中文摘要：

正规机构融资难使中小企业对民间借贷产生依赖，民间融资高风险性使中小企业陷入困境。研究得出，中小企业正向外部性要求政府履行民间融资监管责任。民间金融市场监管路径是在市场活力与市场风险之间寻找一个契合点，实现自由度与规范度之间的平衡。鉴于地区发展差异，发达地区可建立偏灵活的民间金融市场，落后地区可建立偏正规的民间金融市场。国家应该建立“双轨”利率体系，对非正规金融市场实行有管制的市场化利率。

英文摘要：

Small and medium-sized enterprises turn to the private financing owing to their difficulty to get loan from the fortnal institutions, but the high risk of the private financing plunges small and medium-sized enterprises into trouble. The findings show that the positive externality from small and medium-sized enterprises requires the government to perform regulatory responsibilities for private financing. The supervision path for the private financing market lies in looking for a meeting point between the market vitality and the market risk so as to achieve the balance between the freedom and the regulation. In view of the difference in regional development, the developed areas can establish a private financial market with flexible tendency, whereas the backward areas can establish a private financial market leaning towards regulation. The government should establish a double-track interest rate system and adopt supervisory market interest rates in the informal financial market.