我国小微企业融资困境的动态博弈分析

A Dynamic Game Analysis on Financing Difficulties of Small and Micro Businesses in China

文章通过对广州市1200多个小微企业进行入户问卷调查,以充分翔实的数据分析小微企业融资问题现状,对现有文献进行分析提炼出影响小微企业融资难问题的关键因素,在此基础上建立小微企业与银行间的动态博弈模型,寻找银行对小微企业贷款的边界条件及影响边界条件的关键因素。现有文献的许多结论和现实中的诸多现象都可以在本模型中得到解释。最后在模型内讨论利率市场化和互联网金融快速发展的背景下小微企业融资问题的新动向,并给出政策建议。

The survey, accompanied by visits and interviews, was carried out by issuing questionnaires to more than 1200 small and micro businesses （SMBs） located in Guangzhou city, and the present situation of financing difficulties of SMBs was analyzed through factual and fully detailed data gathered from the survey. The key factors which affect the SMBs financing difficulties were refined from the existing literature. Based on the analysis above, a dynamic game model between SMBs and banks was established to search for the boundary conditions of lending to SMBs and their influence factors. Many findings of the existing literature and some phenomena in practice can be explained by the model. Finally, the model is used to discuss the new trends of SMBs financing problems in the context of the marketization of interest rate and the rapid development of in- ternet finance, and relevant suggestions for policy-makers are Proposed.