◎莫開偉

11月(yue)19日，李克強總理主持召(zhao)開國務(wu)院常務(wu)會(hui)議，提(ti)出增加存貸比指(zhi)標(biao)彈性、抓緊出臺股票(piao)發行注(zhu)冊制改(gai)(gai)革(ge)方案、加快利率市場化(hua)改(gai)(gai)革(ge)等10條辦法(fa)（簡稱新“融十(shi)條”），旨(zhi)在緩解企業融資成本高問題，再(zai)度釋(shi)放(fang)金融改(gai)(gai)革(ge)提(ti)速信號。

國務院在時隔4個月之后(hou)，再次推出“融(rong)十(shi)條(tiao)”，立即(ji)引發社會(hui)強烈(lie)反(fan)響(xiang)。輿論普遍認為(wei)此舉(ju)是緩解(jie)企(qi)(qi)業融(rong)資(zi)難、融(rong)資(zi)貴(gui)的最有(you)效藥方。作為(wei)一名金融(rong)工作者(zhe)，筆者(zhe)認為(wei)，新“融(rong)十(shi)條(tiao)”拿準了企(qi)(qi)業“融(rong)資(zi)難、融(rong)資(zi)貴(gui)”的“穴位”，指明了化解(jie)企(qi)(qi)業融(rong)資(zi)矛盾的方向，找(zhao)到了優化企(qi)(qi)業融(rong)資(zi)生態的“鑰(yao)匙”。

從現實(shi)看(kan)，國務院(yuan)出臺新“融(rong)(rong)(rong)(rong)十條”，既順應(ying)了(le)(le)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)改(gai)革和經(jing)濟(ji)發展形勢的(de)需(xu)要，也是(shi)(shi)被現實(shi)經(jing)濟(ji)倒逼的(de)無奈(nai)之舉(ju)。李克(ke)強總理說(shuo)得好：“金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)不(bu)(bu)搞活(huo)，實(shi)體(ti)經(jing)濟(ji)就(jiu)上不(bu)(bu)來，經(jing)濟(ji)下(xia)行(xing)(xing)壓力(li)就(jiu)難以(yi)‘頂(ding)住’，最后反過(guo)來可能(neng)會帶來金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)險。” 今年(nian)以(yi)來，為(wei)解決實(shi)體(ti)經(jing)濟(ji)困(kun)難，決策層可謂費盡心(xin)機(ji)(ji)，實(shi)施(shi)了(le)(le)定向降準和降息(xi)、緩解企(qi)業(ye)(ye)融(rong)(rong)(rong)(rong)資(zi)(zi)困(kun)局等系(xi)列財(cai)政(zheng)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)措施(shi)。雖然(ran)這些政(zheng)策在扭轉(zhuan)企(qi)業(ye)(ye)生存現狀方面發揮了(le)(le)一定作用，但(dan)仍無法從根本(ben)(ben)上改(gai)變融(rong)(rong)(rong)(rong)資(zi)(zi)難、融(rong)(rong)(rong)(rong)資(zi)(zi)貴困(kun)局。其(qi)原因主要有六(liu)條：一是(shi)(shi)銀(yin)(yin)(yin)(yin)行(xing)(xing)“喜大(da)厭小(xiao)”、信(xin)貸身份觀念沒有改(gai)變，過(guo)多金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)資(zi)(zi)源流向了(le)(le)產能(neng)過(guo)剩行(xing)(xing)業(ye)(ye)和低效國有企(qi)業(ye)(ye)，甚(shen)至降準資(zi)(zi)金(jin)(jin)(jin)也通過(guo)各(ge)種途(tu)徑流向了(le)(le)大(da)企(qi)業(ye)(ye)。二(er)是(shi)(shi)為(wei)中(zhong)小(xiao)微實(shi)體(ti)經(jing)濟(ji)服務的(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)仍然(ran)缺乏(fa)(fa)，而大(da)銀(yin)(yin)(yin)(yin)行(xing)(xing)信(xin)貸門檻高，把大(da)量有資(zi)(zi)金(jin)(jin)(jin)需(xu)求的(de)企(qi)業(ye)(ye)擋在了(le)(le)信(xin)貸大(da)門之外，提(ti)(ti)高了(le)(le)資(zi)(zi)金(jin)(jin)(jin)獲得難度。三是(shi)(shi)中(zhong)小(xiao)微企(qi)業(ye)(ye)直(zhi)接(jie)融(rong)(rong)(rong)(rong)資(zi)(zi)渠道不(bu)(bu)暢，資(zi)(zi)本(ben)(ben)市場(chang)管(guan)制(zhi)過(guo)嚴，把大(da)量中(zhong)小(xiao)微企(qi)業(ye)(ye)逼向銀(yin)(yin)(yin)(yin)行(xing)(xing)間接(jie)融(rong)(rong)(rong)(rong)資(zi)(zi)市場(chang)，也促使銀(yin)(yin)(yin)(yin)行(xing)(xing)間接(jie)提(ti)(ti)高了(le)(le)信(xin)貸門檻。四是(shi)(shi)為(wei)中(zhong)小(xiao)微企(qi)業(ye)(ye)提(ti)(ti)供信(xin)貸擔(dan)保的(de)政(zheng)策性擔(dan)保機(ji)(ji)構(gou)缺乏(fa)(fa)，使企(qi)業(ye)(ye)增信(xin)融(rong)(rong)(rong)(rong)資(zi)(zi)能(neng)力(li)下(xia)降，缺乏(fa)(fa)與銀(yin)(yin)(yin)(yin)行(xing)(xing)機(ji)(ji)構(gou)平等話語權(quan)。五是(shi)(shi)各(ge)級地方政(zheng)府受到財(cai)力(li)限制(zhi)、各(ge)級銀(yin)(yin)(yin)(yin)行(xing)(xing)機(ji)(ji)構(gou)出于利益(yi)驅(qu)動或風(feng)險溢價考(kao)慮，企(qi)業(ye)(ye)貸款利率(lv)、稅收(shou)及(ji)其(qi)他負擔(dan)并沒減輕。六(liu)是(shi)(shi)央行(xing)(xing)和監管(guan)部門以(yi)及(ji)銀(yin)(yin)(yin)(yin)行(xing)(xing)機(ji)(ji)構(gou)考(kao)核嚴苛，如存貸比、合意貸款、不(bu)(bu)良(liang)貸款等考(kao)核指(zhi)標，在很(hen)大(da)程度上制(zhi)約了(le)(le)銀(yin)(yin)(yin)(yin)行(xing)(xing)放貸能(neng)力(li)，使企(qi)業(ye)(ye)獲得信(xin)貸支持機(ji)(ji)遇下(xia)降。

上述原因，實(shi)質(zhi)成(cheng)了捆綁(bang)企業生存發(fa)展的繩索(suo)，若不盡快推出新對(dui)策，實(shi)體(ti)經濟(ji)(ji)融(rong)資難、融(rong)資貴將成(cheng)無法(fa)解開的“死結”。目前經濟(ji)(ji)走(zou)勢繼續下(xia)行(xing)，實(shi)體(ti)經濟(ji)(ji)生存環境(jing)若不好轉，會(hui)(hui)進一步(bu)加劇經濟(ji)(ji)下(xia)行(xing)趨勢，這(zhe)不僅會(hui)(hui)使社會(hui)(hui)就業形(xing)勢惡化(hua)，更會(hui)(hui)增(zeng)加社會(hui)(hui)不安定因素。

目前經(jing)(jing)濟(ji)(ji)金(jin)融形勢(shi)，已不(bu)(bu)(bu)容中(zhong)央和(he)各級(ji)地方政府(fu)再猶(you)豫不(bu)(bu)(bu)決了，應拿(na)出足夠勇(yong)氣面對(dui)現實，敢于打破原有(you)體制(zhi)(zhi)機制(zhi)(zhi)障礙，對(dui)企(qi)業(ye)(ye)生存發展(zhan)(zhan)系列宏(hong)(hong)觀(guan)經(jing)(jing)濟(ji)(ji)金(jin)融政策，加快進(jin)行(xing)頂層(ceng)制(zhi)(zhi)度設計(ji)和(he)安排，否則中(zhong)國經(jing)(jing)濟(ji)(ji)就(jiu)沒有(you)出路，中(zhong)國金(jin)融業(ye)(ye)也沒有(you)前途。此次新“融十條”正是在(zai)這種嚴(yan)峻(jun)經(jing)(jing)濟(ji)(ji)形勢(shi)下推出的，展(zhan)(zhan)現了中(zhong)央政府(fu)駕馭宏(hong)(hong)觀(guan)經(jing)(jing)濟(ji)(ji)的智慧和(he)膽(dan)略，雖寥(liao)寥(liao)數語，卻字(zi)(zi)字(zi)(zi)璣珠，具有(you)較強(qiang)現實針(zhen)對(dui)性，尤其(qi)能(neng)消除制(zhi)(zhi)約中(zhong)小微企(qi)業(ye)(ye)發展(zhan)(zhan)的各種不(bu)(bu)(bu)利因素。

從(cong)當前看，每一(yi)條措(cuo)施能化解企(qi)業(ye)(ye)(ye)(ye)每一(yi)個困難(nan)，如(ru)增(zeng)加(jia)存貸(dai)比考(kao)核彈性(xing)、改(gai)進(jin)合意(yi)貸(dai)款管理，完善小微企(qi)業(ye)(ye)(ye)(ye)不(bu)(bu)良(liang)貸(dai)款核銷稅前列(lie)支等政策，有(you)利(li)于(yu)(yu)改(gai)善企(qi)業(ye)(ye)(ye)(ye)融(rong)(rong)資(zi)(zi)環境(jing)；加(jia)快發展民(min)營銀行(xing)等中(zhong)小金融(rong)(rong)機構，有(you)利(li)于(yu)(yu)為(wei)(wei)中(zhong)小微企(qi)業(ye)(ye)(ye)(ye)提(ti)供多層次金融(rong)(rong)服(fu)務(wu)，提(ti)高金融(rong)(rong)服(fu)務(wu)的(de)易得(de)性(xing)；支持(chi)(chi)擔(dan)保(bao)(bao)和(he)再擔(dan)保(bao)(bao)機構發展，推廣小額貸(dai)款保(bao)(bao)證保(bao)(bao)險試(shi)點，能極大發揮保(bao)(bao)單對(dui)貸(dai)款增(zeng)信(xin)(xin)作用，減(jian)少中(zhong)小微企(qi)業(ye)(ye)(ye)(ye)信(xin)(xin)貸(dai)風(feng)險；改(gai)進(jin)商業(ye)(ye)(ye)(ye)銀行(xing)績效(xiao)考(kao)核機制，有(you)利(li)于(yu)(yu)企(qi)業(ye)(ye)(ye)(ye)獲得(de)公(gong)平信(xin)(xin)貸(dai)支持(chi)(chi)，消除不(bu)(bu)合理高利(li)率和(he)高費(fei)用，從(cong)根(gen)本(ben)上(shang)降低(di)企(qi)業(ye)(ye)(ye)(ye)融(rong)(rong)資(zi)(zi)成本(ben)。運(yun)用信(xin)(xin)貸(dai)資(zi)(zi)產證券化、抓緊出臺股(gu)票發行(xing)注冊制改(gai)革、支持(chi)(chi)跨境(jing)融(rong)(rong)資(zi)(zi)等等，更(geng)為(wei)(wei)企(qi)業(ye)(ye)(ye)(ye)直接(jie)融(rong)(rong)資(zi)(zi)打開了便利(li)通道，企(qi)業(ye)(ye)(ye)(ye)資(zi)(zi)金獲得(de)面更(geng)加(jia)拓(tuo)寬。完善信(xin)(xin)用體系，提(ti)高小微企(qi)業(ye)(ye)(ye)(ye)信(xin)(xin)用透(tou)明度，健全監督問責(ze)機制，遏制不(bu)(bu)規范收費(fei)、非法集(ji)資(zi)(zi)等措(cuo)施，能降低(di)社會整體融(rong)(rong)資(zi)(zi)成本(ben)，凈化企(qi)業(ye)(ye)(ye)(ye)融(rong)(rong)資(zi)(zi)環境(jing)；加(jia)快利(li)率市場(chang)化改(gai)革，建(jian)立市場(chang)利(li)率定(ding)價自(zi)律機制，引(yin)導金融(rong)(rong)機構合理調整“虛高”貸(dai)款利(li)率，更(geng)讓(rang)企(qi)業(ye)(ye)(ye)(ye)看到了希望(wang)的(de)春天。