信息不对称与中小企业间接融资

Information Asymmetry and Small and Medium-sized Enterprises’ Indirect Financing

中小企业在转型经济中是经济发展和社会稳定的重要支柱。然而,目前中小企业间接融资难的问题却在很大程度上阻碍着其发展。本文从“信息不对称”的角度入手,着眼于从商业银行贷款之前面临的”逆向选择“和贷款之后中小企业的“道德风险”两个方面来分析中小企业间接融资难的原因,指出商业银行与中小企业之间的信息不对称是导致中小企业融资难的根源。进一步根据问题症结,从中小企业、商业银行、政府等多方面为解决中小企业间接融资难问题提供了一种新的思考视角。

Small and medium-sized enterprises are of vital importance to economic growth and social stability in transitional economy. However, at present, the difficulty of indirect financing is hindering their development to a great extent. The paper starts with the angle of ＂information asymmetry＂, analyzes the causes of the difficulty of indirect financing from two aspects of ＂converse choice＂ and ＂moral hazard＂, and finally points out the information asymmetry between the commercial banks and small and medium-sized enterprises is the basic reason for the difficulty of indirect financing. According to the crux of the problem, the paper further provides a new thinking way for resolving the troublesome problem from small and medium-sized enterprises＇ s, commercial banks＇ and the government＇ s angle.