On Multistage Game between Banks and Enterprises Based on Information Production
-
摘要: 中小企业是中国社会主义市场经济中重要的组成部分，是拉动中国经济增长的一个重要动力。但是与其贡献不相符的是，其占有的融资资源却不到1/4，中小企业融资难的问题仍然很严峻，关系型贷款最终应运而生。信息生产是影响关系型贷款能否顺利开展的关键因素，鉴于信息生产的重要性和关系型贷款的长期性，运用信号传递博弈模型对关系型贷款策略进行了研究，指出企业如何配合银行的信息生产以及银行如何根据企业的信号传递作出正确的预期，为中国发展关系型信贷提供新策略。Abstract: Small and medium-sized enterprises take an important part in China's economy, a driving force for national economic growth. But their contribution does not match its share of financing resources, which takes less than 1/4. With the severe financing problem of SMEs, relationship lending eventually came into being. Information production is the key factor influencing the relationship lending. This paper uses the signaling game model to explore relationship lending strategy in view of the long-term importance and information production of relationship lending. The paper puts forward some suggestions on how the enterprises cooperate with the bank's information production and how the banks make the right strategies according to the signal transmission. The paper also provides new strategies for the development of relationship lending in China.
-
Keywords:
- relationship lending /
- information production /
- soft information /
- signaling game /
- reputation model
-
-
[1] 吴洁.关系型研究综述[J].金融纵横,2005(10):15-16. [2] 肖条军,盛昭瀚.两阶段基于信号博弈的声誉模型[J].管理科学学报,2003,6(1):27-31. [3] STEIN J C.Efficient capital markets,infficient firms:A model of myopic corporate behavior quarterly[J].Journal of Economics,2012,104:655-669.
[4] BERGER A N,UDELL G F.Small business credit availability and relationship lending:The importance of bank organizational structure[J].Economic Journal,2002,112:477-509.
[5] HAUSWALD R,MARQUEZ R.Information technology and financial services competition[J].The Review of Financial Studies Fall,2003(3):921-948.
[6] FISHMAN A.Financial intermediaries as facilitators of information exchange between lenders and reputation formation by borrowers[J].International Review of Economics and Finance,2009,18(2):301-305.
[7] BERGER A N,UDELL G F.Relationship lending and lines of credit in small firm finance[J].Journal of Business,1995,68(3):351-382.
[8] JAPPELLI T.Information sharing,lending and defaults:Cross-country evidence[J].Center for studies in Economic and Finance,2008(12):427-458.
[9] 史晋川.中小金融机构与中小企业发展研究——以浙江温州、台州地区为例[M].杭州:浙江大学出版社,2003. [10] 周好文,李辉.中小企业的关系型融资——实证研究及理论释义[J].山西财经大学学报,2004,8(2):96-101. [11] BOOT A.Relationship banking:What do we know?[J].Journal of Financial Intermediation,2000(9):7-25.
计量
- 文章访问数: 525
- HTML全文浏览量: 22
- PDF下载量: 329
下载:
