金融顾问制度创新对民营企业融资的影响机制研究
摘要
“融资难、融资贵”是我国民营企业一直以来都存在的问题。2018年，经济下行压
力加大，民营企业的融资困境更加凸显。为帮助广大民营企业解决融资难题，防范化解
区域性金融风险，确保经济的持续健康发展，浙江省借鉴企业法律顾问的模式，开创性
地在省内推出了金融顾问制度。金融顾问制度诞生的三年以来，从最开始的 10个县（区）
试点实现了对全省的覆盖，全省的金融顾问人数从最开始的 50人左右增加至 460余人，
累计服务企业 8674家次，为企业提供了 879亿元的信贷融资支持，帮助企业通过发行
债券 1261亿元，帮助 10家企业成功实现 IPO，为浙江省的企业融资做出了显著贡献。
金融顾问制度作为一项制度创新，其产生是否存在一定的必然性？它对民营企业融资的
影响机制是什么？它在多大程度上缓解了民营企业的融资约束，促进民营企业的可持续
发展？这些问题值得我们深入研究。
为了研究上述问题，本文在系统梳理金融改革与金融生态环境对企业融资的影响相
关文献的基础上，通过分析我国当前民营企业的融资困境及其成因，指出金融顾问制度
存在的意义以及必要性。在此基础上，本文首先利用对 SW公司与 HX公司进行实地调
研所收集的一手资料，结合对这两家公司的董事长以及相关的金融顾问的半结构化访谈
内容来分析金融顾问在帮助民营企业融资方面所发挥的作用。为了研究金融顾问制度帮
助企业融资给企业的绩效带来了怎样的影响，本文还通过金融顾问服务过的上市公司—
—DA公司的财务数据与其他公开资料，结合对相关金融顾问的半结构化访谈内容，利
用事件研究、实证分析、财务指标分析等方法分别分析了金融顾问帮助 DA公司进行融
资对 DA公司短期绩效与持续性经营绩效的影响。
研究发现，金融顾问制度有效地融合了政府、企业与金融机构三方的资源，加深了
政企金三方的联系，从而缓解了金融机构与企业之间的信息不对称。并且金融顾问制度
可以通过将金融机构中优秀的人才选聘为金融顾问，精准地服务于各类民营企业，从而
有效地解决不同类型的民营企业所面临的多种融资难题。具体而言，金融顾问利用自身
的专业知识，对企业的经营状况与发展前景做出准确的判断，一边根据金融机构的异质
性特点为企业对接合适的金融机构，一边将企业的画像完整地呈现在金融机构面前，帮
助金融机构发现潜在客户，从而减少双方的信息不对称性，帮助企业更好获得融资。金
融顾问还可以弥补实体企业的企业家在金融知识水平方面的欠缺，帮助企业更好地进行
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金融顾问制度创新对民营企业融资的影响机制研究
投融资决策，为企业提供中长期融资方案规划，从而确保企业实现可持续健康发展。
为更好地发展金融顾问制度，本文提出以下四点建议：（ 1）完善金融顾问制度的
认证与考核体系。（2）进一步推动金融顾问市场机制的建设。（3）提高企业家的金融
素养，进而产生对金融顾问服务的需求。（4）探索符合金融顾问制度实践的中国特色
社会主义金融理论体系，为金融顾问制度在浙江省乃至在全国的推广实践提供理论支撑。
关键词：金融顾问；制度创新；企业融资；影响机制
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金融顾问制度创新对民营企业融资的影响机制研究
Abstract
"Financing is difficult and expensive" is a problem that has always existed in China's
private enterprises. In 2018, the downward pressure on the economy increased, and the
financing difficulties of private enterprises became more prominent. In order to help the
majority of private enterprises solve financing problems, prevent and resolve regional
financial risks, and ensure the sustained and healthy development of the economy, Zhejiang
Province has pioneered the introduction of a financial advisory system in the province by
drawing on the model of corporate legal counsel. In the three years since the birth of the
financial advisory system, from the initial 10 counties (districts) pilot to achieve coverage of
the province, the number of financial advisers in the province has increased from about 50 at
the beginning to more than 460 people, the cumulative service of 8674 enterprises, providing
enterprises with 87.9 billion yuan of credit financing support, help companies issue 126.1
billion yuan bonds, helping 10 enterprises to successfully achieve IPO and making significant
contributions to enterprise financing in Zhejiang Province. As an institutional innovation, is
there a certain inevitability of the emergence of the financial advisory system? What is its
impact mechanism on the financing of private enterprises? To what extent has it eased the
financing constraints of private enterprises and promoted the sustainable development of
private enterprises? These questions deserve our in-depth study.
In order to study the above problems, on the basis of systematically sorting out the
relevant literature on the impact of financial reform and financial ecological environment on
enterprise financing,this paper analyzesthe currentfinancing difficulties ofprivate
enterprises in China and its causes, and points out the significance and necessity of the
existence of the financial advisory system. On this basis, this paper first analyzes the role of
financial advisers in helping private enterprises raise funds using first-hand information
collected from field research on SW and HX companies, combined with semi-structured
interviews with the chairmen of the two companies and related financial advisers. In order to
study how the financial advisory system helps enterprises to raise funds on the performance of
enterprises, this paper also analyzes the impact of financial advisers helping DA companies to
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