随着广大中小企业在我国的蓬勃发展，越来越多的企业对于资金的需求很多，完全依靠我国传统的金融服务模式已经很难将这些需求有效满足，由此便催生出我国小贷企业相对庞大的市发展潜力。经过多年的发展，我国小额贷款企业已经逐渐成为服务三农以及服务小微企业融资的重要力量，同时在完善我国金融行业体系建设方面也起到了相当积极的正面推动作用。然而由于监管部门在一些政策法规上的约束，使得小额贷款企业的定位相对模糊，融资渠道有限并且不畅，而且由于监管机构对于小额信贷行业的风险控制，小额贷款企业也不能进行社会吸储。小额贷款企业的后续资金问题逐步显现，并已经成为我国小贷企业全面服务小微企业融资的一道障碍。极大地限制了我国小额贷款行业的发展及成长，同时间接也对我国中小企业良性发展有着一定的影响。本文首先介绍了我国小额贷款企业产生背景以及目前发展状况，将小额贷款企业同小微企业之间所具有的辩证关系进行了深入分析和展示，并引出我国小额贷款企业资金瓶颈背后的产生原因。随后，结合我国小额贷款行业的政策法规、行业发展、融资渠道以及目前改进措施的局限性等方面综合分析我国小额贷款企业资金瓶颈的原因以及影响，同时也对目前试图解决我国小额贷款企业资金瓶颈的一些尝试性手段进行了分析，找出不适合的原因，并引出采取资产证券化来破解我国小额贷款企业资金瓶颈的办法和手段。在此之后，本文对资产证券化和我国小微企业以及小额贷款企业之间的关系进行了论证，阐述了我国小额贷款企业运用资产证券化解决后续资金问题的必然性。并且对目前小额贷款企业使用资产证券化解决资金瓶颈问题的成功案例——阿里小贷资产证券化项目进行浅析，并得到启示。最后，在政策建议上给出相对合理的意见和解决办法。 关键词：小额贷款企业；资金瓶颈；资产证券化；阿里小贷

With the majority of SMEs flourishing in our country, more and more enterprises are in need of a lot of money that are inadequate if completely dependent on our traditional mode of financial services, which activates the relatively large market potential of small loan companies in our country. After years of development, China's small loan companies have gradually become an important part in serving the agricultures, rural areas and farmers as well as the financing small and micro enterprises. At the same time, small loan enterprises have also played a very positive role in improving the construction of the financial industry. However, some constraints caused by regulators’ policies and regulations relatively obscure the position of small loan companies, limit and impede the financing channels. Meanwhile, due to risk control on small loan companies by regulators, they can't complete the process of social deposit-taking smoothly. Follow-up funding problems of small loan companies gradually appear and have become a financial barrier in the service of China's small loan companies for small and micro enterprises, which greatly limits the development and growth of the microfinance industry in our country as well as indirectly affects the constructive development of small and medium-sized enterprises in our country. This thesis first introduces the background of China's small loan companies and current development situation, makes comprehensive analysis and demonstration of the dialectical relationship between the small loan companies and small and micro enterprises and explains the causes of the financing bottlenecks of small loan companies in our country. Then, the thesis comprehensively analyses the causes and influences of the financing bottleneck of microfinance in our country combined with China's microfinance industry policies and regulations, industry development, the financing channels and the limitations of improvement measures. It also tries to figure out some tentative means of solving enterprise financing bottleneck problems of microfinance in our country, finds out causes which are not suitable and put forward with the view that asset securitization is concerned as an appropriate kind of method and means to crack the financing bottleneck of microfinance in our country. Moreover, the thesis details the relationship among the asset securitization, the small and micro enterprises in our country and the small loan companies as well as expounds the necessity to solve the problem of the follow-up funds microfinance in China enterprise by the means of asset securitization. Furthermore, taking the successful case of small loan companies using asset securitization to solve the bottleneck problems, Ali microcredit asset securitization project, for example, the thesis illustrates its process and the reflections from it. Finally, reasonable suggestions and solutions on policies are presented in this thesis. KEY WORDS：Small business loans; financial bottlenecks; asset securitization; Ali microcredit