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当前,我国民间资本规模不断扩大,民营中小企业面临融资困境,民间资本供求失衡成为学界关注的重要问题。通过构建民间资本供求博弈理论模型分析发现,民间资本市场存在收敛型、发散型以及闭合型三种动态演化路径;进一步研究表明,我国民间资本需求缺口逐年扩大,近期需求缺口存在着急剧扩大趋势。民间资本供求失衡的深层次成因在于民间资本供求发展的客观不匹配、实现供求均衡的渠道不畅以及自身存在的“两多两难”问题等;同时研究发现,我国现实的民间资本市场处于发散型无序状态。基于此,亟须建立民间资本公共信息平台、制定相关法律法规以及构建“五位一体”的民间资本监管协调机制。
At present, the scale of private capital in our country is constantly expanding, private SMEs are facing financing difficulties, and the unbalance of supply and demand of private capital has become an important issue that scholars pay close attention to. Through the analysis of the game theory model of private capital supply and demand, it finds that there exist three kinds of dynamic evolution paths of convergence, divergence and closure in the private capital market. Further research shows that the gap of non-governmental capital demand in our country expands year by year, and there is a sharp expansion trend in the recent demand gap. The deep-rooted causes of the imbalance between supply and demand of non-governmental capital lie in the objective mismatch between the development of supply and demand of non-governmental capital, the sluggish supply and demand channels and the self-contained “two or more dilemmas” problems. At the same time, it is found that the real private capital markets in China are Divergent disordered state. Based on this, it is imperative to establish a public information platform for private capital, formulate relevant laws and regulations, and establish a “five in one” private capital regulatory coordination mechanism.