民营经济发展是经济转型与增长的必要推动力,而当前的普遍认识是:融资结构却无法满足民营经济发展的客观需要。本文以山东省烟台市民营经济信贷服务为研究对象,实证地研究融资结构对民影经济发展的影响,并试图优化当前的信贷政策安排。文章的基本结论如下。第一,客观上,信贷结构的单一性无法满足民营经济发展的灵活性的需要,但是民营企业创办初期自有资本的匮乏是导致银行不愿介入以承担过高创业风险的基本原因,因此资本是银行评价民营企业信用的基本信号;第二,信贷介入民营企业意味着银行参与企业风险分担且认可企业风险的适度性,对企业的后续融资构成正面信号。从而吸引更多银行集中于该企业而放弃了对创业初期最需要融资的企业支持;第三,过度信贷约束不利于民营经济发展和区域经济增长,但是适度信贷约束有助于激励民营经济融资行为规范化,从而实现更有效率的增长。 The development of private economy is a necessary impetus for economic restructuring and growth. However, the current general understanding is that the financing structure can not meet the objective needs of the private economy. In this paper, private economy credit service in Yantai City, Shandong Province as the research object, the empirical study of the impact of financing structure on the development of civil film economy, and trying to optimize the current credit policy arrangements. The basic conclusion of the article is as follows. First, objectively, the unity of the credit structure can not meet the needs of the flexibility of the private economy. However, the lack of private capital at the initial stage of the founding of private-owned enterprises is the basic reason that banks are reluctant to intervene to bear the risk of excessive entrepreneurial risk. Therefore, capital Is the basic signal for banks to evaluate the credit of private enterprises. Second, the involvement of credit in private enterprises means that banks participate in the risk sharing of enterprises and recognize the appropriateness of corporate risk, which constitutes a positive signal for the follow-up financing of enterprises. Thereby attracting more banks to concentrate on the enterprise and giving up the enterprise support most needed for financing in the early stage of business. Thirdly, over-credit constraints are not conducive to the development of private economy and regional economy, but the moderate credit constraint helps to stimulate private-sector financing Standardize to achieve more efficient growth.