Abstract: We design questionnaires to get basic data from 339 enterprises in 6 areas to analyze financing service efficiency for Small and Medium Enterprises from policy bank loans, commercial bank loans and private lending. Conclusions from empirical analysis are shown that the three kinds of credit funds play a positive role in the development of SME, and the efficiency of policy funds and private capital is higher than that of commercial banks. The investment orientation for the three kinds of funds has large-scale enterprise preferences, which contradicts to the practice of providing financing for SME. Service efficiency for three kinds of funds is quiet different. Service efficiency of policy funds for high-tech enterprises is higher than other kind enterprises. Service object ambiguity of private lending decreases its service efficiency, which needs policy norms and guidance. In financing service system three kinds of funds have linkage effect. These conclusions provide a basis for reasonably defining the service function and service interval of three kinds of credit financing in the financing service system of small and medium enterprises.

摘要： 以6地区339家企业的问卷调查数据为基础对政策性银行贷款、商业性银行贷款、民间借贷三种资金为中小企业融资服务的效率进行实证考察，结果显示：三种资金对中小企业发展起正向促进作用，政策性资金和民间资金融资服务效率高于商业性银行资金；三种资金投向具有规模企业偏好，与扶持小微企业发展的实践相矛盾；三种信贷资金行业服务效率差异明显，政策性资金对高新技术类企业融资服务效率高；民间借贷资金融资服务对象定位不明确，影响了其为中小企业服务的综合效率，亟需政策的规范和引导；在中小企业融资服务体系中三种资金具有联动效应。这些结论为合理界定三种信贷资金在中小企业融资服务体系中的服务功能和服务区间提供了依据。