银行结构与中小企业融资

本文建立了一个中小企业融资问题的分析框架。文章发现 ,中小企业的非匀质性 (heterogeneity)、贷款抵押和交易成本是影响中小企业从银行获得信贷的三个主要因素 ;缓和信息不对称程度、增加贷款抵押、降低交易成本 ,都将使中小企业得到的信贷增加。进一步 ,在一定的前提假设下 ,文章将中小金融机构引入模型 ,发现引入中小金融机构将使中小企业得到的信贷增加 ,增加社会的总体福利 ;并且在中小金融机构的信息优势、数量和中小企业的融资总额之间存在着正向关系。文章最后按照这一框架的思路 ,对中国的中小企业融资难题进行了分析 ,并提出了相应的政策建议。

Banking Structure and the Small-Medium-Sized Enterprise Financing

In this paper, we develop a general analytical framework of the small-and-medium-sized enterprises' (SME) financing problem. We found that in an economy where the banking sector is highly concentrated, the SMEs' risk heterogeneity, the transaction cost and the loan collateral are the major factors that affect the SME financing. Secondly, under some basic assumptions, we introduce the small-and-medium-sized financial institutions (SMFs) into the model, and prove theoretically that the introduction of SMFs will increase the loans to SMEs and enhance the social welfare. In addition, we find between the SMF number, information advantage and the loans to SMEs, there exists positive relationship. Finally, we apply this analytical framework to China's real economy and make some policy suggestions.