| In recent years, the small and medium-sized enterprises(SMES) are playing important roles in China especially in increasing the growth of economy, absorbing the employment population, promoting market competition and improving technology. The small and medium-sized enterprises became the major force of the national economy.According to the surveys data, the number of SMES has reached more than5000which increased by7%-8%every year the small and medium-sized enterprise has occupied more than98%of China enterprise quantity. But, SMEs met difficult financing with its own limitations. For a long time, commercial banks are in favor of the state-owned enterprises and the large and medium-sized enterprises. In order to reduce the financial risk, they usually raise the interest rate or reduce the loan limit for SMEs which is unfair. So, the contradiction in SMEs gradually become deeper which hinder its development but also restrict the the further development of Chinese economy.In recent years, China government has formulated a number of effective measures to alleviate the contradiction. For example, governments use the tax means to reduce the tax burden of SMEs, and at the same time, SME credit guarantee institutions have been established to provide credit guarantee loans. In order to maintain the market share and develop more customers, banks are exploring the new road to protect their own interest. Now, the business model called "Financing of small and medium enterprises supermarket" has been used which can provide different kinds of financial products. In this model, enterprises can choose and compare, then the supermarket and the bank negotiated after the financial application. The use of this model save the financial resources and improve the work efficiency. In the other side, it also can bring the huge profit to the bank.With the reform of the enterprises and the bank, we can see the change of the value orientation in economy. So more and more scholars payed attentions to this change, they found the relationship lending has become the best way to resolve the financing difficult of small and medium enterprises which provides a good background and practical significance for this study.The study of relationship lending appeared earlier in foreign which it’s more mature. They think the fundamental reason that financial difficult of SMEs is information asymmetry, so relationship lending produced. It also provide a good background and practical significance for the study of this paper. Scholars divided into two parts, one part is the study on the relationship between relationship lending and loan, another study is the relationship between relationship lending and cost. With the previous theoretical and empirical results, this paper studied from two parts.This paper focused on the relationship between banks and enterprises, combine the theory analysis and the empirical research. In this research, I make a model of dynamic game between banks and enterprises by game theory. With the Backward induction, I analysis why SMEs met financial difficults, then I add the relationship lending to the model in order to find how to maximum the benefits. At the same time, I put award two hypothesis that is relationship lending can improve the bank loan and relationship lending can reduce the loan cost. With the linear regression, I choose the listed SMEs of China in2000-2012as sample data. Variables that is instead of the relationship lending is the length, the bank number, and the back of manager. Bank loan is the ratio of the total loan and the total asset, and the loan cost is the difference between interest rate and the benchmark. The regression results show, two hypotheses are verified. Firstly, the first hypotheses is verified that is the more bank number, the more bank loan the SMEs could get and if the manager has the bank experience, they can help the enterprise get more bank loan. But the hypotheses that more length of the relationship of bank and SMES, the less that the enterprise get the bank loan. It may be due to model design or sample collection problem, or the length of the relationship could not represent the bank enterprise relationship closeness, commercial banks do not consider this factor into loan policy. For the second hypothesis, the length of relationship can reduce the loan cost and if the manager worked in bank can help enterprises optimize the financial structure. In addition, the empirical results show there is no significant correlation between bank number and the loan cost, but this research consistent with the Elsas(2005),he found that When the enterprise establish the relationship with a number of banks, not only can reduce the loan interest rate, but will increase the corresponding financing costs such as the annual business costs, transaction costs.With the analysis of the empirical results and theory, this paper respectively promote how to implement the relational financing from three aspects of small and medium-sized enterprises, banks and government. As entertainment, what’s the most important is to strength their own financial power and give the society a good credit impression. To strengthen the internal control, improve the reliability of information, reduce information asymmetry between banks and enterprises, at the same time, as soon as possible to establish the relationship between bank concept, to avoid the financing problem. For the banks, state-owned banks should change the traditional ideas to increase credit support for SMEs,. As SMEs that is so important to our national economy, promote the development of financial innovation which is suitable for small and medium enterprises financial products, such as increasing the interest rate floating, combined with the specific situation of small and medium-sized enterprises to make reasonable rates. Finally, the government can play a supporting role through the establishment of small and medium enterprises credit rating system, strengthen the social supervision, strengthen enterprise credit concept, also can establish loan risk guarantee system, ensure that the interests of the banks, to. increase loans of SMEs, the establishment of financial system and the banking system promote the development of the financial industry stability.This papers involves five parts.The first part is introduction.this part introduces research background and motives, research thoughts, methods and research framework of this paper.The second part is literature review. The literature involves dynamic game theory and relationship lending from foreign and native, then this paper make comment on this literature and make clear direction of this paper.The third part is the basic theory of relationship lending. firstly, it introduce the concepts and characters, and then introduce the basic theory. It discuss the reason that the birth of relationship lending and how it influence the interest of banks and SMEs.In fact, The forth and fifth part is inseparable. this paper use dynamic game theory to analysis the influence of relationship and the produce a model by game theory. the fifth paper verified the two hypothesis that produced in forth part by empirical methods.The sixth part is Research conclusions and policy recommendations. This part give a brief conclusion on the basis of analysis and put forward helpful recommendations. |
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