| Small and medium-sized enterprises(SMEs)are an important force in the development of our national economy.However,the self-conditional constraint and the single financing channel have made them face financing problems for a long time.There are many new solutions to the problem of "financing difficulties and high financing costs" for SMEs,such as project financing,cluster financing and relational lending.Among them,relational lending is considered as an effective way to solve the financing problem of SMEs.Although relationship lending can increase the availability of enterprise loans,it does not necessarily reduce the financing costs of enterprises.Under the background of structural reform and "enterprise burden reduction",it is urgently necessary to answer such questions as how the relationship lending affects the financing cost of enterprises and how the characteristics of the banking sector affect the above relation.This article mainly explores the impact of relationship lending and bank market concentration on SME financing costs.First of all,based on the theoretical analysis and Mathematical model deduction,this paper puts forward three hypotheses.Secondly,taking the 2007-2015 data of small and medium-sized high-tech enterprises of GEM for example,this paper empirically examines the impact of relationship lending and bank market concentration on the financing costs of SMEs and verifies the hypothetical contents.The results show that both the relationship lending and the high-bank market concentration have significantly increased the financing cost of SMEs.Further cross-tests show that,compared with the low-bank market concentration,the relationship lending that is located in the high-bank market concentration is conducive to reducing its financing costs.Under the macroscopic background of the high degree of bank concentration in our country,the seeking of relationship lending by SMEs is the result of initiative adjustment.Based on the bank structure and relationship between banks and SMEs,this paper analyzes the current situation and existing problems of SME financing,and explores the impact of this financing mechanism of relationship lending on the costs of financing in China and the effect of bank structure on it,and also puts forward reasonable and feasible suggestions from the perspective of the government,the bank and the enterprise.While enriching relevant theories,it is of practical significance to effectively alleviate the financing problems. |
