The Research On The Unbalance Of China's Private SMEs' Credit Rationing

China's economic growth rate has been declining from the peak of 14.2% in the 20 th century for 10 years.The growth rate which less than 10% is seven years.However,the economic operation process has not completely escaped the deceleration.Judging from the trend of China's macroeconomic operation in recent years,although the overall economic growth in our country has slowed down relative to the previous stage,our economic strength has already jumped to a new level.At the 19 th National Congress of the Communist Party of China,General Secretary Xi Jinping also mapped out two stages in our country to 2050,of which the task of economic growth is not easy.The process of state-owned enterprise reforming is moving forward steadily.At the same time,private enterprises,especially private SMEs,have gradually become the main engine of economic growth.It is not difficult to see from the composition of deputies to the NPC and CPPCC that the number of billionaires has dropped from 46 to 2.This shows that the social role played by private SMEs in economic development presents is rising.However,the differential treatment of private SMEs and the issue of discrimination in the credit market is always been found.Compared with large private enterprises such as Tencent and Geely,the financing channel for private SMEs can be very difficult and frustrating.Although the central bank intervened several times to reverse this situation,but the effect was poor.This phenomenon makes the credit market a lot of resource depletion.In order to obtain credit expediently,many enterprises make great effort to do more rent-seeking activities.Therefore,solving the problem of credit rationing has positive significance for the healthy development of private SMEs and optimizing the allocation of resources in the credit market.By reading articles and combing the literatures of domestic and foreign scholars on credit rationing in private SMEs financing,the clues from the research results and research methods are clear.Through the data to understand the status of private SMEs in the national economy and through the change of the benchmark lending rate stipulated by the central bank,we can understand the imbalance of credit rationing in China.Then the S-W model is used to analyze the unbalance inevitability of credit rationing in private SMEs.Starting with the theory of credit rationing in the new Keynes doctrine,this paper analyzes the inevitability of credit rationing imbalance in the credit market.Finally,the equilibrium interest rate obtained by the rent dissipation-transaction cost framework is used to think about the economic significance of the final calculation formula.In order to mitigate the imbalance of credit rationing,this paper proposes some policy recommendations to make the final equilibrium interest rate level of the credit market close to the level of Pareto equilibrium interest rate.After analysis,this paper has the following conclusions.First,the phenomenon of credit rationing is due to information asymmetry,which leads to the final choice of the banks from the perspective of their profit maximization.The existence of credit rationing is reasonable and inevitable.The credit rationing is equilibrium state under given conditions,but deviates from Pareto optimal level.Second,there are various types of fees incurred by banks when they conduct lending to private SMEs.Considering the transaction cost and the rent-dissipation factor into the expected revenue function,we can find out the equilibrium interest rate in the credit market.By analyzing the various variables of the final formula,the equilibrium interest rate can be kept close to the Pareto optimal state.Third,it is necessary to continuously improve the interest rate marketization reform and eliminate monopoly power in the supply of credit funds in the reform process.Raise the efficiency of financing search in the credit market and break the credit monopoly system.At the same time,unclogging the information feedback channel of the market and eliminating information asymmetry as far as possible.In this paper,there are two main innovations.First,amend the S-W model tentatively.This article assumes that each bank's investment project has a separate return instead of fixed uniform value.Assume that the more risk preference companies need more loan amount,that is,the amount of the enterprise loan is positively related to the risk of the enterprise project.Second,take the underground bank factor into consideration and reflected in the formula when using the rent-dissipation-transaction cost analysis framework solves the equilibrium solution in the credit market.According to the formula of equilibrium solution,the countermeasures to alleviate the credit rationing problem in the credit market are put forward.The shortcomings of this article and the need for further improvement are follows.Because the data of financial institutions and commercial banks are confidential,especially commercial banks,so we did not use specific data to analyze the econometric models.Therefore,the conclusion of this paper is limited to the theoretical level.It has not been verified on the data.