中文摘要：

中小企业融资困境与民间借贷困境并存是我国投融资领域长期存在的一种特有现象。文章基于制度安排的视角，运用逻辑推理的分析方法对造成这种双重困境的根源进行了深入剖析。研究结果表明：金融抑制是造成目前我国中小企业融资与民间借贷双重困境的直接原因，而以公有制为主体的现行经济制度存在诸多缺陷是其产生的制度性根源。要从根本上破解双重困境，必须从转变思想观念、改革公有制企业、改革政治体制等方面着手。

英文摘要：

That the SME financing difficulty and private lending plight coexist has long been a unique phenomenon in China＇s investment and fi- nancing area. This paper attempts to have an in-depth analysis of the causes resulting in the double dilemma by logically reasoning from the angle of institutional arrangements. The finding suggests that financial repression is the direct cause for the above problems and the existing economic system in which public ownership plays the dominant role is the institutional root leading to the double dilemma, because there are many flaws in the existing economic system. There is an urgent need to change the ideas and concepts and carry out reforms in the public ownership enterprises and political system in order to get rid of the double dilemmas.