企业治理结构、信息不对称与中小企业融资

Enterprise Governance, Information Asymmetry and the Financing of Small Business

本文对基于中小企业与银行信息不对称程度较大企业更为严重的假设,套用信贷配给理论的观点来解释中小企业银行融资难问题的思路提出了批评,认为大企业与银行之间的信息不对称程度并不必然亚于中小企业与银行之间的信息不对称程度。信息不对称问题是导致银行信贷配给的根本原因,但信息不对称问题在大企业和中小企业都存在,中小企业受银行信贷配给影响更大的深层次原因在于其特殊的治理结构。文章对加剧我国中小企业融资难问题的特殊制度因素进行了分析并提出了需要进一步研究的相关问题。

The paper studies the financing problem of small business with views of credit rationing theory. The authors point out that the information asymmetry between big enterprises and banks is not necessary less than that of between small business and banks. Being the fundamental reason of credit rationing by the banks, the information asymmetry can be found in both big and smaller enterprises. The further reason why the credit rationing is more affective to small business is because of the special governance at the small business.