摘要： 在宏微观融合视角下，小微企业融资可得性理论框架的搭建，有助于重新理解各类因素对中国小微企业融资情况的整体影响，以及洞察改革开放后中国小微企业的融资形势与政策演进。在政策演进的三个阶段中，以市场化途径解决小微企业融资难题的诸多政策举措产生了显著效果。但由于原小微企业融资的政策范式存在固有缺陷，使得小微企业融资难题长期难以破解。而根本破解的理论根基正在于，重构小微企业融资的政策范式，其涵盖对实体经济质量的定位、金融管理政策的作用、宏观调控政策的影响三个方面的重新认识。在此基础上，对“十五五”时期相关政策启示与应用空间的探讨，有助于优化当下金融管理政策和宏观金融政策，进一步促进中国经济高质量发展。

关键词: 小微企业融资政策范式, 实体经济, 高质量发展, 行政性干预政策, 宏观金融政策

Abstract: From the perspective of macro-micro integration, the construction of a theoretical framework for the availability of financing for small and micro enterprises helps to re-understand the overall impact of various factors on the financing situation of small and micro enterprises in China, as well as insight into the evolution of financing policies and situations for small and micro enterprises in China after the reform and opening up. In the three stages of policy evolution, many policy measures to solve the financing difficulties of small and micro enterprises through market-oriented approaches have produced significant results. However, due to inherent flaws in the policy paradigm of financing for small and micro enterprises, the problem of financing for small and micro enterprises has not been fundamentally solved for a long time. The fundamental theoretical basis for cracking this lies in the reconstruction of the policy paradigm for financing small and micro enterprises, which includes a renewed understanding of the positioning of the quality of the real economy, the role of financial management policies, and the impact of macroeconomic regulation policies. On this basis, the exploration of policy implications and application space during the 15th Five Year Plan period will help optimize current financial management policies and macro financial policies, and further promote high-quality economic development.

Key words: small and micro enterprise financing policy paradigm, real economy, high-quality development, administrative intervention policies, macro-financial policies