我国中小企业关系型借贷研究

发布时间：2018-02-13 19:46

本文关键词： 关系型借贷信息不对称中小企业　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：中小企业在我国经济发展中占据非常重要的地位,其在促进经济增长、吸纳就业、推动创新、出口创汇、活跃市场等方面都起着关键作用,但是中小企业的发展面临诸多问题,而最严重的即是融资困难问题,融资困难问题在一定程度上制约着我国中小企业的发展。中小企业融资困难的主要原因是银行与企业间的信息不对称,银行不能根据有效信息对企业贷款做出正确的评估,在诸多不确定性因素的影响下,银行会选择对中小企业“惜贷”。关系型借贷旨在通过缓解银行与企业间的信息不对称解决中小企业融资问题。已有学者对不同国家、不同金融体制下的关系型借贷进行研究,结果表明,在不同的经济环境和金融体制下,关系型借贷的效用不同。中国作为发展中的社会主义国家,其宏观环境与资本主义发达国家相比有较大差异,因此对国内关系型借贷进行研究具有其独特的价值。本文先从理论上阐述关系型借贷产生的原因,信息不对称导致“逆向选择”和“道德风险”,银行为规避风险,对中小企业实施信贷配给,从而产生中小企业融资缺口,关系型借贷通过缓解银行与企业间的信息不对称解决中小企业融资困难。然后对关系型借贷的理论基础,包括信息不对称理论、信贷配给理论、现代金融中介理论进行阐述,总结已有文献在关系型借贷对中小企业融资可获得性、贷款条件的影响上的研究成果。最后,通过实证的方式去验证关系型借贷对中小企业融资效率、成本以及贷款条件的影响。在本文的研究中,关系的研究范围包括了申请企业与银行的关系、关联企业与银行的关系、保证企业与银行的关系,在对关系持续期的度量上采用对三者加权的方法,从而使得研究更符合实际。研究结果表明,关系型借贷的建立和维护可以增加中小企业融资可获得性,降低企业融资成本,在对抵押担保的影响上效果尚不明显,在关系范围的确定上,与3家银行建立关系型借贷可以使得贷款成本最低,为最佳策略。
[Abstract]:Small and medium-sized enterprises play a very important role in the economic development of our country. They play a key role in promoting economic growth, absorbing employment, promoting innovation, earning foreign exchange from exports, activating the market, etc. However, the development of small and medium-sized enterprises faces many problems. The most serious problem is financing difficulty, which restricts the development of small and medium-sized enterprises in China to a certain extent. The main reason for the financing difficulties of SMEs is the information asymmetry between banks and enterprises. The bank can not make the correct evaluation of the enterprise loan according to the valid information, under the influence of many uncertain factors, Banks will choose to "reserve loans" to SMEs. Relational lending aims to solve the financing problem of SMEs by alleviating the information asymmetry between banks and enterprises. Some scholars have studied relational lending in different countries and different financial systems. The results show that under different economic environment and financial system, the utility of relational lending is different. Its macro environment is different from that of capitalist developed countries, so it has its unique value to study domestic relational lending. In this paper, the causes of relational lending are explained theoretically. Asymmetric information leads to "adverse selection" and "moral hazard". In order to avoid risks, banks implement credit rationing to SMEs, thus creating financing gap for SMEs. Relational lending solves the financing difficulties of small and medium-sized enterprises by alleviating the information asymmetry between banks and enterprises, and then expounds the theoretical basis of relational lending, including information asymmetry theory, credit rationing theory, and modern financial intermediation theory. This paper summarizes the research results on the influence of relational lending on the financing availability and loan conditions of SMEs. Finally, it verifies the financing efficiency of relational lending on SMEs by empirical method. In this paper, the research scope of the relationship includes the relationship between the applicant enterprise and the bank, the relationship between the affiliated enterprise and the bank, the relationship between the enterprise and the bank, the relationship between the enterprise and the bank, and the relationship between the enterprise and the bank. In the measurement of relationship duration, the method of weighting the three factors is used to make the research more realistic. The results show that the establishment and maintenance of relational lending can increase the financing availability of SMEs and reduce the financing costs of SMEs. The effect on mortgage guarantee is not obvious. In the determination of relationship scope, establishing relationship loan with three banks can make the loan cost lowest and is the best strategy.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F275;F832.4

【参考文献】