需求侧还是供给侧：信贷融资降成本的法经济学分析

破解中小企业“融资难、融资贵”困境的长期之道在于完善银行信贷决策的法治环境，促进信贷资源的有效供给。降低企业融资成本的关键路径是信贷市场法治化，通过降低融资抵押成本、资金错配成本、贷款期限成本和信贷产品匹配成本，实现信贷规模经济效应、资源配置效应和创新效应，最终降低企业信贷融资成本。推进供给侧改革，就是要推进金融生态环境、金融信用体系和金融治理体系的法治化进程；构筑信贷供给侧的法治框架，实现信贷融资“降成本”。
The fundamental solution to the problem caused by the fact that it is difficult and costly for smalland medium-sized enterprises to obtain financial support lie in the improvement of the legal environmentwhere banks can make sound credit decisions and the promotion of effective supply of credit resources. Ruleof law in the credit market is the crucial path to cost reduction concerning credit supply. Cost reduction inthis regard involves reducing the costs produced by financing mortgage，credit mismatch，loan maturity andcredit matching. The purpose is to realize the effects of credit scale，resource allocation and innovation. Thepromotion of supply-side reform is intended to push forward with the rule of law to create a better financialecological environment，credit system and governance system of financial institutions. The building of a lawbasedframework governing the financial supply-side will help reduce the cost of obtaining credit