中小企业异质性、信息分享及其融资问题研究

理论界普遍认为,信息不对称伴随经济转型期金融体系缺失是中国中小企业融资难的根本原因,但迄今提出的中小企业融资难治理对策对信息分享机制的研究相对匮乏。本文分析了信息分享机制缓解信息不对称问题的机理,模型研究表明,信息分享机制通过信息甄别消除逆向选择、降低信息搜寻成本和增加贷款市场竞争程度,从而提高了中小企业贷款的可得性,但这些作用的发挥依赖于中小企业异质性特征。

Heterogeneity,Information Sharing and Financing of SMEs

It has been accepted that information asymmetry accompanied with imperfection of China's financial system is the root cause of financing constraints of small and medium enterprises(SMEs).This paper aims at analyzing how information sharing mechanism works,what's the differences among information sharing,guarantee and collateral,and how information sharing improves credit availability and welfare.We find that information sharing improves credit availability for SMEs by alleviating adverse selection,by decrea...