| SMEs financing problem is not only a worldwide problem, but also a permanent issue. Statistical studies shows that whether in China or other countries all around the world, SMEs have become a driving force of economic growth, state tax revenue increasing, innovation promotion and urban employment stable in the major business groups. Whether it is in western developed countries, emerging industry countries and regions, or in our country, the awareness of the status and role of SMEs has undergone a process of insufficient attention to the importance. Our country is in the acssion of economic transformation, after20years of market-oriented economic reformation, economic structure has shifted from unified to diversity. The rapid growth of non-state economy-as the main body of SMEs, has became the solid foundation of the steady economic growth of our national economy.With the transition from planned economy to market economy of our country, individual businesses, township enterprises, private businesses, foreign-invested enterprises and other SMEs become to have the legal existence and development, and gradually become an important force in creating jobs, technology innovation and supporting national economic growth.By the year of2006, SMEs registering By industrial and commercial administrative departments in China has more than42million. The value of final goods and services crated by SMEs are accounted for60%of GDP.They also paid53%of the country’s industrial and commercial tax;SMEs provide more than75%of jobs in our chuntry.and it has become a major channel for creating jobs; As the main part of technology innovation and mechanism innovation in China, SMEs chieved75%invention patents of the whole country, completed more than65%of the country’s patents innovation and80%of the new production development. Practice shows that SMEs and non-public economies are playing an increasingly important role in promoting economic development, promoting the prosperity of urban and rural markets, increasing fiscal revenue, increasing employment opportunities, Promoting technological innovation and optimizing the economic structure etc.However, the development of SMEs and non-public economic still faces many problems. Among these, there are not only problems of development environment, for example:high threshold of entrepreneurship, market access and exit mechanism is not so perfect; financing is difficult, lagging social services etc, but also their own quality problems, such as:extensive growth pattern, irrational structure, low management level etc. In the present stage, the core problem restricting the development of SMEs is that the group of SMEs trapped in financing problem for a long time. There are distinct comparison between vigorous development of SMEs and its narrow financing channels.2010’s data shows that, in China, the thirteen joint-stock banks outside of the four major state-owned commercial banks only provided private short-term loans141.811billion yuan, less than5%of their short-term bank loans, only2%of loan balance in total. Loan problems become the biggest obstacle to the survival and development of the SMEs. In particular, solve the problems of small business loans as the financial world issues of common concern in the current moment. In the process of economic system transformation, the deepening contradictions that the not match of financial structure and economic structure is accelerating. SMEs of occupy GDP63%and industrial added value accounted for74%, achieved only30%of credit assets. State-owned economy is still occupied70%of the credit assets. In the present time, there are "gaps" in SMEs of China in two ways:equity financing and debt financing. There is some market failure in configuration of financial resources. How to create an effective financial support system for SMEs? How to eliminate the financing difficulties of SMEs? All these problems are important issues for effectively promote the process of marketing at present.SMEs in China, now still lack a sound financial system and adequate disclosure of information capacity, when they face the financing problem in the markets, SMEs and commercial banks and other financial institutions is bound to information asymmetry. When commercial banks and other financial institutions under the weighing the risk under asymmetric information, they naturally prefer to lock in the large enterprises that have a sound financial system and strong ability of information disclosure. Then, credit rationing had happened.In the financial markets, inevitable information asymmetry exists in the two transactions sides between SMEs and commercial banks and other financial institutions. Western economic theory tells us that:On the complete information market, optimum allocation of resources can be achieved. But under asymmetric information, market failure occurs. As banks as suppliers of funds, they do not have complete information about SMEs, when the bank select finance objection by a certain interest rate, this may induce adverse selection in financial markets. And after the SMEs get the loans, SMEs tend to choose higher risky investment projects under profits promotion and financing costs redemption. This will result in moral hazard.The existence of adverse selection and moral hazard made the bank credit face enormous risks. So, based on the perspective of risk control, banks will choose large corporates to finance on a relatively more complete information market, in the course of repeated games. SME will be credit rationned.With Further researches, we will find a range of issues that worth study:Why, in overall pattern, the economic type with significant contribution to social and economic development is in disadvantaged position in the allocation of social and economic resources? Under conditions of market economy, will SMEs be long-term exist? Is "scale is middle an small" the only root that the SMEs in allocation of resources are in disadvantaged? Why big companies can get funding while SMEs will be credit rationed? What kind of characteristics has led to the phenomenon that SMEs are excluded from the balance of the credit markets? What kind of SMEs are the economic development and economic growth needs? During the game process between SMEs and banks, what’s the differern from the large enterprises in information transmission mechanism? What’s the relationship between commercial banks and small and medium enterprises in this special information conduction? How to optimize the commercial banking system that affct the transmission of the information? Etc.With research and exploration of these questions, we started writing the full text. The results showed that strengthening the construction of commercial banking system can regulate the market order, optimize information transfer from a new perspective and targeted master the full information from different individuals within the system. At present, commercial banking system of China lack of departments and agencies that master SMEs’ information. Therefore, it is necessary to discuss the problem of SMEs’ financing from the perspective of the reconstruction of the commercial banking system. We expand the discussion according to the logical thinking of the article analysis. The paper is divided into three parts, that is:"General discussion-Expounding---Special discussion"In the part of General discussion, we show the general outline of the major problem this article will be researched. This section includes three chapters:As the cornerstone of text analysis, the first chapter detailed described the main need for the existence of SMEs and the characteristics of its financing. At first, we propose the definition and range of SMEs all around the world. Then according to the characteristics of SMEs in China, we defined clearly the meaning of SMEs in China and the boundaries of our study. Second, after knowing the clear goal of this study, we elaborate the rationality and necessity of the existence of SMEs from the economic perspective. It also gave a detailed description of the importance of financing for SMEs. Finally, this paper pointed out the characteristics and special financing acts of SMEs, compared with large enterprises. This article describes the status of the financing of SMEs in China, summary points out the core of SME financing,and according the SME financing behavior under its special factors, with the status of SME financing, analysised the generation of credit rationing for SMEs.Chapter2is another part of General discussion.It mainly talk about the construction of the commercial banking system and reviewed and evaluated the existing research results about SME financing problem. First of all, in this part we showed a systematic review about the related research on commercial banking system and SME finance, including theoretical summary, such as Capital gap theory, Theory of credit facilities and summary of reality researches, for example: causes of financing difficulties for SMEs, the strategy for solving the problem etc. It conducted comments of existing research as the cornerstone of text analysis. Secondly, we study the problem of partial equilibrium of SMEs supply and demand. Under the guidance of Microscopic market Equilibrium Theory, starting from the two parts of funds supply and demand in SME financing, we model the market participants, system produces the produce of credit rationing problem and its root causes. Thirdly, inspired by the literature review and model analysis, we analyzed our existing commercial banking system and the financing problems of SMEs. After fully demonstrated the bank-enterprise relations under the conditions of credit rationing, we introduced reasonably the existing problems of our commercial banking system——The designing of the banking system is incompatible with the characteristics of SME financing. This paper further pointed out the key point of the construction of our commercial banking system, and indicated the reconstrction direction of our commercial banking system addressing the problem of SME financing.Chapter3is the theoretical basis of our paper——Information Economics. On the basis of review and comment on the previous text, we propose a theoretical basis for this article——Asymmetric information theory. Starting from the Principal-agent theory under asymmetric information theory, this article illustrated the generation of credit rationing for SMEs and the important role of a sound commercial banking system in resolving the problem of financing SMEs. Firstly, from the perspective of information economics, this part talked about propose and typical behavior of Asymmetric information theory, and its harmful effects in the role of SME financing. Secondly, it instructs specifically the Principal-agent theory under asymmetric information theory is the leading source of credit rationing for SMEs. In this issue, we detailed exposition of adverse selection mechanism in the principal-agent problem. Under the guidance of adverse selection theory, we studied the the combination of the principal-agent relationship and SME financing action:The occurrence of adverse selection mechanism and credit rationing in imperfect information market.After the General discussion part, we came to discuss the Expounding part. It includes the following chapters:In Chapter4, we build a principal-agent model with commercial bank and the SMEs. It illustrates by a model that the mechanism of credit rationing for SMEs under adverse selection mechanism. Paper were designed respectively two different mechanisms of the contract——under complete information and incomplete information, in order to discuss principal-agent problem between commercial bank and the SMEs. By comparing the different results between the contrsts under complete information and under incomplete information, we found that it is the shortcomings of the commercial banking system has led to increased information asymmetry in SMEs, this eventually lead to adverse selection arising, SMEs are credit rationing. By differentiating the identity of the principal of the different types of commercial banks in our commercial banking system, we have come to different game results. So we propose a redevelopment strategy that the banking system for SMEs financing problem.Chapter5is the empirical analysis part. In this section, we designed a simple output model, through the way that differentiated introduct the different sources of funding part into Macro-production function, to speak with the data, through a series of econometric methods, simulate the output of small and medium enterprises. Finally, based on these different sources of differences in output to SMEs, we further validate the importance of earlier views:Reconstruction of the commercial banking system is an important way to resolve the problem of SMEs financing.Finally, we entered the study of Special discussion part.In this part of the study, starting from Chapter6, the most important problem we focus on is that:How to rebuild the commercial banking system in China so that we can resolve the bottleneck of SME financing? In this part of the content, we distinguished the different composition of the commercial banking system by client differentiation.Discuss respectively the different effects on the extent of SME financing among state-controlled commercial banks, joint-stock commercial banks, city commercial banks, rural commercial banks and policy financial institutions. Then based on these results, we summarize and put forward the main ideas of resolving the financing problems of SMEs——Create a new commercial banking systemin which contains commercial banking system for SMEs as the mainbody and policy banks as an important complement.In addition, in the conclusion and summary section of our Special discussion part, we also mentioned several other important factors and improvement measures for resolve the financing problems of SMEs. They include the construction of SMEs itself, the role of government guarantees, the main task of banking supervision department and finance-related laws, regulations, and environmental construction etc. |
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