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Research on Corporation Mechanism between Institutions in SME Financing

Author: ZhangXuDong
Tutor: ZhangWei
School: Tianjin University of Finance and Economics
Course: Finance
Keywords: SME Financing Institution cooperation Information sharing Risk sharing Value promotion
CLC: F832.4
Type: PhD thesis
Year: 2013
Downloads: 28
Quote: 0
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Abstract


Small and medium-sized enterprises (SMEs) play a significant role on a country’s economic and social development, while the financing problem has always been an important factor restricting the development of them. Commercial banks constitute the main financing channel for SMEs in the worldwide, but individual bank, which often cannot carry out business smoothly due to the constraints of capacity and resource endowments, needs to cooperate with other institutions. With the commercial bank as the main line, cooperations between institutions mainly include:sharing information between commercial banks, allocation of risks between banks and guarantee institutions, cooperations between commercial banks and equity investment institutions, corresponding to the reasons causing financing difficulty of SMEs. Multiple institutions’ participation in the financing activities simultaneously tends to generate complex interests coordination mechanism, this article tries to study the cooperation mechanism between the institutions in the SMEs financing activities through the establishment of the an analytical framework of information economics.In the study of information-sharing mechanism between commercial banks, this article builds a two-bank-two-stage financing model, which classifies the enterprises into three groups according to their repayments in the first stage, and then divides the model scene into four categories according to the ability of banks to collect the soft information to analyze the changes of the lending relation between the bank and different types of enterprise before and after the information is shared under different circumstance. It shows that both of the ability of the bank itself as well as its competitors to collect soft information, and the market shares of the bank itself and the competitors will affect the bank’s profit of participation in the information sharing. This effect is connected with the proportion of high-grade enterprises and the success probability of high-grade enterprises. Banks probably lie in the information sharing mechanism.The study of allocation of risk between commercial banks and guarantee agencies shows that the ability to screen the enterprise of the guarantee institution is crucial for its existence. The incentive and restriction of the guarantee institutions are realized by the rate of credit guarantee fee, which is relatively low in practice, thus will not touch the upper limit that promotes free-riding behavior of the guarantee institution. The lower limit of the guarantee fee is decided by the ability to screen the enterprise of the guarantee institution and the bank. The incentive and restriction of banks are achieved by the guarantee ratio. On the one hand, the ratio must satisfy the bank, on the other hand, the ratio must not result to the bank loosening the investigation before lending. The equilibrium rate has positive correlation with the screening capacity of banks, a negative correlation with the screening capacity of guarantee institutions, and a negative correlation with the collecting information cost of banks.The study of cooperation between commercial banks and equity investment institutions shows the related institutions play different roles in different financing modes.The functions generally include information-giving, overcoming capital constraints, risk sharing, institutional channel, promoting enterprises value and so forth. And the last one is the main effect. Taking bridge mode for example, this article analyzes the value upgrading process from the standpoint of the participating institutions and enterprises.

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