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1、BankInvolvementwithSMEs:BeyondRelationshipLendingAugustodelaTorre，MaríaSoledadMartínezPería，SergioL.SchmuklerPolicyResearchWorkingPaper4649，2010AbstractThe“conventionalwisdom”inacademicandpolicycirclesarguesthat,whilelargeandforeignbanksaregenerallyn
2、otinterestedinservingSMEs,smallandnichebankshaveanadvantageindoingsobecausetheycanovercomeSMEopaquenessthroughrelationshiplending.Thispapershowsthatthereisagapbetweenthisviewandwhatbanksactuallydo.BanksperceiveSMEsasacoreandstrategicbusinessandseemwe
3、llpositionedtoexpandtheirlinkswithSMEs.TherecentintensificationofbankinvolvementwithSMEsinvariousemergingmarketsdocumentedinthispaperisneitherledbysmallornichebanksnorhighlydependentonrelationshiplending.Rather,alltypesofbanksarecateringtoSMEsandlarg
4、er,multiple-servicebankshaveinfactacomparativeadvantageinofferingawiderangeofproductsandservicesonalargescale,throughtheuseofnewtechnologies,businessmodels,andriskmanagementsystems.Keywords:smallandmediumenterprises,bankfinance,financialconstraints,b
5、ankingmarketstructure1.IntroductionThefinancingofsmallandmediumenterprises(SMEs)hasattractedmuchattentioninrecentyearsandhasbecomeanimportanttopicforeconomistsandpolicymakersworkingonfinancialandeconomicdevelopment.Thisinterestisdriveninpartbythefact
6、thatSMEsaccountforthemajorityoffirmsinaneconomyandasignificantshareofemployment(Hallberg2001).Furthermore,mostlargecompaniesusuallystartassmallenterprises,sotheabilityofSMEstodevelopandinvestbecomescrucialtoanyeconomywishingtoprosper.Therecentattenti
7、ononSMEfinancingalsocomesfromtheperceptionamongacademicsandpolicymakersthatSMEslackappropriatefinancingandneedtoreceivespecialassistance,suchasgovernmentprogramsthatincreaselending.Variousstudiessupportthisperception.AnumberofpapersfindthatSMEsaremor
8、efinanciallyconstrainedthanlargefirms.Forexample,usingdatafrom10,000firmsin80countries,Beck,Demirgüç-Kunt,Laeven,andMaksimovic(2006)showthattheprobabilitythatafirmratesfinancingasamajorobstacleis39%forsmallfirms,38%formedium-sizefirms,and29%forlargef
