The Research On SMEs Relation Financing

The development of SMEs(small and medium-sized enterprises) faces financing puzzle all over the world. Relation financing, as a brand-new financing way which based on tacit information, becomes an important point and a concerned front problem of government and economists since 1990s.This way can help reduce the information asymmetry and cut the transaction cost so as to solve the financing"bottleneck"of SMEs.The information asymmetry is a very outstanding problem in stock market and bank credit market during the transition period of economic development in China. It is very necessary to study this problem and that is why I chose this topic.With the reference of others, this text combines the situation of transition period of economic development and the characteristics of SMEs, in order to analyze that relation financing is effective and necessary to overcome the difficulty of SMEs financing in China. First,beginning with theories overview, the thesis defines the connotation and characteristic of relation financing, expound the relationship between relation financing and SMEs development. Then, we analyze two relation financing modes of the United States and Japan. Through comparative analysis, we obtain some enlightenment. On this basis, this thesis goes into analyzing the problem of relation financing system of SMEs in our country, and the reasons for them. After that, it provides some countermeasure and suggestion to improve relation financing system of SMEs in our country during this transition period.