Core Viewpoint - The article emphasizes the importance of local governments leveraging local financial institutions to enhance financial services for small and medium-sized enterprises (SMEs), addressing their financing challenges and contributing to economic resilience and vitality [1][2]. Group 1: Building a Local Financial Service Ecosystem for SMEs - Local governments should utilize local financial resources, focusing on the advantages of local banks and rural banks that are familiar with regional enterprises, to innovate credit granting methods and risk control models [3]. - Establishing a robust risk-sharing and credit enhancement system is crucial for SME financing, requiring local governments to implement mechanisms such as financial risk compensation funds and government-backed financing guarantees [4]. - Innovating financial supply models to create a comprehensive service system tailored to the characteristics of SMEs is essential, with an emphasis on digitalization and scenario-based services [5]. Group 2: Taizhou's Experience in Financial Services for SMEs - Taizhou has developed a specialized financial system for SMEs, primarily through local banks, effectively channeling financial resources to county-level and small enterprises [6]. - The city has implemented a "small bank serving small enterprises" model, with local banks adopting differentiated inclusive finance methodologies to address credit shortages faced by SMEs [6]. - Taizhou has established three platforms to support local financial institutions: a credit information sharing platform, a trademark pledge financing platform, and a credit guarantee fund for SMEs, enhancing financing accessibility and reducing costs [7]. Group 3: Legal Framework Supporting SME Financing - Taizhou has pioneered enterprise credit legislation, with the implementation of the "Taizhou Enterprise Credit Promotion Regulations," which solidifies the achievements of local financial reforms and provides legal support for ongoing improvements [8]. - The unique financial model in Taizhou has facilitated the rapid growth of numerous SMEs with technological advantages, contributing to a significant increase in market entities and the number of listed companies in the region [8].

编者按："十五五"规划建议强调坚持有效市场和有为政府相结合的原则，充分发挥市场在资源配置中的 决定性作用，更好发挥政府作用，构建统一、开放、竞争、有序的市场体系。金融市场是推动要素资本 化和证券化的重要媒介，"十五五"时期要实现经济高质量发展，还需各地政府在推进全国统一金融大市 场建设的基础上，从各地发展条件和产业结构出发，加快探索具有地方特色的金融服务体系。申万宏源 研究和新华财经共同策划推出《"金融有为"——地方纵横谈》，从地方发展金融市场面临的核心问题出 发，梳理了过往地方金融改革实践中形成的五大发展模式——区域金融中心模式、科技产业金融循环模 式、政府投行招商模式、金融服务新要素模式、地方特色金融服务模式。值此之际，以期为"十五五"时 期地方探索"金融有为"之路提供一些思路参考。 作者：申万宏源研究所 杨成长 龚芳 方思元 二、金融服务中小微企业发展的台州经验 台州是全国小微企业最活跃的地区之一，民营经济发达、产业门类齐全、个体工商户密集。面对小微企 业融资难的矛盾，台州以地方法人银行为主力，形成服务中小微企业的专业化金融体系，实现金融资源 向县域、小微企业的有效下沉。 台州打造"小法人银行服务小微企 ...

2025 年 12 月 01 日 地方金融有为的五大模式 相关研究 《地方经济增长动力从哪里来？ — —规划引领 破解地方同质化发展 困局（二）》 2025/08/31 《创新规划编制理念 引导地方特色 化发展 ——规划引领 破解地方 同质化发展困局（一）》 2025/08/26 证券分析师 方思元 A0230522060002 fangsy@swsresearch.com 龚芳 A0230520080007 gongfang@swsresearch.com 研究支持 曾培春 A0230524070011 zengpc@swsresearch.com 联系人 曾培春 A0230524070011 zengpc@swsresearch.com 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 宏 观 研 究 | 5.1 | 构建面向中小企业的地方金融服务生态 | 10 | | --- | --- | --- | | 5.2 | 金融服务中小微企业发展的台州经验 | 11 | 金 融 市 场 ⚫ "十五五"规划建议强调坚持有效市场和有为政府相结合的 ...