交易费用、有效合约治理与小微企业融资选择

Transaction Cost,Effective Contract Management and Financing Choice for Micro and Small Businesses

建立在地缘、血缘等基础上的民间借贷在满足小微企业金融服务需求时,以较低的交易成本实现了对贷款有效的事前甄别及事后监督,在克服信息不对称方面具有明显优势,表现出较低的违约率。组织化程度较低的民间借贷由于信息甄别和利率发现作用对缓解小微企业融资难更具有现实意义,规范民间借贷发展应成为产权多元化金融制度安排的选择之一。

By analyzing the transaction cost and contract management mechanism of folk finance, this article explores the effectiveness of folk financing in lending to micro and small businesses. The research results show that private lending based on affinity relationship and land-sharing feature can realize the efficient discernment and monitoring before and after the lending with lower transaction cost in lending to micro and small businesses, and private lending has lower default rate and obvious advantages in overcoming the information asymmetry. Therefore, because of its functions in information discernment and interest discovery, private lending featured by lower level of systematization is of more practical significance to tackle the financing difficulties of micro and small businesses, and regulating folk finance should also be one choice of the property right diversification of financial system in China.