| As the most vitality factor of organization,the small and medium-sized enterprises(SMEs) increasingly play an important and unsubstantiated role in the development of economy and society.Since 1990',SMEs in most of the developed countries seem to be growing in high speed.In our country ,there are more than 10,000,000 SMEs,which is 99% of the enterprises that have registered at Industrial and Commercial Administrative Bureau.SMEs in our country account for 60% of value of industrial products,40% of tax revenue and 60% of export respectively.Because of small size and vivid way of management, they probably organize their produce according to the comparative advantage.During the time of the shift out of planned economy into socialist market economy,SMEs have contributed and are still contributing considerably to economic liberallisation and national economic growth.SMEs also face many difficulties during the development,and financing difficulty usually is the main factor that obstructs the development of SMEs.Theoretically,we can use"dual gaps"-gap of rights-and-interests capital financing and gap of debt financing to define the difficult financing process in SMEs.In the developed countries,the informal rights-and-intereste capital market,the risk investment system and the"second park market"have,to great degree,alleviated the"gap of rights-and-interests capital financing".But in our country, the informal rights-and-interests capital market frequently is banned because of"disturbing the finance order";the risk investment system is not perfect and the entry threshold of the"second park market"is too high,so it is nearly impossible for most of SMEs to get fund from the rights-and-interests capital market.In the meantime,the owners of SMEs are also the managers,and they are often not willing to give up the enterprises'domination,so SMEs in our country prefer outer debt financing.Discussing the financing difficulty of SMSs in our country,its reason both has the generality, and has the particularity. The generality mainly displays that as the same as SMEs in other countries,SMEs in our country is facing the information asymmetry and diseconomy of scale.The particularity mainly refers to that our country is still in economic transition , the finance system and the management structure of banks is not perfect, community credit system is inadequate and so on. Therefore, we should analyze the actual situation of our country combining with the overseas experience so as to perfect the debt financing market for SMEs in our country.First we build a basic model. Taking no account of other factors, under the situation of information asymmetry,the change of the management risk is the same as that of the loan rate of SMEs,so it will produce the adverse selecting problem.To banks,the influence of change of loan rate is uncertain to increase the income,banks prefer credit rationing to increasing the loan rate.The loan mortagage can reduce the loan rate and the enterprises of the low risk wold like to select the mortagage loan so they can get lower loan rate.The costs of information and supervisor can increase the probability of repayment of bank loan for SMEs and reduce the risk of management for banks.The informal finance further alleviates the financing difficulty for SMEs.This article analyzes the formal finance—the system of banks and the informal finance—the system of civil finance.The way of resolving the problem of financing difficulty of SMEs in our country is not increasing the number of the small and medium banks,but reforming and perfecting the management structure of the small and medium banks,re-establishing the relation between banks and SMEs,promoting the operational innovation of banks.The government should give the informal finance its legal position and try it to play a great part in SMEs'financing.At last we should build and perfect the community credit system and community service system. |
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