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An Approach To The Financial Problems In Small And Medium-Sized Enterprises Under The Circumstances Of Asymmetric Information

Posted on:2004-11-28Degree:MasterType:Thesis
Country:ChinaCandidate:M L WangFull Text:PDF
GTID:2156360092492981Subject:Political economy
Abstract/Summary:PDF Full Text Request
Since the reform and opening-up policy performed, our national economy has made great achievements. The small and medium-sized enterprises (SMEs) are important and key creative strength to prop up this growth. They act the groundwork role as numerous plants in the " economic ecosystem equilibrium" in our country.However, the development of SMEs encounters with a series of new challenges caused by the adjustment of economic structure, the fluctuation of the relationship of supply-demand in markets, the international competence after entering into WTO and the deepening of system transforming and etc. Many difficulties come off, such as lagging of management, limitation of laws, lacking in qualified persons. Above all, predicament of financing is becoming the crucial factor to restrict the development of SMEs. Many scholars have done a great deal of researches in this field, but they only have put forward some policy advices and not made further theoretical and empirical analysis. In 2001, the Nobel Prizers in economics did contribution to information economics. How to use it to interpret the actual problems inChina? It has become one of the important subjects facing us. I will do some research on the problem of asymmetric information and the financing of SMEs combining theories in practices. Because capital markets exclude SMEs in China and incline to State-owned Enterprises, the information barrier in the financing of SMEs mainly occur between banks and SMEs.I try to come to the conclusions that the problem of asymmetric Information is the main reason resulted in the predicaments in financing of SMEs, the loans decrease with the sizes of bank and increase with the size of enterprises by means of theoretical analysis. The author put the theoretical conclusions into practices and make positive test and come to the same conclusions. In the end, the main countermeasures for China's SMEs financing are to development the small and medium-sized finance sectors, opening-up the folk finance markets, establishing SMEs credit guarantee guiding by the governments, and etc.
Keywords/Search Tags:Small and Medium-Sized Enterprises (SMEs), Asymmetric Information, Financing, Credit Rationing
PDF Full Text Request
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