Study On Small And Medium-sized Enterprises Financing Under Credit Rationing Theory

The economic development experience in some countries show that a country's healthy development of Small and medium-sized enterprises(SMEs) is very important to the country's economic development . SMEs are playing an increasingly important role in the creation of social wealth ,increasing national revenue to absorb the working population and making market economy prosper .However ,the problem of the SME credit rationing is always a bottleneck that constraints the development of SMEs ,It's very meaningful how to identify the impact of the factors affecting the mechanism to solve the problem SME credit rationing and promotion of the development of SMEs.First,the papers from under asymmetric information theory start with credit rationing ,in-depth analysis of the credit rationing of the formation mechanism .Analysis of that information asymmetry between the bank caused by adverse selection and moral hazard problem is the primary reason of why the bank implements credit rationing .And the papers analyzing the status quo of SME credit rationing in China ,remains that Chinese SMEs have severs problems of credit rationing .On the other hand ,the bank tighten loans ,making a great deal of capital still controlled by bank ,and causing the severe phenomenon of financial resources idle. Then ,a according Chinese actual situation ,the papers analysize the reason of the problems of SMEs credit rationing in detail .First ,there are drawbacks in china's financial system .China's current financial institutions includes the four major state–owned commercial banks which become the mainstay in the whole financial system .The financial system consists of a long chain of agents causing the difficulties of information transmission ,which are naturally not suitable for SMEs financing services . As compared with the small and medium-sized enterprises, China is need of small and medium-sized financial institutions, rendering the financing SMEs difficult in China. Second, the SME financing support system is not perfect .Duing to the imperfection of the credit system. It does not play the role of minimizing the information asymmetry between the banks and small and medium-sized enterprises, and reducing the cost of financing transactions .In addition ,because of the guarantee system's imperfection ,Does not generate very good results. Finally ,based on the above-mentioned ,combined with China's actual situation , the paper suggest that the development of strong regional financial institutions , improvement of the financing of SMEs credit information system and a sound credit guarantee system for SMEs is an appropriate approach to solve the problem of china's small and medium-sized credit rationing of possible options, and to give specific recommendations one by one.