信息不对称视角下的中小企业融资问题.doc

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摘 要:融资难是制约中小企业发展的瓶颈,信息不对称是造成此问题的重要原因。在信贷市场上,中小企业处于信息优势,比投资者更了解自身的信息,而信贷供给者处于信息劣势,中小企业很有可能利用信息优势获利,而投资者却因此作出错误的决策。信贷供给方为避免道德风险和逆向选择,会审慎地应对中小企业提出的融资需求。本文强调了中小企业在国民经济中的地位,并且指出中小企业在我国经济发展中的作用与其融资难易程度是非常不匹配的。中小企业面临的融资难的困境严重制约着中小企业的发展,本文通过建立合理的博弈模型,分析中小企业融资难的原因。

   中小企业在我国国民经济的发展中扮演着重要的角色,但是随着中小企业的发展,其融资需求也有所增加,但是我国目前中小企业很难在信贷市场上获得资金,所以要解决中小企业融资问题,首先要解决信息不对称。中小企业融资担保体系的完善和创新能在一定程度上缓解信息不对称带来融资风险,缓解我国中小企业融资难的现状。而且中小企业自身要规范内部管理,提高信誉度,政府方面应该完善信用评估体系,并且发展中小企业金融机构,提供多样化融资服务,减少信息不对称。

关键词:融资;中小企业;信息不对称

 

Abstract:The difficulty of getting financing and short-term bank loans has been a long-time bottleneck in the development of Small and Medium-sized Enterprises (SMEs). The Theory of Asymmetric Information is a very important factor to lead to the problem. In the credit market, small and medium-sized enterprises have advantage in information, they have better understanding of their own information than investors, and credit providers have disadvantage in the information, SMEs are likely to use information advantage to make profit, while investors making wrong decisions. On one hand, the financial lending institutions are more prudent when it comes to offering financing to SMEs as to minimize Moral Hazard and Adverse Selection. This paper first emphasizes the position of the SMEs in the national economy, and points out the role of SMEs in China's economic development and its degree of difficulty financing do not match. Plight of the financing difficulties of SMEs seriously restricts the development of SMEs. The causes of financing difficulties of SMEs are analyzed by establishing a reasonable game model.

   SMEs plays an important role in the development of the national economy, but with the development of small and medium-sized enterprises, its financing requirements also increased, but at present the small and medium-sized enterprises is very difficult to obtain funds in the credit market in our country .In order to solve the financing problem of SMEs, the asymmetric information should be solved at first. Perfection and innovation of financing guarantee system     of SMEs can alleviate risk financing and the financing difficulties of SMEs. Small and medium-sized enterprise itself should strengthen internal management and improving the credibility, the government should improve the credit guarantee system and credit evaluation system, and SMEs financial institutions should be developed to provide diversified financing services and reduce the information asymmetry.

Keywords: Financing; SMEs; theory of Asymmetric Information

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