摘要.....................................................................................................................ii Chapter 1 Introduction ............................................................................................1 1.1 Background and significance ....................................................................1 1.2 Contribution and limitations .....................................................................4 1.3 Structure of the paper................................................................................5 Chapter 2 Theoretical analysis and Literature review ............................................6 2.1 Analyzing the financing problem of the microenterprises ........................6 2.1.1 Introduction of microenterprise’financing demand.......................6 2.1.2 The reason behind the financing problem of microenterprises......6 2.2 Theory of financing for microenterprises .................................................8 2.2.1 Theory of microfinance..................................................................8 2.2.2 Theory about relationship lending ............................................... 11 2.3 Risk analysis literature review ................................................................13 2.3.1 Credit risk analysis of bank’s loan ...............................................13 2.3.2 Credit scoring of small business ..................................................14 Chapter 3 Tailong Commercial Bank’s relationship lending................................17 3.1 Shanghai economy and finance introduction ..........................................17 3.2 Tailong commercial bank and shanghai branch introduction .................18 3.3 Shanghai branch’relationship lending practice ......................................19 3.3.1 Customers Strategy: Target at small enterprises and individuals.19 3.3.2 Relationship lending practice.......................................................22 3.3.3 Challenge the bank faces .............................................................26 Chapter 4 Empirical analysis: whether credit scoring can work.........................28 4.1 Method and model ..................................................................................28 4.2 Data source and sample data selection....................................................31 4.3 Empirical result and analysis ..................................................................32 4.4 Test for the model ...................................................................................34 4.4.1 The fitness of the model...............................................................34 4.4.2 Robustness check .........................................................................35 4.4.3 Multicollinearity test....................................................................36 Chapter 5 Conclusion of the paper........................................................................37 Bibliography .........................................................................................................38i Abstract Small and micro-enterprises (SMEs) have been playing a very important role in China’s economy, but the financing for SMEs has long time been a big restriction for their development. In the paper, Tailong bank’s relationship lending practice was first analyzed, the analysis focused on how microfinance institutions took advantage of simple structure compared with big companies, and how they tried to build a community based institutions, and whether they can solve the information asymmetry problem, which is the biggest obstacle for SMEs’ financing. As credit risk control is one of the most important issues for financial institutions, so in the empirical part, the paper analyzed whether the risk control method in Tailong bank-Credit Scoring can work for relationship lending, based on large amount first hand data of the real default loan database. The result showed that the credit scoring system can partially predicted the default probability of loans, which means that the credit scoring can at least work at some certain level. Based on my research, the author suggests that Microfinance Institutions (MFIs) should develop relationship lending business, and based on that, they should build and develop a quantified credit scoring system, which could effectively control the risk of micro loans. Key words: SMEs, Information asymmetry, Relationship lending, Credit scoringii 摘要 小微企业在我国经济中发挥着重要的作用，从贡献税收收入到解决就业问题 等等，然而小微企业融资问题一直是制约中小企业发展的难题。 本文以泰隆银行为案例，研究分析在解决小微企业融资中信息不对称问题中， 小微金融机构以组织结构上的优势，以及以社区化经营模式，通过关系型贷款解 决信息不对称问题，从而解决中小企业融资难的实践经验。 此外，对于银行及小微金融机构贷款业务，风险控制是金融机构可持续运营 的关键 ，本文以泰隆银行为样本，采用了银行真实贷款违约数据库中的大量一 手数据，验证了在关系型贷款中采用信用评分机制的可行性，实证结果显示，信 用评分机制在预测贷款违约上具有一定的可行性，从而证实了关系型贷款在一定 程度上解决了信息不对称问题，金融机构通过社区化经营，长期与客户保持紧密 联系，获取软信息，能够有效的提高风险控制能力。 本文的案例实践研究以及实证研究为其它金融机构发展小额贷款，控制风险 提供了参考依据。 关键词，小微企业，信息不对称，关系型贷款，风险控制，信用评分机制