Dissertation > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management

Study on the Financing Difficulties of SME Based on the Asymmetric Information

Author FuLingLan
Tutor ChengXiYu
School Huaqiao University
Course Quantitative Economics
Keywords Asymmetric Information Credit Rating Relationship Lending Credit Guaranty
CLC F275
Type Master's thesis
Year 2013
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Since the reform and opening up, China’s Small and Medium-sizedEnterprises (SME) have got fast development, especially after entering intwenty-first Century, making a positive contribution to the "capital growth,security of employment, the livelihood of the people" of the overall situation,let us more aware of its important role in the economic development of china.However, because of the market mechanism in China is not perfect and mature,the social credit environment need to be improved, many small and mediumenterprises in the internal management, financial management, credit systemhas defects, which also makes it difficult to meet the necessary procedures onthe financing. Thus, by financing constraints more, the financing problem hasbeen plaguing the development of small and medium-sized enterprises. Thetheoretical framework based on the information economics and the gametheory, analysis of constraints of banks and credit guarantee agencies forsmall and medium-sized private enterprises credit support in the condition ofasymmetric information and corresponding countermeasures. Firstly, thepaper studies the theory of credit rationing under asymmetric information,through the analysis of the credit rationing model, constructed the monopolycredit market of small and medium enterprises credit contract design model.Secondly, the article elaborates on the relationship between the bank credittheory, compared the relationship credit and keep the game model of credit inthe distance, and put forward the development strategy of relationship lending.Finally, analyzes the current situation of the development of China’s SMEcredit guarantee system, and the S-W model based on the credit guaranteeunder the condition of asymmetric information on the study, the three partycredit guarantee model of two party credit model and monopoly credit marketfinancing of small and medium-sized enterprises, and also to improve on themedium and small enterprises credit guarantee system put forward their ownadvice.

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