A Study On SME's Credit Rationing Of China

The theoretical researches about SME's Credit Rationing have been very rich in China. The majority of domestic research paradigm is using the modern Credit Rationing theory as the "starting point," especially the S-W Model (Stiglitz & Weisss, 1981), and combines with the reality of China to study, rarely touched the " starting point" - the theory of credit rationing - for research. This thesis completely abandoned the traditional research paradigm. The thesis used the theory of Property Right, Information Economics, and other modern economic theory, build a new framework for study on Credit Rationing, that is "Rent Dissipation - Transaction Cost" framework. The theses analyzed the causes of the SME's Credit Rationing and put out some ideas by using this new framework.The framework of the thesis on the whole is: "put out a question, give out analytical tools and establish framework, analyze, solve the problem". The thesis is divided into six chapters.Chapter I introduced the importance of SMEs and the status quo of SME's Credit Rationing.Chapter II reviewed the theoretical Literatures of aboard and domestic, this part laid a foundation for further study.The review of foreign literatures is to depict the development process about Credit Rationing research. The thesis found that there are two clear dividing lines in the process of research: Firstly, whether believe the fact that Credit Rationing is a long-term imbalance; Secondly, whether consider the information structure on the behavior of credit. The theory of modern Credit Rationing considers Credit Rationing is a long-term imbalance, and puts the information structure into its analytical framework, so these theoretical explanations of the credit rationing are sounded. In consideration of this, the new framework for Credit Rationing research which the thesis wants to establish should have the same characteristics.The review of domestic part is to give the mainly viewpoints of domestic scholars about the SME's Credit Rationing. These viewpoints include: the Market Structure of the Banking Theory, the Discrimination (Friction) of Ownership Theory, the Discrimination of Scale Theory, and the Environment Defects Theory.Chapter III Constructed a new framework for Credit Rationing research, which is called "Rent Dissipation - Transaction Cost" framework.The thesis considered that, due to the substantial Transaction Cost on the credit market, the banks will control the interest rates downwardly, that will lead to Rent Dissipation, but it can bring out cost savings. Credit rationing is the result of balancing between Rent Dissipation and Transaction Cost. Furthermore, in accordance with the above-mentioned thinking, the thesis established a mathematical model, .In accordance with this model, the thesis gave some ideas to solve the problem, at the same time, the collateral and guarantee mechanisms were analyzed.Chapter IV is the concrete application of the new framework to analyze the causes of domestic SME's Credit Rationing.The structure of China's banking market has obvious monopoly characteristics, this makes the value of q is relatively small. On the other hand, firstly, the characteristics of China's SMEs determines relatively high Transaction Cost during the banks Loan to enterprises; Secondly, the current ownership structure governance structure and competition structure of China's banking system determines relatively high Transaction Cost; Thirdly, China's current credit supporting system can't effectively save the Transaction Cost. These three points make a high Transaction Cost, so the value of k ( k1 ,k2) is relatively large. So, a relatively small value of q and relatively large value of k ( k1 ,k2) will inevitably lead to a lower Credit Rationing balanced interest rate. So the SME's credit market is running in the condition of serious Credit Rationing. Furthermore, the thesis make a comparison between this viewpoint and mainly viewpoints of domestic scholars, found that besides the Ownership Discrimination Theory (this view has gradually lost its vitality), the other viewpoints can be derived from the "Rental Dissipation - Transaction Cost" framework. Chapter V is about Rent Division on the SME's loan market. This chapter described a panorama of China's SME loan market.In this part, the thesis analyzed the behaviors of the credit market participants, such as bank, enterprise, bank's employee, credit support system, and so on. Because of serious Credit Rationing in SME's credit market, a lot of rent will be put in Common Domain, the participants will try to snatch the rent. Whether the behaviors of participants are legal or illegal, normative or abnormative, we found that many contracts are signed between these participants in order to divide the rent, and some of contracts are concealed. Furthermore,the thesis considered that the legal punishment is not a efficiency way to restrain the illegal behaviors of Rent Division, In fact, the legal punishment only redistribute the rent in these participants, the efficiency way is reducing the rent in common domain by alleviating the degree of credit rationing.Chapter VI gave some ideas of alleviating the degree of SME's Credit Rationing.The thesis considered that any policy recommendations about alleviating the degree of SME Credit Rationing should be ability to improve market structure of banking and save transaction cost. Therefore, it must have a great deal of related policy's suggestion, such as constructing perfect guarantee system, etc. The thesis provided a way of alleviating the degree of SME Credit Rationing by the angle of developing our private-run community banks. Through reviewing and anglicizing the theories of"Relationship Lending"and"Small Bank Advantage", the thesis believes that developing the private-run community banks will improve the market structure of banking system and save the Transaction Cost. In a word, it will alleviate the degree of SME Credit Rationing.The main innovation of the thesis is:1. Constructed a"Rent Dissipation - Transaction Cost"framework for Credit Rationing research by methods of Property Right Anglicizing and Information Economics.2. Studied the problem of domestic SME's Credit Rationing again by using"Rent Dissipation - Transaction Cost"framework, and gave some ideas to deal with.3. Attempted to explain the domestic viewpoints of SME Credit Rationing in"Rent Dissipation - Transaction Cost"framework.4. Depicted a panorama of SME credit market by using the"Rent Dissipation - Transaction Cost"framework and the theory of Implicit Contact...