The Research Of Credit Rationing: Cause, Influence And Governance Countermeasure

Credit rationing is the principal characteristics of relevant credit transaction during the development of Chinese economy and the perfection of the financial market. Capital constraint is restricting the concerned party of the market. All of following issues such as the development and the expansion of the enterprises, the enhancement of the project investment level and the capital utilization efficiency, the improvement of the financial service and the financial tools, the increase of bank profit, the effective control and management of credit risk cannot carry on without capital injection and its effective disposition. Besides, in recent years, the bank plays a dynamic role during the development of credit rationing, which greatly alleviate the income restraint, raise the entire society consumption level, and smooth individual consumption crossing periods while with his welfare improved. The credit rationing has been an important instrument for the transmission of monetary policy and has significant influence on the monetary policy, which has been widely accepted in the academic and practice field. Therefore, this paper employs synthetically such fields as the information economics, the contract economic, the system economic, the industrial economics, the welfare economics, the economy optimization, the sociology, the game theory and at the same time integrate domestic and foreign practices tightly so as to conduct a systematic study on the credit rationing theory and its elimination methods. Finally, this paper contains mainly three aspects of contents:First is the construction and expansion of the theoretical models. Accounts for information asymmetrical, two chapters have been assigned to make a systematic introduction on the main theoretical models of credit rationing. And certain characteristics have been revealed on the mechanism of internal and provisional credit rationing, and the equilibrium and unequilibrium rationing.Second is the application of credit rationing elimination or diminish. This paper has investigated the roles of such factors as guarantee, interest rate, loan scale, risk and anticipated income in the discrimination of types of borrowers, as well as their influence on the enhancement of interest rate while mainly perceiving from the angel of credit contract design and taking into account different credit contract terms,. Third, this paper has examined the loan scale, the credit information of borrowers and the influence of government direct credit intervention with both the integration of Chinese practice and current debates in theory and the integration of small enterprises without mortgage and newly established enterprises without credit record, as well as some credit features of developing countries with imperfect financial market. Furthermore, some empirical methods are presented.