现有观点认为,以中小企业为主的民营企业受其规模限制难以从外部获得资金。本文借助2004年全国经济普查数据,对这一观点实证检验。同时还发现即使在控制企业规模的情况下,民营企业的借贷成本仍显著高于国有企业。在此基础上,本文发现民营企业解决借贷难问题的一个重要途径,即企业间贸易信贷。相信本文的研究发现对中国和其他国家的金融改革有一定的启示意义。 According to the existing view, it is difficult for private-owned enterprises, mainly small and medium-sized enterprises, to obtain funds from the outside due to their size constraints. In this paper, with the 2004 national economic census data, empirical test of this view. At the same time, it was found that the borrowing costs of private enterprises were still significantly higher than those of state-owned enterprises even though the scale of enterprises was controlled. On this basis, this article finds an important way for private enterprises to solve the problem of borrowing and lending, that is, inter-firm trade credit. I believe this study found that China and other countries have some implications for financial reform.