通过建立模型、分析案例来研究非正式融资对
于中小企业的作用。

通过构建模型分析得出，信息的不对称是造成中小企业融资困难的根本原因。

信息不对称引起“逆向选择”和“道德风险”，阻碍了正式融资机构对中小企业
的贷款。金融抑制是中小企业非正式融资的强化因素，政府对于利率、银行储备
金等的限制使金融市场不能完全服务于经济的各个方面，中小企业在融资方面处
于劣势。融资成本是中小企业选择融资渠道的直接原因，银行对于抵押的要求使
中小企业融资成本升高，超出了中小企业的能力范围。因此非正式融资对正式融
资的不足起到了补充作用，在中小企业发展的前期尤为关键。

但是，通过对浙江温州中小企业非正式融资演变的分析得出，非正式融资具
有二元性特征，如果不通过法律保障和政策的引导、监管，会对经济产生负面影
响。通过对比中国与美国、英国、日本等发达国家的中小企业融资发现，与我国
情况不同的是，正式融资在中小企业融资中起主导作用。这一差别源于中外企业
质量、政策制度、信用体系等。

因此，应当对非正式融资进行适当的引导和监管，使其积极作用得到发挥；
同时通过政策支持等改善融资环境，拓宽融资渠道，加强融资创新，切实改善中
小企业融资问题。

关键词：中小企业，非正式融资，正式融资，信息不对称，金融抑制

ABSTRACT
SMEisthe core element in achieving sustainable economic development in China.
It contributes to the Chinese employment, income raising, technology innovation,
economic development and social security. Whereas, SMEs in China bear the brunt of
financial dilemma，however, external finance is the key to their further development.
The formal financial sector is inaccessible to SMEs and the informal finance is the
primary finance approach. Therefore, this paper aims at objectively addressing the
current role of informal finance to SMEs in China.
Through the economic model analysis, the information asymmetry is the
underlying factor, which accounts for SMEs financial dilemmarmation
asymmetry between lenders andborrowers causes“adverse selection”before the
transaction and “hazard risks” after thetransactionthat hinders the loan from financial
institutions to SMEs. In addition , Financial repression takes SME to the arm of
informal finance. Financial repression in China is mainly reflected in government
interventions by regulating domestic interest rate and controlling dominating banking
system. All the structured factors contributeto imperfect financial market in China,
which the formal financial instrument such as banking, equity and bond market,
cannot serve the entire economy. Most SMEs are rejected by the formal financial
sector. Whilst, which financial method the SMEs will choose, depends on cost
analysis directly. A series of collaterals requirements of banks add additional cost on
SMEs and beyond their profitability. Therefore, Informal Finance, under the imperfect
financial markets, plays a complementary role of the entire economy; especially the
impact on the early phase of SMEsdevelopment is particularly evident.
Nonetheless, approved by the empirical analysis ofWenzhou city in Zhejing
Province, where is famous for SMEs development,informal finance has its duality.It
means informal finance plays a significantly positive role in economic growth, as well,
distortes the development if there is lack of rational economic behavior and
reasonable regulationparison with SME finance in the USA, the UK, Japan, on
the contrary，formal finance such as banks, stocks, is the leading way to SME in
developed countries. What makes the differences is quality of enterprises, policy
support, credit system and so forth.
A conclusionshould be drawn here is constructive informal finance could be a
complementary tool when under supervision and protection by laws and
regulations.Meanwhile, it is necessary to improve the finance environment, expandthe
financial channels and enhance financial innovation, in order to solve SME finance
problems effectely and efficiently.
Key words: SME, informal finance, formal finance, information asymmetry, financial
repression