Research On The Micro Loan Mechanism In The Capital Market

The financing problem has brought a lot of difficulties to the development of China’s small and micro enterprises; therefore, how to ease the small and micro enterprises financing difficulties based on the conditions of our country has become a hot issue. The micro loan mechanism is a new one which aimed at the small and micro enterprise itself and took the commercial banks and the enterprises into the consideration. Considering the financing demand of the enterprises and the credit risk of the banks, the micro loan facility is undoubtedly a new model to resolve the credit problem between the enterprises and the banks. The paper has based on a series of theories, such as corporate financing theory, asymmetric information theory, credit rationing theory, as well as the financial repression theory, which are used as the theoretical principles to analyze the relationship of the enterprises and the banks. And then the paper has analyzed the situation of the commercial loan according to the data, and found that "the credit grudging" has become more and more serious which aggravates the financing problem of the small and micro enterprises. Basing on the theories and the realities, the paper has brought the game theory to analyze the reasons that arises the problem of the financing difficulties. First, viewing the small and micro enterprises and the commercial banks as the two game parties, and then put them into the pay-off matrix. Second, to take them into two considerations, one is the complete information, the other is incomplete information. Finally, analyze the game result under the situation of the complete information. As the situation of incomplete information, the results are different according to the conditions. The respectively corresponding Nash equilibrium is obtained in incomplete information static game and dynamic game with incomplete information.The main part of this paper has analyzed the loan from two aspects that is the demand side and the supply side, and then point out the necessity of the micro loan. In the third part, the paper introduces the financing situation of the small and micro enterprises and analyses the reason that caused the financing problem by game; and then introduces the situation of the loan of the commercial banks, and analyses the credit risk management; in the fifth part, the paper firstly introduces the model of the micro loan in the foreign countries, and then analyses the development situation of the micro loan in Chinese commercial banks, and points out the draw back; in the sixth part, first of all, the paper puts forward the corresponding policy recommendations from the government aspects, and the points out others suggestions according to the characteristics of the banks and the small and micro enterprises respectively. In the last part, the paper has made a conclusion and the expectation of the micro loan development.