relationship lending Small Business Credit Availability and Relationship Lending(文献翻译).doc

relationship lending Small Business Credit Availability and Relationship Lending(文献翻译) 导读：就爱阅读网友为您分享以下“Small Business Credit Availability and Relationship Lending(文献翻译)”资讯，希望对您有所帮助，感谢您对92的支持! 原文： Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure Abstract This paper models the inner workings of relationship lending, the implications for bank organizational structure, and the effects of shocks to the economic environment on the availability of relationship credit to small businesses. Relationship lending depends on the accumulation over time by the loan officer of “soft” information. Because the loan officer is the repository of this soft information, agency problems are created throughout the organization that may best be resolved by structuring the bank as a small, closely-held organization with few managerial layers. The shocks analysed include technological innovations, regulatory regime shifts, banking industry consolidation, and monetary policy shocks. JEL Classification Numbers: G21, G28, G34, L23 Key words: Banks, Small Business, Mergers, Relationship lending, Organizational Structure Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure The issue of credit availability to small firms has garnered world-wide concern recently. Models of equilibrium credit rationing that point to moral hazard and adverse selection problems (e.g., Stiglitz and Weiss, 1981) suggest that small firms may be particularly vulnerable because they are often so informationally opaque. That is, the informational wedge between insiders and outsiders tends to be more acute for small companies, which makes the provision of external finance particularly challenging. Small firms with opportunities to invest in positive net present value projects may be blocked from doing. so because potential providers of external finance cannot readily verify that the firm has access to