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中小企业融资难主要是由于内外部两重因素造成的。从内部因素看,企业资产规模较小、信用级别较低,无法满足商业银行及债券市场投资机构对于企业授信的基本要求,因而获得融资支持比较困难。从外部因素看,由于国内金融市场风险分担机制不健全、缺乏有效信用增进渠道,中小企业即使愿意支付额外的风险溢价,但仍是较难进入债券市场进行直接融资。
SME financing difficulties are mainly due to two internal and external factors. In terms of internal factors, the enterprise assets are of a relatively small scale and the credit rating is relatively low, which can not meet the basic requirements for credit extension by commercial banks and bond market investment institutions. Therefore, it is difficult to obtain financing support. From external factors, due to the unsound mechanism of risk sharing in domestic financial markets and the lack of effective credit promotion channels, even if SMEs are willing to pay extra risk premium, they still find it more difficult to enter the bond market for direct financing.