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On Financing Behavior Of Small And Medium-sized Enterprises In China

Posted on:2006-10-26Degree:DoctorType:Dissertation
Country:ChinaCandidate:X WangFull Text:PDF
GTID:1119360212957730Subject:Business management
Abstract/Summary:PDF Full Text Request
1. The goal of researchUnder the influence of globalization tide in recent years, the homogeneity of the banking system made the problem of Small and Medium-sized Enterprises (SMEs) financing a world-wide one. The SMEs in China encountered serious financial restraint too. Because of inherent particularity of the financial problem of SMEs, the structure changes of financial circles may be not complete good news to them. In order to solve the problem, it is necessary to carry on theoretical study and summarize the experience.So, constructing the SMEs financing theoretical and empirical model, this text plans to remedy traditional credit rationing theory's failing to systematically incorporate enterprise scope, expand the endogenous decision variables of credit rationing, explain evolutionarily the reason why small and medium-sized enterprises become victim's of bank credit rationing. In addition, the micro financial impact on macro economy is proved by the reality of the East Asian countries day by day, so giving some suggestion of macro economic policy from views of SMEs financing can also be a research goal in transitional period.2. Main contentTo solve contradiction of endogenous credit rationing and SMEs' financial demand, we construct a endogenous equilibrium credit rationing model with asset size, risk type and collateral, considering the screening mechanism and state verification cost synthetically. Based on this, we put SMEs financing issue into the frame of evolutionary economics and build SMEs evolutionary models of credit rationing and financing organization. The following will show the content in more detail.1. Proposing an evolutionary framework for analyzing SMEs' financing behavior in transitional period.Facing the credit rationing, those SMEs who are rich in social capital will get credit through relationship lending. Based on local interaction, they also can form inter-firm financing organization spontaneously in order to solve the problem, if they prefer not to lost their control rights. These facts all present the ordered characteristics of SMEs financing behavior in transitional period—we call "transitional pecking order", which offer us the basic analytical framework in my dissertation. The frame comprises following 2 subsections (section 2 and 3):2. Proposing the "Second-order rationing" theory for SMEs financeBased on credit rationing theory, we construct a model of evolutionary game theory for SMEs credit contract from state verification cost, firm size and collateral perspectives, using imitation, innovation and myopic best reaction (MBR) strategies selection mechanism. The model...
Keywords/Search Tags:Financing Behavior, Small and Medium-sized Enterprises (SMEs), Social capital, Evolutionary Finance
PDF Full Text Request
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