交易成本视角下的小企业融资制度创新

通过分析企业的组织结构与信息结构的关系，小企业的信息不透明，难以通过企业的努力而有所改善。信息不透明使银行向小企业发放贷款的交易成本过高。具有私有信息优势以及能发挥社会资本约束作用的民间金融发放小企业贷款具有低交易成本的优势，但由于民间金融自身的局限性，引导民间金融组织转变为小额贷款公司是一种制度创新。

Institutional Innovation in Small Business Finance from the Perspective of Transaction Cost

By analyzing the relation between organizational structure and information structure of enterprise, this paper argues that the informational opaqueness of small businesses has some rigidity, which is difficult to improve through cor- porate hard work. Informational opaqueness makes bank＇ s transaction cost excessively high in providing loans to small business. With private information advantage and constraint of social capital, informal finance can lower transaction cost in providing loans to small business. However, informal finance has some limitations. Therefore, it is institutional inno- vation to guide informal finance organization to develop into micro-credit company.