中小企业融资困境与投资等待分析

本文沿用Stiglitz和Weiss(1981)以及Lensink和Sterken(2002)的研究框架,对存在抵押品的信贷市场进行分析,得出结论:当抵押品数量上升时,商业银行平均风险下降,因此,当中小企业与大型企业向商业银行同时申请贷款时,商业银行的理性行为是对中小企业实行信贷配给。如果高风险企业推迟投资,那么投资等待可以有效解决其抵押品不足问题,并且高风险企业可从投资等待中获益。在此基础上,本文提出缓解我国中小企业融资难问题的策略。

Financing Dilemma of Small & Midium-sized Enterprises and Investment Wait Analysis

This paper analysizes the average credit risk of commercial banks will be lower with the increasing hostage requirement.So when small & medium-sized businesses apply for credit to commercial bank,it is optimal of banks to ration credit demand.But if the investor have the choice to wait to invest,the investment wait can efficiently solve the problem of high-risk businesses' hostage scarcity,and high-risk businesses can benefit from the wait to invest.Finally,we put forward the strategy of solving the difficulty of small & medium-sized businesses' access to credit.