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Analysis of Chinese SMEs’ Credit Financing under Information Asymmetric

Author: LiYi
Tutor: PuYongJian
School: Chongqing University
Course: Technology Economics and Management
Keywords: Financing SMEs Relational credit Information asymmetry
CLC: F832.4
Type: PhD thesis
Year: 2009
Downloads: 1793
Quote: 14
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Abstract


SMEs have become an important part of the national economy, the GNP turned over to the tax revenue, to solve the employment, promote industrial upgrading has played a huge role, and attaches great importance to their survival and development by government and community . Constraining the development of SMEs, the key problem is the shortage of funds. In stark contrast with the vigorous development of SMEs, SME financing channel is narrow, mainly by means of external financing in the Bank of indirect financing. Because there is serious information asymmetry, SMEs are often burdened by credit rationing, bank credit channel is not smooth. Conducted a comprehensive analysis of SME external financing environment and internal factors. Studies have shown that, due to its limitations and the lack of external financing environment, small and medium enterprises through traditional credit is difficult to obtain the support of bank funds, and thus proposed relational credit solutions. Relational credit, is conducive to efficient SME financing, reducing the requirements of the mortgage-backed loans; reduce the cost of corporate finance; reduce the loss of temporary financial crisis. For the banks, but also help to reduce the information asymmetry regulatory difficulty, improve profitability and diversification of credit portfolio risk. Due to put forward new requirements for relational credit to the management of the bank, the last of the bank's organizational model and internal principal-agent problem, research, and related proposals. The main innovation of this study are summarized as follows: the analysis through the use of the balance between supply and demand model, confirmed on the credit market, the bank can not simply use the interest rate change market clearing effect only in a low level of interest rates on the allocation of credit resources, SME credit facilities in the inevitability of rationing. (2) through the use of models to the analysis pointed out that, due to the higher levels of SME credit information asymmetry, the banks and enterprises a non-relational credit, corporate default risk. Relational credit so that banks have a residual claim, to reduce SME credit access conditions, the optimal way for SME credit facilities with banks to develop relational credit. And was first introduced in relation metric factor analysis pointed out that the the Relational credit can not completely eliminate credit rationing. Establish relational credit analysis of the multi-phase model of SME debt repayment behavior analysis, draw SME loan repayment, repay the limits of relational credit for bank-enterprise development, practical solutions. In addition, the article by empirical analysis confirmed little financial indicators of the the SME lending decision-making role in the bank will play even reverse misleading. Confirmed the presence of relational credit for SMEs to obtain bank loans and bank regulatory asset quality is important. ③ through the study of the bank organizational models and the bank's internal principal-agent problem, pointed out that the development of relational credit, business organizational model, should encourage the development of small and medium-sized banks, and appropriate given the primary line of credit authorized; account manager that assessment methods should weaken term incentive efforts, and should be read in conjunction with the SME output indicators for assessment.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Credit
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