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After the Financial Crisis of the SMEs and Banks Evolutionary Game Analysis

Author: ZhangWenZuo
Tutor: XiaShaoGang
School: Dongbei University of Finance
Course: Management Science
Keywords: Evolutionary Game SMEs Banks and enterprises Information asymmetry Financing
CLC: F279.2
Type: Master's thesis
Year: 2010
Downloads: 164
Quote: 0
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Abstract

The end of 2008, the U.S. sub-prime loan crisis highlighted the scale of the global financial crisis causing even impact the real economy of the world countries, the countries of the world are facing the challenges of the global financial crisis. Receive the serious impact the real economy of the United States and European countries, European countries frequently outgoing government's economic crisis. In this environment, the instability factors are increasing in the running of China's domestic economy, the investment environment is also under the impact of the domestic small and medium enterprises in China. SMEs in China in 2005, accounted for 99% of the number of enterprises, more than 75% of Employed Persons, more than 60% of total exports, added about 70% of industrial output, 45% of all taxes, small and medium enterprises realize the added value of more than 55% of the national GDP. ① SMEs to create jobs and more than half of China while the Chinese state-owned enterprise groups with optimal adjustment of industrial structure, which determines the SME groups occupies an extremely important position in the national economy as a whole. Since the reform and opening up, small and medium enterprises to promote the rapid growth of China's economy, as the main engine of China's rapid economic development. The industry has long been recognized as an important driving force for China's rapid economic development, market prosperity and stability, and more and more employment opportunities for the full development of SMEs, and its modern operating mechanism and a strong ability to adapt to the fierce competition in the domestic market gradually become a powerful driving force of China's economic system from a planned economy to a market economy. Single SME financing in China compared to the financing of large state-owned enterprises, small and medium enterprises through endogenous financing the weak stable growth of the enterprise, the development process is largely dependent on exogenous financing. Development of SMEs rely on exogenous financing accounted for more than 4/5 of the entire financing level. Now China's economic reality is: First Bank has a backlog of huge amounts of money can not be fully and effectively utilized; followed by the growth of enterprise groups need to invest too large relative to the SMEs in their value. The bank groups and corporate groups occupy in the enterprise information advantages evolutionary game, and the consequent risk of effects, especially in the banking game. The collection of a variety of effects led to the bank-enterprise evolutionary game into a dead end, the Bank SME credit crunch because our bank groups SME microfinance disregards the pursuit of only the large businesses with large state-owned enterprises, but few large state-owned enterprises financing the project but was of concern to many banks. Therefore, the positive aspects of enterprise groups in the process of growing and corporate groups outside the negative aspects of endogenous financing there are serious discrepancies, the development of the SME groups troubled. Problems of how to better solve the small and medium enterprises in the financing process, has become the government, enterprises and banks are determined to solve the problem. Study in favor of the development of SMEs in the process of funding sources needed countermeasures is to increase the key factor in economic vitality and continued growth in the future. This article mainly uses to establish the evolutionary game dynamic model of gene duplication means of evolutionary game analysis on China's small and medium enterprises with bank loans. At home and abroad on the financing of SMEs theory on the basis of the existing theories, and summarized. First, the use of evolutionary game the gene copy dynamic model both from a qualitative and quantitative point of view of the financing problems of SMEs in China in recent years to sort out and study. Moderate local enterprises from business groups to increase physical collateral and local government to provide loan guarantees to build dynamic equations, evolutionary game gene duplication and gene copy dynamic equation of the variables involved two aspects for dynamic analysis. Unique characteristics analysis of enterprise groups in the financing process, then analysis The loan process provides the necessary physical collateral on the loan process, and finally consider the impact of appropriate government support for corporate groups model to evolutionary game theory perspective to arrive at a certain conclusion: enterprise groups in the lending process to provide physical collateral and local governments in the Banking Game for the Banking Game faith and credit of enterprise groups largely toward the favor bank groups and business groups win-win the development of the situation. Finally, the article mainly from local governments on how to properly participate in the Banking Game and how to reduce the information asymmetry between the bank groups and corporate groups several angles, comprehensively and systematically put forward several feasible suggestions on how to solve the problem of financing of SMEs.

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