Relationship Lending And Availability Of Credit For Small And Medium-sized Enterprise:Based On Small And Medium-sized Enterprises Listed Bank Loan Data

Small and Medium-Sized Enterprises(SMEs) are an important power within national economy, playing more and more important role in promoting economic growth, creating jobs, increasing income, increasing the farmers’ income and the transfer of rural surplus labor force. China’s4.3million SMEs create60%of GDP,74%of the value added of industry,50%of tax revenue, but have the financial resources less than22.5%. The academic experts paid more attention to SMEs financing difficult problem. In the first half of2009, in the7.37trillion loans, large enterprises accounted for47%of the total amount of loan, medium scale enterprise accounting for44%of the total amount of loan, small business loans accounted for only8.5%of the total amount of loan.In recent years, many domestic and foreign commercial bank has been started to set up small businesses or made financing plan for SMEs. Domestic and international academics focus on researching relationship lending to SME financing. Relational lending is different from the traditional financial statements and mortgage guarantee payment, which is based on the fact in the process of cooperation bank collecting, sorting and transferring of the relevant enterprises and business owners "soft" information and then make the credit decision, especially suitable for lack of transparent information records and mortgage content of SMEs. Relational lending has a different value and risk to Banks and enterprises. For Banks, it can obtain information rents and the expansion of business association rent, but it also will produce the soft budget constraint problems; For the enterprise, relationship lending can reduce enterprise financing costs, increase enterprise loan availability, but also can produce holdup problems. It is necessary to study the relationship lending to SMEs whether there is a certain relationship between them, whether it helps enterprise get credit. Thus we can put forward related suggestions for enterprise lending financing.This article mainly at the relationship between bank and enterprise angle, based on the domestic and foreign literatures, raise our research direction, make up of the inadequacy of the previous literatures. With the method of the combination of the qualitative analysis and quantitative analysis, the empirical analysis on the financing of SMEs in China were studied, and then puts forward the opinion of the relationship lending. The thesis mainly research whether the relationship lending can influence the availability of loan for SMEs through the multiple linear regression model and the logit binary choice model, which based on Shenzhen listed bank loan data and the enterprise financial indicators. Part of the hypothesis are proven, for we put forward the suggestions providing empirical evidence.This thesis analyzes the relationship lending and the financing problem of SMEs of our country. The logic structure of this thesis is as following:Chapter1is the introduction of full thesis, first we introduced the research background, significance and purpose. Then reviewed the related literatures at home and abroad, also summarized them on the basis of literatures. Finally, determined the ideas and methods of this study, put forward the innovation and insufficiency of this paper.Chapter2is the SMEs and relational lending theory basis. First of all, definite the SMEs and discusses the reason of the financing difficulties of SMEs and introduce the SMEs credit theory; Second, discusse the relationship lending theoretical basis and characteristics from the financial intermediary theory, and analysis the important role of relationship lending in the SMEs application.Chapter3is the empirical study design. Establish a data model based on the comprehensive research at home and abroad literatures, which mainly involves the selection of data, variable, and puts forward related hypotheses in the research problem.Chapter4is the empirical result analysis. Based on china’s SMEs2000-2011bank loans data, we studied the influence between relationship lending and SMEs credit availability, and analysis the possible reasons for the results and compare with the hypothesis, to verify the hypothesis is correct or not.Chapter5is the research conclusion and revelation. First summarize the main conclusion and the deficiency of full text. Then put forward effective Suggestions according to the study. At last, according to the research shortages in this paper, made the prospects for further research.The main contribution of the paper lies in the following aspects:First, data is used by the listed SMEs bank loans, eliminating the local deviation, ensure that data sample is bigger;Second, most of the literatures focuses on the corporate borrowing costs, this paper makes a study of the availability of credit, and through the two models for empirical research, make the results more fully and reliable;Third, almost no articles directly research the influence of enterprise executives’ financing background to enterprise financing. This paper increases the executives’ background as one of the variables, which further responses the relationship lending.