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1、BankInvolvementwithSMEs:BeyondRelationshipLendingAugustodelaTorre,MariaSoledadMartinezPeria,SergioL.SchmuklerPolicyResearchWorkingPaper4649,2010AbstractTheuconventionalwisdomninacademicandpolicycirclesarguesthat,whilelargeandforeignbanksaregenerallynotinterestedinservingSMEs,smallan
2、dnichebankshaveanadvantageindoingsobecausetheycanovercomeSMEopaquenessthroughrelationshiplending.Thispapershowsthatthereisagapbetweenthisviewandwhatbanksactuallydo.BanksperceiveSMEsasacoreandstrategicbusinessandseemwellpositionedtoexpandtheirlinkswithSMEs.Therecentintensificationofb
3、ankinvolvementwithSMEsinvariousemergingmarketsdocumentedinthispaperisneitherledbysmallornichebanksnorhighlydependentonrelationshiplending.Rather,alltypesofbanksarecateringtoSMEsandlarger,multiple-servicebankshaveinfactacomparativeadvantageinofferingawiderangeofproductsandservicesona
4、largescale,throughtheuseofnewtechnologies,businessmodels,andriskmanagementsystems.Keywords:smallandmediumenterprises,bankfinance,financialconstraints,bankingmarketstructure1.IntroductionThefinancingofsmallandmediumenterprises(SMEs)hasattractedmuchattentioninrecentyearsandhasbecomean
5、importanttopicforeconomistsandpolicymakersworkingonfinancialandeconomicdevelopment:.ThisinterestisdriveninpartbythefactthatSMEsaccountforthemajorityoffirmsinaneconomyandasignificantshareofemployment(Hallberg2001).Furthermore,mostlargecompaniesusuallystartassmallenterprises,sotheabil
6、ityofSMEstodevelopandinvestbecomescrucialtoanyeconomywishingtoprosper.TherecentattentiononSMEfinancingalsocomesfromtheperceptionamongacademicsandpolicymakersthatSMEslackappropriatefinancingandneedtoreceivespecialassistance,suchasgovernmentprogramsthatincreaselending.Variousstudiessu
7、pportthisperception.AnumberofpapersfindthatSMEsaremorefinanciallyconstrainedthanlargefirms.Forexample,usingdatafrom10,000firmsin80countries,Beck,Demirgu?-Kunt,Laeven,andMaksimovic(2006)showthattheprobabilitythatafirmratesfinancingasamajorobstacleis39%forsmallfirms,38%formedium-sizef
8、irms,and29%forlarge
