Transition In China Sme Relationship Financing Research

From the economic development experience of the whole world, we can see that small and medium-sized enterprises(SME)have already become important strength of economic development. In both developed and developing countries, SME in the national economy are not neglected and all play an irreplaceable role. Therefore, that attaching great importance to and vigorously supporting the development of SME has become a kind of international practice. However, in China, because of SME's own characteristic and reason of the information asymmetry, the development of small and medium-sized enterprise faces the difficult puzzlement of financing, and this restricts the function and development of SME seriously.Relational financing, as a brand-new financing way, becomes an important point and a concerned front problem of governments and economist since 1990s. Some scholars have already set foot in this new research field. The purpose mainly lies in probing whether relational financing could become the effective way to solve the financing"bottleneck"of SME. In the last few years, domestic and international scholars have produced some valuable research results in this area, especially in the relation between relational financing and SME funding, the relation between bank scale or institutional framework and SME relational financing, the impact competition to the SME relational financing, and also the impact time to it. However, there is no investigation in details about discussing the feasibility of relational financing from the angel of investor and SME's cost and return, and works, papers, monographs are few. The data that works in the positive investigation quote is most from the SME of western developed countries. As a result, the works can't be used directly. In the western developed countries, relational financing has already become an effective way, which has lightened credit ration of SME. But in our country, it suffers unexpected cold shoulder and misunderstanding to some degree. There is only"lead bank system", which was carried out in 1996, and folk relational financing in some area, which try to build a close relation between investor and SME. But they both have unsatisfactory aspects face very serious problem, which restricts relational financing to play an active role in alleviating the difficulty of financing of SME.