The Research For Relationship Lending In Medium-small-sized Enterprises Which Based On Asymmetric Information Theory

Small and Medium-sized Enterprises (SMEs) are an important factor in national economy and play a strategic role in the economic development of various countries in the world. It is generally agreed among international community of economics and academy that, SMEs will play the leading role in economic development of the 21st century. In China, the greatest developing country in the world, SMEs have a more prominent standing and role. But comparing the contribution to the Chinese economy, the private enterprises, especially SME, received little financial support. It is extremely asymmetrical. The financing contradiction of SME is ore and more outstanding, and have already become the "bottleneck" which restricted its development.Relationship leading is a method to solve small and medium sized enterprises' finance difficulty. In theory, finance intermediation theory and credit rationing theory are the basis of relationship finance from the bank and small and medium sized enterprises (SMEs) angles. In reality, relationship leading is the supplement to original finance model that the enterprises' value is only measured by hard information. Under the influence of the present credit environment, relationship finance could be a indirect finance method when SMEs is growing up.This paper does some research on the mechanism of relationship finance. It give some emphasis on the effect of making the information structure perfect caused by soft information. On the basis of thinking that hard information is the basis of making finance decision, the soft information is the supplement to solve asymmetric information problem. Through the study, I make a enterprise evaluation model which suitable for relationship leading, and then, verification the model by the real data of the company. At the end, give some recommendations to improve the relationship leading.