| In January 2012,the fourth national financial work conference emphasizes putting the rural finance as a weak field in the prominent position once again.After that,the Central First Document of 2012 emphasizes Stressing the need to "guide the county area banking financial institutions to strengthen rural credit services,strengthen the county small micro enterprise credit".It is suggesting that improve the rural financial service,improve small and micro enterprises' financing is an important part of the future financial reform.In the current,Chinese small and medium-sized enterprises,especially in rural areas,the development of small and micro enterprises face labor costs rising sharply,the cost of raw materials rising apparently,order reducing,capital chain tightening and the financing being difficulty,and many other problems.Among them,the financing difficulty is the obstacles of small and micro enterprises development for a long time,governments at all levels and academia gave high attention to this.In order to alleviate rural small and micro enterprises' financing problems,the central and local governments have issued a series of policies and measures against small and micro enterprises' financing.Which influence is bigger,the China Banking Regulatory Commission(CBRC)issued the policy "Increase the banking market access in rural areas to better support the construction of the new socialist countryside" at the end of 2006,which aims at moderately reducing the access restriction according to the business sustainable principle.To a certain extent,the policy opens the rural financial market,launches a new round of rural financial system reform in our country.Reforms in more than six years,with the increase of various types of financial institutions,rural financial market structure is gradually to develop in the direction of multi-level and diversification of competitive markets.This reform's goal is to optimize the market structure,improve market competitiveness,thus increasing the rural financial supply,and fundamentally solve the rural areas' farmers and small and micro enterprises'financing difficult problems.Unlike urban financial institutions,rural financial institutions face a large number of scattered rural small micro enterprise.Characteristics such as high transaction cost and the lack of traditional pawn makes the rural financial market is different from the financial market,the particularity of the rural financial market greatly aggravate the information asymmetry.Though theoretical researches show that information asymmetry is the main cause of small and micro enterprises'financing difficulties,however,because of the indiscriminate overall research to micro,small and medium enterprises,as well as the limitations of research means and technologies,the results of domestic scholars in the field cannot be fully and accurately reveal the status of rural small and micro enterprises' credit financing.Not only that,the researches about the rural financial market access' relaxing to improve rural small and micro enterprises' financing also remain to be further analysis in theory and practice field.The research to this problem is still inadequate:first is the lack of the complete and systematic analysis framework between market access relaxing and the small and micro enterprises' credit availability,it is ignoring the key factors——the lending technologies which influence the small and micro enterprises'credit availability;second is the identification methods of lending technologies is too simple,most of existing researches considered the financial statements as the only transaction lending technology;Third,previous researches more analysis the financial institutions which is new entrants,different researchers study different types of these new institutions and their effect of entering,the main deficiency lies in the incremental part of the reform,and ignored the behavior change the existing financial institutions.Under the background of the rural financial market access relaxing,based on the rural financial reform policy adjustments on the effect of structure of rural financial market,In this paper,from the angle of the lending technologies,we apply finance,industry economics,information economics and other related theories into rural small and micro enterprises' credit financing problem research,and construct theory analysis framework of rural financial market access relaxing,the rural financial market structure and the small and micro enterprises' credit availability,in order to clarify the logic relation of rural financial market access relaxing and the small and micro enterprises' credit availability;We are also from the two dimensions of rural financial market size structure and market competition respectively to comprehensively examine the market access relaxing,the rural financial market structure change's influence on rural small and micro enterprises' credit availability.Further on this basis,in the form of a typical case,this paper discusses the principles and practices of the technology innovation improving the small and micro enterprises' credit availability,for the objective evaluation of rural financial reform policy effect to provide some theoretical basis and practical reference,and put forward to improve rural small and micro enterprises' credit availability of relevant policy recommendations.These can provide some theoretical basis and practical references for the rural financial reform policy effects,and put forward some relevant policy recommendations to improve rural small micro enterprise credit availability.The full text is divides into eight parts.The main contents and conclusions of the study are as follows:Part 1:Rural financial market structure change under the background of market access relaxingThis article mainly studies the relaxing market access's effects on rural financial market structure form the two dimensions of rural financial market size structure and the rural financial market competition.By using samples of 37 county in jiangsu province from 2003 to 2011 panel data,it empirically examines the relations between market opening and the rural financial market structure related variables(including size structure and competition),and comparatively analysis the changes of rural financial market structure in different counties.Overall,the research results show that,markets access relaxing(except the relaxing year)on rural financial market scale structure(small and medium-sized banks' loan share)have significant positive effects,and for the rural financial market competition(market concentration),its significantly effect is reflected in the two years later after relaxing market access;From different regions,the influence of market access relaxing on rural financial market size structure in jiangsu's three regions is relatively similar,but the market access relaxing's effect on rural financial market competition,the three regions have significant differences.This fully shows that market access relaxing not only makes the small and medium-sized banks'market share increasing,and at the same time increases the degree of market competition,but market access relaxing's impact on rural financial market structure also revealed a certain regional differences.Part 2:The rural financial market structure's change and the small and micro enterprises' credit availability:based on the analysis on the changes of the market size structureMarket access relaxing produces two aspects' influence on rural financial market structure——the change of financial market size structure and financial market competition,and ultimately these affect the capital demanders'(this article mainly refers to the rural small and micro enterprises')credit availability.Among them,different size financial institutions enter into the rural financial market,which lead to the rural financial market size structure changes,which finally affect the rural small and micro enterprises' credit availability,the essential question is which size of financial institutions can match small and micro enterprises' credit characteristics.Because of the existence of lending technology preference difference,these financial institutions will enter a different impact on small and micro enterprises' credit availability.Uses 243 financial institutions' survey data which entered rural financial market since 2007 and direct methods to measure lending technologies,this paper directly verifies the relations of the size of the financial institutions,lengding technologies and small and micro enterprises' credit availability(small banks advantage theory).The research results show that:(1)Regardless of lending technologies,the relation between financial institutions'size and small and micro enterprises' credit availability is significantly negative correlation,but,after joining the related variables of lending technologies,financial institutions'size failes to pass the test of significance,it fully shows that financial institutions' size through the lending technologies play a role,which affect the rural small and micro enterprises' credit availability;(2)After adding the cross term of financial institutions' size and lending technologies in model,this paper found that the larger size financial institutions which prefer using financial statements technology or fixed assets technology entering into market did not significantly improve rural small and micro enterprises'credit availability,while the smaller size financial institutions which prefer using relationship lending technology entering into market can make rural small and micro enterprises' credit availability improved significantly.Part 3:The rural financial market structure's change and the small and micro enterprises' credit availability:based on the analysis on the changes of the market competitionMarket access relaxing not only changes the rural financial market size structure,but also increases the market competition.In face of increasingly fierce competition,original financial institutions may change its lending technologies,including relaxing collateral conditions for some rural small and micro enterprises which have a good credit status and a strong reimbursement ability,or innovate the lenging technologies,loan products,etc.These behavioral changes may make that parts'credit availability is increased significantly which was unable to get loans or full specified amount loans.This paper mainly adopts 241 financial institutions'data.which have been set up before 2007 to examine the two stages of market competition,market conduct-market performance(small and micro enterprises'credit availability).Research results show that:(1)Market competition increasing has significantly positive influence on the original financial institutions' behavior about lending technology change or innovation.That means relaxing market access and introducing competitors,can make original financial institutions facing pressure of competition,the financial institutions' motivation and enthusiasm of lengding technologies'change or innovation is greater in order to maintain or expand the market share and enhance profitability;(2)The market competition's change has prompted financial institutions' lending technologies behaviors to change,in turn,reflected in the small and micro enterprises' credit financing.The financial institutions change or innovation technologies can significantly improve the rural small micro enterprises'credit availability,especially in the market which's competition is full.Part 4:Lengding technologies innovation and rural small and micro enterprises' credit availabilityBased on the research of the German IPC micro lending technology,and combining the results of Changshu Rural Commercial Bank to carry out the small and micro enterprises' loan experience,this paper supplementary analyses the market access relaxing's influence on rural small and micro enterprises' credit financing in the form of a typical case.Research results show that:(1)Changshu Rural Commercial Bank innovates technology,develops the small and micro enterprises' loan business are driven by certain factors——the financial market structure and the external environment(such as the government's policy support,the continuous improvement of the financial infrastructure).(2)This article considers IPC micro lending technology's innovation mainly in two aspects:First,It hardens the soft information of the borrowing enterprises,and combined with hard information to evaluate the enterprises' ability and willingness to reimbursement by using the method of cross survey and inspection.Second,it does not rely on collateral,pays more attention to the first income source,namely the cash flow levels of the enterprises.Third,in order to adapt to the small and micro enterprises' financing characteristics,it uses the installment plan,so it can help the financial institutions timely grasp the cash flow situation of the borrowing enterprise.(3)In the process of introduction of IPC micro lending technology,through continuous learning and exploration,Changshu Rural Commercial Bank successfully transformed IPC micro lending technology combined with the actual situation of Chinese rural small and micro enterprises.With its own practice,it proved that the small and micro enterprises' business loan is not fully developed area,which is with good customer base and margins.Through innovating technologies,financial institutions not only can well meet the demand of small and micro enterprises' credit financing,and at the same time also can improve their ability of risk pricing and profitability.(4)The use of IPC micro lending technology also exists certain limitations:first,this lending technology is mainly applied to commercial circulation enterprises which have stable cash flows;Second,given the loan interest rate is higher,the IPC micro lending technology is more suitable for those small micro enterprises,especially the individual industrial and commercial households;Third,the IPC micro lending technology can reduce the moral hazard,but it can not avoid objective risks,such as market risk and natural risk.Therefore,in small and micro enterprises' lending technology introduction and innovation,financial institutions must take full account of regional economic and financial development level,and the characteristics of small and micro enterprises.Overall,market access relaxing for the improvement of rural small and micro enterprises' credit availability,is partly a result of more small and medium-sized entrants,because these financial institutions primarily use the technologies which suit to the characteristics of the small and micro enterprises' financing,therefore,these greatly increase the proportion of lending to small micro enterprises.On the other hand,enhanced market competition is conducive to change existing financial institutions lending technologies,and technologies changes are conducive to improve rural small and micro enterprises' credit availability.We can infer that,along with the advancement of market access relaxing,all kinds of financial institutions will gradually deepened understand the characteristics of small and micro enterprises,and financial market competitions' increasing will force financial institutions into small and micro enterprises business field,down lending group,and finally improve the enthusiasm of lending to small and micro enterprises.We can believe in the future,there will be more suitable lengding technologies for small and micro enterprises,and the external environment such as the improvement of the financial infrastructure and other related systems are also creating favorable conditions for the application of these technologies.Therefore,in the future rural financial reform' it should further relax the rural financial market's restrictions,in order to attract more small and medium-sized financial institutions into rural areas.That not only increases the supply of small micro enterprise credit,but also stimulates the original financial institutions to improve lending technologies.At the same time,the governments should provide certain policy supports for the sustainable development of small and medium-sized financial institutions,and efforts to improve the external environments,in order to create a good conditions for financial institutions especially the large financial institutions innovating lending technologies. |
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