民间借贷对中小企业融资影响的研究
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摘要
中小企业融资难是世界性的难题。中小企业是国民经济发展的生力军,然而融资难已成为制约我国中小企业发展的主要瓶颈。近年来,为缓解企业融资难问题,国家采取了一系列措施加大对中小企业的贷款比重。尽管各大金融机构积极响应,及时调整贷款结构,创新信贷方式,推出适合小企业的贷款品种,加大中小企业贷款力度,中小企业获得银行贷款的难度依然很大。由于正规金融机构不能满足中小企业的资金需求,中小企业急需寻求新的融资渠道。随着经济持续快速增长,在各类市场主体资金需求旺盛,中小企业融资困难的同时,民间资金日渐充裕,民间借贷市场日趋活跃,融资规模有逐年扩大趋势。民间借贷成为中小企业发展过程中的必然选择。民间借贷的发展不仅能活跃金融市场,更能促进当地经济发展,是正规金融的有益补充。因此,研究民间借贷对中小企业发展的影响对于中小企业的发展、壮大具有现实的意义。本文主要沿此思路展开,共分为六大部分。
第一部分是绪论。首先分析了研究的背景、目的及意义。然后就国内外学者的相关理论研究做文献综述,包括民间借贷的定义、民间金融发展原因的解释、国内外民间借贷发展状况和国内外中小企业研究现状。再分析了文章的创新点及不足之处。
第二部分是范畴界定与国内现状分析。首先对本文所研究的民间借贷与中小企业的范畴做出界定,确定本文所研究的民间借贷是泛指在经济中自发产生的,游离于国家金融监管体系之外的经济主体(个人、企业及其他经济主体)所从事的,以货币为标的物的价值转让及还本付息活动的总和；本文所探讨的中小企业主要是指民营中小企业。其次分析了我国民间借贷的发展历程、现状、种类与特点。最后对中小企业融资方式及我国中小企业融资现状进行分析。
第三部分主要通过从生命周期不同阶段(创业期、成长期、成熟期、衰退期)的角度来分析中小企业从民间借贷融资的可行性。在做可行性分析前,从信息不对称、中小企业内部及外部三个方面着重分析了中小企业融资难的原因。这些原因也较好的解释了中小企业寻求民间资金帮助的可行性。
第四部分通过两个案例分析了民间借贷的正面效应和负面效应。一是小额贷款破解“无米之炊”的案例,这个案例较好的说明了小额贷款公司的积极意义；二是高利贷致使老板“跑路”的案例,这个案例暴露了高利贷的危害,说明民间借贷市场及需规范引导与监管。
第五部分是民间借贷对中小企业融资影响的实证分析。数据运用民间借贷规模与中小企业产值进行关联性分析,首先收集数据后进行平稳性分析,在满足同阶平稳的条件后,构建一元线性回归模型。最后得出了民间借货规模每增加1%,中小企业产值将增长1.5%的结论。
第六部分是基本结论及政策建议。基本结论对文章前几部分的分析做出总结,政策建议主要针对之前分析所得出的问题提出了八点建议,以促进民间借贷市场的有序发展。建立健全与民间借贷相关的法律法规,改善法律制度环境；加快利率市场化改革,开放国内金融市场；放宽民间金融组织市场准入,严格市场退出：鼓励民间金融与正规金融体系的合作；构建民间金融存款保险制度；构建信用社会,健全信用担保机制；政府引导民间借贷资金流向时减少不当干预；加强对民间借贷的监管力度。
民间金融兴,则中小企业兴；民间金融衰,则中小企业衰。民间借贷市场的规范有序发腱将为中小企业融资创造新的机遇。
Financing of SMEs is a worldwide problem. SMEs are a force in the developing national economy, however, difficulties in financing has become a major bottleneck restricting the development of SMEs in China. In recent years, in order to alleviate the difficult problem of corporate finance, the state has adopted a series of measures to increase the proportion of loans to SMEs. Although the major financial institutions to respond positively to the timely adjustment of loan structure, innovation on credit, the introduction of the varieties of loans for small businesses to increase loans to SMEs, the difficulty of access to bank loans to SMEs is still great. Informal finance can not meet the funding needs of SMEs, SMEs need to seek new financing channels. With the sustained and rapid economic growth in the types of market players funds demand, financing difficulties of SMEs at the same time, private capital is increasingly abundant, the private lending market has become increasingly active, the scale of financing has expanded each year. Private lending to become an inevitable choice for the SME development process. The development of private lending is not only active in the financial markets, and better promote local economic development is a useful complement to the formal financial. Study of private lending for SMEs development, the development of SMEs, to grow and has practical significance, this paper along this line to start is divided into six parts.
The first part is an introduction. First analysis of the background, purpose and significance of the study. Literature review and theoretical research on domestic and foreign scholars, including the definition of private lending, private finance to explain the cause of development, domestic and international private lending development and SMEs research status. Re-analysis of the innovation point of the article and inadequacies.
The second part is the definition of the scope and the domestic situation. First make a definition of private lending and SMEs, the scope of this research to determine this study of private lending in the economy generally refers spontaneously, divorced from economic entities outside the country's financial regulatory system (individual, corporate and other economic agents) are engaged in money value transfer and repayment of the sum of the activities of the subject matter; SMEs discussed in this paper mainly refers to private small and medium enterprises. Followed by analysis of the development process, status, type and characteristics of China's private lending. Finally, the mode of financing for SMEs and SME financing status in China.
The third part through the analysis of the feasibility of the SME financing from private lending from the perspective of the different stages of the life cycle, including four stages:Start-up, growing, mature, decline. From asymmetric information, SMEs internal and external three aspects in the feasibility analysis, analyzed the reasons for the difficulty of SMEs financing. For these reasons better explain the feasibility of SMEs to seek the help of private funds.
The fourth part use two cases show positive effects and negative effects of private lending. First, small loans to crack the case of the "bricks without straw", this case illustrates the positive significance of the small loan companies; loan sharks resulting boss escape "case, this case has exposed the hazards of usury, indicating that private lending urgent need of guidance and supervision in the market.
The fifth part is the private lending Empirical Analysis of the impact on SMEs financing. The use of private lending scale and SMEs output analysis, stability analysis is first to collect data, in the same order as stable conditions are met, to build a linear regression model. Finally concluded that a1percent increase when the scale of private lending, SMEs output will grow by1.5%.
The sixth part of the basic conclusions and policy recommendations. The basic conclusion of the article before analysis with conclusions and policy recommendations before drawn from the analysis put forward eight recommendations to promote the orderly development of the private lending market. Establish and improve laws and regulations related to private lending and improve the legal environment; accelerate market-oriented interest rate reform, opening up domestic financial markets; relax the market access of financial organization, strict market exit; to encourage private finance, with the formal financial cooperation; build the deposits of private financial insurance system; build a credit society, a sound credit guarantee mechanism; government guidance to reduce the improper intervention in the private lending capital flows; strengthen the supervision of private lending.
Private financial thrive, SMEs thrive; Private financial decline, SMEs decline. Orderly development of the Private lending market for the financing of SMEs to create new opportunities.
第一部分是绪论。首先分析了研究的背景、目的及意义。然后就国内外学者的相关理论研究做文献综述,包括民间借贷的定义、民间金融发展原因的解释、国内外民间借贷发展状况和国内外中小企业研究现状。再分析了文章的创新点及不足之处。
第二部分是范畴界定与国内现状分析。首先对本文所研究的民间借贷与中小企业的范畴做出界定,确定本文所研究的民间借贷是泛指在经济中自发产生的,游离于国家金融监管体系之外的经济主体(个人、企业及其他经济主体)所从事的,以货币为标的物的价值转让及还本付息活动的总和；本文所探讨的中小企业主要是指民营中小企业。其次分析了我国民间借贷的发展历程、现状、种类与特点。最后对中小企业融资方式及我国中小企业融资现状进行分析。
第三部分主要通过从生命周期不同阶段(创业期、成长期、成熟期、衰退期)的角度来分析中小企业从民间借贷融资的可行性。在做可行性分析前,从信息不对称、中小企业内部及外部三个方面着重分析了中小企业融资难的原因。这些原因也较好的解释了中小企业寻求民间资金帮助的可行性。
第四部分通过两个案例分析了民间借贷的正面效应和负面效应。一是小额贷款破解“无米之炊”的案例,这个案例较好的说明了小额贷款公司的积极意义；二是高利贷致使老板“跑路”的案例,这个案例暴露了高利贷的危害,说明民间借贷市场及需规范引导与监管。
第五部分是民间借贷对中小企业融资影响的实证分析。数据运用民间借贷规模与中小企业产值进行关联性分析,首先收集数据后进行平稳性分析,在满足同阶平稳的条件后,构建一元线性回归模型。最后得出了民间借货规模每增加1%,中小企业产值将增长1.5%的结论。
第六部分是基本结论及政策建议。基本结论对文章前几部分的分析做出总结,政策建议主要针对之前分析所得出的问题提出了八点建议,以促进民间借贷市场的有序发展。建立健全与民间借贷相关的法律法规,改善法律制度环境；加快利率市场化改革,开放国内金融市场；放宽民间金融组织市场准入,严格市场退出：鼓励民间金融与正规金融体系的合作；构建民间金融存款保险制度；构建信用社会,健全信用担保机制；政府引导民间借贷资金流向时减少不当干预；加强对民间借贷的监管力度。
民间金融兴,则中小企业兴；民间金融衰,则中小企业衰。民间借贷市场的规范有序发腱将为中小企业融资创造新的机遇。
Financing of SMEs is a worldwide problem. SMEs are a force in the developing national economy, however, difficulties in financing has become a major bottleneck restricting the development of SMEs in China. In recent years, in order to alleviate the difficult problem of corporate finance, the state has adopted a series of measures to increase the proportion of loans to SMEs. Although the major financial institutions to respond positively to the timely adjustment of loan structure, innovation on credit, the introduction of the varieties of loans for small businesses to increase loans to SMEs, the difficulty of access to bank loans to SMEs is still great. Informal finance can not meet the funding needs of SMEs, SMEs need to seek new financing channels. With the sustained and rapid economic growth in the types of market players funds demand, financing difficulties of SMEs at the same time, private capital is increasingly abundant, the private lending market has become increasingly active, the scale of financing has expanded each year. Private lending to become an inevitable choice for the SME development process. The development of private lending is not only active in the financial markets, and better promote local economic development is a useful complement to the formal financial. Study of private lending for SMEs development, the development of SMEs, to grow and has practical significance, this paper along this line to start is divided into six parts.
The first part is an introduction. First analysis of the background, purpose and significance of the study. Literature review and theoretical research on domestic and foreign scholars, including the definition of private lending, private finance to explain the cause of development, domestic and international private lending development and SMEs research status. Re-analysis of the innovation point of the article and inadequacies.
The second part is the definition of the scope and the domestic situation. First make a definition of private lending and SMEs, the scope of this research to determine this study of private lending in the economy generally refers spontaneously, divorced from economic entities outside the country's financial regulatory system (individual, corporate and other economic agents) are engaged in money value transfer and repayment of the sum of the activities of the subject matter; SMEs discussed in this paper mainly refers to private small and medium enterprises. Followed by analysis of the development process, status, type and characteristics of China's private lending. Finally, the mode of financing for SMEs and SME financing status in China.
The third part through the analysis of the feasibility of the SME financing from private lending from the perspective of the different stages of the life cycle, including four stages:Start-up, growing, mature, decline. From asymmetric information, SMEs internal and external three aspects in the feasibility analysis, analyzed the reasons for the difficulty of SMEs financing. For these reasons better explain the feasibility of SMEs to seek the help of private funds.
The fourth part use two cases show positive effects and negative effects of private lending. First, small loans to crack the case of the "bricks without straw", this case illustrates the positive significance of the small loan companies; loan sharks resulting boss escape "case, this case has exposed the hazards of usury, indicating that private lending urgent need of guidance and supervision in the market.
The fifth part is the private lending Empirical Analysis of the impact on SMEs financing. The use of private lending scale and SMEs output analysis, stability analysis is first to collect data, in the same order as stable conditions are met, to build a linear regression model. Finally concluded that a1percent increase when the scale of private lending, SMEs output will grow by1.5%.
The sixth part of the basic conclusions and policy recommendations. The basic conclusion of the article before analysis with conclusions and policy recommendations before drawn from the analysis put forward eight recommendations to promote the orderly development of the private lending market. Establish and improve laws and regulations related to private lending and improve the legal environment; accelerate market-oriented interest rate reform, opening up domestic financial markets; relax the market access of financial organization, strict market exit; to encourage private finance, with the formal financial cooperation; build the deposits of private financial insurance system; build a credit society, a sound credit guarantee mechanism; government guidance to reduce the improper intervention in the private lending capital flows; strengthen the supervision of private lending.
Private financial thrive, SMEs thrive; Private financial decline, SMEs decline. Orderly development of the Private lending market for the financing of SMEs to create new opportunities.
引文
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②毛军华.罗景.中国民间借贷分忻,中国国际金融有限公司证劵研究报告.2011.
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1 资料来源：张友俊、文良旭.“交易、契约机制与自律合水县民间借贷个案研究”.金融研究.2002.04.
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① 数据来源：中金公司《中国民间借贷分析》
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[32]李丽陵,徐海俊,孟菲.我国中小企业融资体系的研究[J].科学出版社,2005.
[33]曲红.民营经济的发展与民间金融制度的构建[J].经济师,2002,(6)：69～70.
[34]叶檀.高利贷风险.一触即发,庞氏骗局出现崩塌前兆[N].金融时报.2011.8.23.
[35]李柯庆.民间借贷与中小企业融资研究[D].安徽大学,2010.
[36]伍玉文.我国民间金融的制度缺陷和制度创新研究[D].湖南大学,2009.
[37]乔志芳.中小企业融资创新与信用体系的完善[D].湘潭大学,2007.
[38]张敬惠.我国中小企业融资的制度障碍及其创新研究[D].西南财经大学,2006.
[39]董伟.报告称中国民间借贷总规模超4万亿潜和风险大.中国青年报.2012年1月30日.http://news.qq.com/a/20120130/000083.htm.
[40]陈启西.小额贷款破解“无米之炊”.福建日报.2012年2月26日.http://news.ifeng.com/gundong/detail_2012_02/26/12788183_0.shtml.
[41]2011年小额贷款公司数据统计报告.中国人民银行调查统计司.2012年2月20日http://www.pbc.gov.cn/publish/diaochatongjisi/3172/2012/201202201500383058009 73/20120220150038305800973.html.
[42]温州老板欠款跑路事件频发 中小企业陷借泥潭.工人日报.2011年9月24日http://www.chinanews.com/fz/2011/09-24/3350775.shtml.
[43]温州民间金融60年呼唤金融制度深层变革.新京报.2011年10月15日. http://news.xinhuanet.com/fortune/2011-10/15/c_122160408.htm.
[44]Lsachsen, A.J. and Strom, S.1980. "The Hidden Economy:The labor Market and Tax Evasion " [J], Scandinavian Journal of Economy, 82(2):304-11.
[45]Frey, B.S. and Pommerehne, W.W.1984. "The Hidden Economy:State and Prospects for Measurement" [J], Review of Income and Wealth, 30(1):1-23
[46]Schneider, F. 1994. "Can the Shadow Economy be Reduced Through Major Tax Reform? An Empirical Investigation for Austria" [J]. Public Finance, 49:137-52.
[47]McKinnon, Ronald I.1973. "Money and Capital in Economic Development" [M], (Washington, DC:Brookings Institution).
[48]Shaw, Edward, 1973. "Financial Deepening in Economic Development" [M], (New York:Oxford University Press).
[49]Ernest, Aryeetey. 2000. "Economic Reforms in Ghana: The Miracle and the Mirage" [J]. (James Currey).
[50]Woodruff, Christopher. 2001, "Firm Finance from the Bottom Up:Micro enterprises in Mexico" [C], Paper Prepared for the Conference on Financial Markets in Mexico, Organized by the Center for Research on Economic Development and Policy Reform at Stanford University, October 5-6.
[51]Aliber, Michael, 2002, "Informal Finance in the Informal Economy:Promoting Decent Work among the Working Poor" [J], International Labor Office Working Paper on the Informal Economy.
[52]Tsai, Kellee,2001, "Beyond Banks:The Local Logic of Informal Finance and Private Sector Development in China" [C], Presented at the Conference on Financial Sector Reform in China". Department of Political Science Johns Hopkins University, To be presented at the Conference on Financial Sector Reform in China, 2001.
[53]Stiglitz, Joseph E., and Andrew Weiss,1981, "Credit Rationing in Market with Imperfect Information" [J], American Economic Review, vol.71.
[54]William F. Steel, et al. "Informal Financial Markets under Liberalization in Four African Countries" [J]. World Development, 1997, 5(25):817-830.
[55]Montiel, Peter J., Pierre-Richard Agenor, Nadeem UI Haque. "Informal Financial Markets in Developing Countries:A Macro-economics Analysis" [M], Oxford:Basil Blackwell 1993
[56]Garmaise Mark J, Moskowitz, Tobians J., "Informal Financial Networks:Theory and Evidence" [J], NBER working Paper 8874,2002
[57]Harhoff, Dietmar & Korting, Timm, 1998. "Lending relationships in Germany-Empirical evidence from survey data"[J]. Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1317-1353, October.
[58]Strahan, Philip E., and James P. Weston, 1996. "Small Business Lending and Bank Consolidation:Is There Cause for Concern?" [J]. Current Issues in Economics and Finance, Federal Reserve of New York.
[59]Berger, Allen N. Udell, Gregory F. "Small Business Credit Availability and Relationship Lending:The Importance of Bank Organizational Structure" [J]. Economic Journal (112), F32-F53.2002.
[60]Sharpe, Steven A, 1990. " Asymmetric Information, Bank Lending, and Implicit Contracts:A Stylized Model of Customer Relationships" [J]. Journal of Finance, American Finance Association, vol.45(4), pages 1069-87, September.
[61]Petersen, Mitchell A & Rajan, Raghuram G, 1995. "The Effect of Credit Market Competition on Lending Relationships" [J]. The Quarterly Journal of Economics, MIT Press, vol.110(2), pages 407-43, May.
[62]Masson, C. & Harrison, R. "The Size of the Informal Venture Capital Market in the UK" [J]. Small Business Economics.2000, (15),137~148.
②毛军华.罗景.中国民间借贷分忻,中国国际金融有限公司证劵研究报告.2011.
1 林毅夫,章奇,刘明兴.金融结构与经济增长[J].世界经济,2003,(1)：3-20.
② Strahan, Philip E., and James P.Weston, 1996. "Small Business Lending and Bank Consolidation:Is There Cause for Concern?" Current Issues in Economies and Finance 2, Federal Reserve of New York.
③ Sharpe, Steven A, 1990. " Asymmetric Information. Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships," Journal of Finance. American Finance Association, vol.45(4). pages 1069-87, September.
1 魏开文.关于构建我国商业银行与中小企业融资关系模式的思考[J].当代经济科学.2001.(03)：80-84.
①中国银行业监督管理委员会http://www.cbrc.gov.cn
②毛军华、罗景.中国民间借贷分析.中国国际金融有限公司证券研究报告.2011.
③中国人民银行http://www.pbc.gov.cn.
1 破解高利贷致命链条：利率管制下的资金价恪扭曲.《财经》.2011年10月10日http://finance.sina.com.cn/ china/dfjj/20111010/090810590167.shtml
1 资料来源：张友俊、文良旭.“交易、契约机制与自律合水县民间借贷个案研究”.金融研究.2002.04.
1 余建国.中国中小企业融资.中国计划出版社.2002.
① 李丽霞、徐海俊、孟菲.我国中小企业融资体系的研究[J].科学出版社，2005.
1 陈启西.小额贷款破解“无米之炊”.福建日报.2012年2月26日http://news.ifcng.com/gundong/detail 2012 02/26/12788183 0.shtml.
2 2011年小额贷款公司数据统计报告.中国人民银行调查统计司.2012年2月20日.http://www.pbc.gov.cn/ publish/diaochatongjisi/3172/2012/20120220150038305800973/20120220150038305800973.html.
1 温州老板欠款跑路事件频发 中小企业陷借贷泥潭.工人日报.2011年9月24日http://www.chinanews.com/ fz/2011/09-24/3350775.shtml.
2 温州民间金融60年呼唤金融制度深层变革.新京报.2011年10月15日http://news.xinhuanet.com/fortune/ 2011-10/15/c 122160408.htm.
① 数据来源：中金公司《中国民间借贷分析》
1 曲红.民营经济的发展与民间金融制度的构建.经济师,2002.(6)：69～70.
1 叶檀.高利贷风险一触即发.庞氏骗局出现崩塌前兆.金融时报.2011.8.23.
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[26]魏开文.关于构建我国商业银行与中小企业融资关系模式的思考[J].当代经济科学.2001,(03)：80～84.
[27]张友俊、文良旭.“交易、契约机制与自律合水县民间借贷个案研究”[J].金融研究.2002,04.
[28]余建国.中国中小企业融资.中国计划出版社.2002.
[29]陈晓红.中小企业融资[M].经济科学出版社.2000.
[30]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001,(1)：33～37.
[31]李志斌.银行结构与中小企业融资[J].经济研究,2002,(6)：38～45.
[32]李丽陵,徐海俊,孟菲.我国中小企业融资体系的研究[J].科学出版社,2005.
[33]曲红.民营经济的发展与民间金融制度的构建[J].经济师,2002,(6)：69～70.
[34]叶檀.高利贷风险.一触即发,庞氏骗局出现崩塌前兆[N].金融时报.2011.8.23.
[35]李柯庆.民间借贷与中小企业融资研究[D].安徽大学,2010.
[36]伍玉文.我国民间金融的制度缺陷和制度创新研究[D].湖南大学,2009.
[37]乔志芳.中小企业融资创新与信用体系的完善[D].湘潭大学,2007.
[38]张敬惠.我国中小企业融资的制度障碍及其创新研究[D].西南财经大学,2006.
[39]董伟.报告称中国民间借贷总规模超4万亿潜和风险大.中国青年报.2012年1月30日.http://news.qq.com/a/20120130/000083.htm.
[40]陈启西.小额贷款破解“无米之炊”.福建日报.2012年2月26日.http://news.ifeng.com/gundong/detail_2012_02/26/12788183_0.shtml.
[41]2011年小额贷款公司数据统计报告.中国人民银行调查统计司.2012年2月20日http://www.pbc.gov.cn/publish/diaochatongjisi/3172/2012/201202201500383058009 73/20120220150038305800973.html.
[42]温州老板欠款跑路事件频发 中小企业陷借泥潭.工人日报.2011年9月24日http://www.chinanews.com/fz/2011/09-24/3350775.shtml.
[43]温州民间金融60年呼唤金融制度深层变革.新京报.2011年10月15日. http://news.xinhuanet.com/fortune/2011-10/15/c_122160408.htm.
[44]Lsachsen, A.J. and Strom, S.1980. "The Hidden Economy:The labor Market and Tax Evasion " [J], Scandinavian Journal of Economy, 82(2):304-11.
[45]Frey, B.S. and Pommerehne, W.W.1984. "The Hidden Economy:State and Prospects for Measurement" [J], Review of Income and Wealth, 30(1):1-23
[46]Schneider, F. 1994. "Can the Shadow Economy be Reduced Through Major Tax Reform? An Empirical Investigation for Austria" [J]. Public Finance, 49:137-52.
[47]McKinnon, Ronald I.1973. "Money and Capital in Economic Development" [M], (Washington, DC:Brookings Institution).
[48]Shaw, Edward, 1973. "Financial Deepening in Economic Development" [M], (New York:Oxford University Press).
[49]Ernest, Aryeetey. 2000. "Economic Reforms in Ghana: The Miracle and the Mirage" [J]. (James Currey).
[50]Woodruff, Christopher. 2001, "Firm Finance from the Bottom Up:Micro enterprises in Mexico" [C], Paper Prepared for the Conference on Financial Markets in Mexico, Organized by the Center for Research on Economic Development and Policy Reform at Stanford University, October 5-6.
[51]Aliber, Michael, 2002, "Informal Finance in the Informal Economy:Promoting Decent Work among the Working Poor" [J], International Labor Office Working Paper on the Informal Economy.
[52]Tsai, Kellee,2001, "Beyond Banks:The Local Logic of Informal Finance and Private Sector Development in China" [C], Presented at the Conference on Financial Sector Reform in China". Department of Political Science Johns Hopkins University, To be presented at the Conference on Financial Sector Reform in China, 2001.
[53]Stiglitz, Joseph E., and Andrew Weiss,1981, "Credit Rationing in Market with Imperfect Information" [J], American Economic Review, vol.71.
[54]William F. Steel, et al. "Informal Financial Markets under Liberalization in Four African Countries" [J]. World Development, 1997, 5(25):817-830.
[55]Montiel, Peter J., Pierre-Richard Agenor, Nadeem UI Haque. "Informal Financial Markets in Developing Countries:A Macro-economics Analysis" [M], Oxford:Basil Blackwell 1993
[56]Garmaise Mark J, Moskowitz, Tobians J., "Informal Financial Networks:Theory and Evidence" [J], NBER working Paper 8874,2002
[57]Harhoff, Dietmar & Korting, Timm, 1998. "Lending relationships in Germany-Empirical evidence from survey data"[J]. Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1317-1353, October.
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[59]Berger, Allen N. Udell, Gregory F. "Small Business Credit Availability and Relationship Lending:The Importance of Bank Organizational Structure" [J]. Economic Journal (112), F32-F53.2002.
[60]Sharpe, Steven A, 1990. " Asymmetric Information, Bank Lending, and Implicit Contracts:A Stylized Model of Customer Relationships" [J]. Journal of Finance, American Finance Association, vol.45(4), pages 1069-87, September.
[61]Petersen, Mitchell A & Rajan, Raghuram G, 1995. "The Effect of Credit Market Competition on Lending Relationships" [J]. The Quarterly Journal of Economics, MIT Press, vol.110(2), pages 407-43, May.
[62]Masson, C. & Harrison, R. "The Size of the Informal Venture Capital Market in the UK" [J]. Small Business Economics.2000, (15),137~148.