本文關(guān)鍵詞： 關(guān)系型借貸 信息不對稱 中小企業(yè)　出處：《西南交通大學》2014年碩士論文　論文類型：學位論文

【摘要】：中小企業(yè)在我國經(jīng)濟發(fā)展中占據(jù)非常重要的地位,其在促進經(jīng)濟增長、吸納就業(yè)、推動創(chuàng)新、出口創(chuàng)匯、活躍市場等方面都起著關(guān)鍵作用,但是中小企業(yè)的發(fā)展面臨諸多問題,而最嚴重的即是融資困難問題,融資困難問題在一定程度上制約著我國中小企業(yè)的發(fā)展。中小企業(yè)融資困難的主要原因是銀行與企業(yè)間的信息不對稱,銀行不能根據(jù)有效信息對企業(yè)貸款做出正確的評估,在諸多不確定性因素的影響下,銀行會選擇對中小企業(yè)“惜貸”。關(guān)系型借貸旨在通過緩解銀行與企業(yè)間的信息不對稱解決中小企業(yè)融資問題。 已有學者對不同國家、不同金融體制下的關(guān)系型借貸進行研究,結(jié)果表明,在不同的經(jīng)濟環(huán)境和金融體制下,關(guān)系型借貸的效用不同。中國作為發(fā)展中的社會主義國家,其宏觀環(huán)境與資本主義發(fā)達國家相比有較大差異,因此對國內(nèi)關(guān)系型借貸進行研究具有其獨特的價值。 本文先從理論上闡述關(guān)系型借貸產(chǎn)生的原因,信息不對稱導致“逆向選擇”和“道德風險”,銀行為規(guī)避風險,對中小企業(yè)實施信貸配給,從而產(chǎn)生中小企業(yè)融資缺口,關(guān)系型借貸通過緩解銀行與企業(yè)間的信息不對稱解決中小企業(yè)融資困難。然后對關(guān)系型借貸的理論基礎(chǔ),包括信息不對稱理論、信貸配給理論、現(xiàn)代金融中介理論進行闡述,總結(jié)已有文獻在關(guān)系型借貸對中小企業(yè)融資可獲得性、貸款條件的影響上的研究成果。最后,通過實證的方式去驗證關(guān)系型借貸對中小企業(yè)融資效率、成本以及貸款條件的影響。在本文的研究中,關(guān)系的研究范圍包括了申請企業(yè)與銀行的關(guān)系、關(guān)聯(lián)企業(yè)與銀行的關(guān)系、保證企業(yè)與銀行的關(guān)系,在對關(guān)系持續(xù)期的度量上采用對三者加權(quán)的方法,從而使得研究更符合實際。研究結(jié)果表明,關(guān)系型借貸的建立和維護可以增加中小企業(yè)融資可獲得性,降低企業(yè)融資成本,在對抵押擔保的影響上效果尚不明顯,在關(guān)系范圍的確定上,與3家銀行建立關(guān)系型借貸可以使得貸款成本最低,為最佳策略。
[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.
【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.3;F275;F832.4

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