This paper suggests that the financing breach is derived from the bank credit ration produced by the serious information asymmetry of small and medium - sized enterprises , diversified risk allocation mechanism and financing strategy produced by risk grade inconsistency , and credit risk produced by imperfect contacts 本文在对中小企业存在的融资缺口（资本融资缺口和债务融资缺口）的现实状况进行分析的基础上，指出中小企业严重的信息非均衡所导致的银行信贷配给、风险等级不一致所要求的多样化的风险分担机制和融资策略及契约的不完善所导致的信用风险是产生融资缺口的根本原因。
From the availability doctrine in 1950 ' s to the asymmetric information of credit market after the middle of 1970 ' s , the credit rationing theory that provides the micro - basis of credit rationing has been lasting for more than half of a century . the application process of economics development in credit market constitutes the outline of the credit rationing theory 解释信贷配给现象的信贷配给理论在西方已经绵延了半个多世纪，从20世纪50年代在美国盛行的信贷“可能性学说”到70年代中期之后不完全信息下的信贷市场理论，理论经济学的发展在信贷市场上的应用构成了信贷配给理论的脉络。
Besides , improving the social environment of honesty and trust , clearing the property rights will help reduce credit rationing . on the macro - level , the following conclusions are drawn . the speed of economic growth will slow down owing to credit rationing ; over - borrowing , which is the other side of the coin , will bring a lot of negative effects to enterprises ; the flowing of credit capital from vulnerable market to advantageous market will reduce the welfare of the whole society , and enlarge the gap between these two kinds of markets , which will make the financial system much more fragile 论文分析了信贷配给在宏观层面的影响，指出：信贷配给延缓了经济增长的速度；过多借款与信贷配给现象是一个硬币的两面，过多的借款会撑死企业；遭受信贷配给的市场和未受信贷配给的市场并存会造成贫富不均的社会问题；信贷资金从弱势市场向强势市场的流动将使整个社会的福利受损，使两个市场间的投资边际回报差距更加扩大，从而使整个金融体系更加不稳定。
Thirdly , analyses the every factor that influences financial demands i . e . the interest rate , average income , expected profit and psychological consciousnesses of microscopic main part ; then through studying the factors which influenced the credit market , points out under the imperfect information condition the results of credit market equilibrium will be : causes the commercial banks to have credit ration behavior , causes the partial high venture enterprise and the few mortgage property enterprises to withdraw from the credit market 再次,分析了影响金融需求的各个因素即利率、人均收入、预期收益和微观主体的心理意识与金融业务发展的关联性,并通过分析影响我国信贷市场均衡的各个因素,指出在信息不对称条件下信贷市场的均衡使得商业银行会产生“信贷配给”行为,同时使得部分高风险企业、抵押资产少的企业退出信贷市场。
The main object of this paper is to analyze the financing corner of our small and medium - sized enterprises on the base of credit rationing . in the virtue of primary channels of corporation financing , it especially deals with the difficult problem which are formed by the special situation of our country and finance system , and we try to advance actual measures to settle the financing difficult problems of our small and medium - sized enterprises 本文的主要目的是在信贷配给理论的基础上,从企业融资的主要渠道出发,分析目前我国中小企业的融资困境,特别是在我国特殊的国情和金融体制下形成的融资难问题,并由此提出切实的措施解决我国中小企业融资难问题。
But by far neither well - grounded explanations nor rationalization proposals were put forward . whereas as early as the beginning of last century , western scholars had noticed the phenomenon in credit market that borrowers couldn ’ t get loans at current interest rate even though they were willing to pay the rate . this phenomenon was defined as “ credit rationing ” , and was gotten explanations from aspects of availability of credit , factors of risks and interest rate , implicit credit contract , imperfect information , implementation of credit contract and legal system 另一方面,早在上个世纪初,西方学者就注意到了信贷市场中这种借款人愿意支付现行利率,却不能按照这种利率获得贷款的现象,将其定义为“信贷配给” ( creditrationing ) ,并从信用可获性、风险与利率因素、隐含性信贷合约、不完全信息、信贷合同的执行和法律制度等角度进行了解释,但这些主要以完善市场经济为研究对象的理论仅一定程度上适合中国农村,转型时期的中国农村信贷配给现象还需要结合其特殊的经济、金融情况进行解释。
Based on the fact that the degree of the cognition difference on risk is closely related with the degree of information asymmetry between banks and the enterprise , this article analyzes the quantitative relationship between the degree of information asymmetry and the degree of credit rationing , and argues that these two are positively correlated 摘要本文在借鉴其他文献合理成分的基础上，从银行与企业在融资项目的风险认知上存在差异，而且银企之间的风险认知差异程度与银企之间的信息不对称程度密切相关这一角度，对信息不对称程度与信贷配给程度之间的量化关系进行了探讨，从理论上证明了信贷配给程度与信息不对称程度之间存在着正相关关系。
Credit rationing is both ancient and young research area in the economics . adam smith has discussed the problem of credit rationing as early as 1776 , moreover , credit rationing is an important question about money in19th century in england 信贷配给( creditrationing )是经济学中一个既古老又年轻的研究领域,亚当?斯密( adamsmith )早在1776年论述高利贷的利率上限时就曾扼要地探讨过信贷配给,而且,信贷配给还是19世纪英国关于金银和货币的争论中的一个重要问题( viner , 1937 ) 。
In recent years the banks of our country generally adopted rigid pledge credit rationing to small and medium - sized business with on information publication and high credit risk in order to avoid treaty violation risk caused by bad credit , and smb ' s entrance to credit market is restricted because of insufficient pledge assets 摘要近年来我国银行为避免企业信用状况不良导致的违约风险问题，对信息不透明、信用风险高的中小企业普遍采取严格的抵押品型信贷配给，而中小企业介入信贷市场普遍受到抵押资产不足的约束。
We will analyze the effect of credit rationing to monetary policy transmission mechanism , and we will adopt the macro - economy data from 1990 to 2005 to analyze and verify . it would show that the effect of credit rationing to monetary policy transmission mechanism in china . than we can explain why the monetary policy transmission is blocked in our country 本文以斯蒂格利茨和韦斯的观点为主,分别从信贷配给和信用传导机制的理论方面、我国货币政策传导的现实状况方面及宏观数据的实证研究方面,对信贷配给行为的产生及其对我国货币政策传导的作用进行了论述分析。
