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Game Analysis of SME Financing

In financing activities, information asymmetry between SMEs and investors is widespread. SMEs own relatively complete information about their future profitability. Whereas, the investors are often difficult to fully grasp the future profitability of SMEs, which means that they have incomplete information (Gao, 2011). This paper analyzes SMEs’ financing problem from two perspectives: dynamic game of complete information and dynamic game of incomplete information. On the basis of the above analysis, it tries to identify the main reasons and viable solutions to change the status quo in SME financing.

The financial system must be established and improved in enterprises to ensure financial information is truthful, accurate and complete, enhance the transparency of financial information. A good image should be established by means of passing real and complete information to the bank through effective way. From long-term perspective, cooperative relationship between banks and enterprises should be established. This relationship is helpful to reduce financing costs, increase credit profits, evade credit risks, and enhance the competitiveness of SMEs in China.

Article by Pingzhong Lin,from Jimei University, Xiamen, China

Full access: http://mrw.so/2ohg04
Image by BizSmart Finance,from Flickr-cc



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