企业融资外文文献Bank Involvement with SMEs: Beyond Relationship LendingAugusto de la Torre，Mara Soledad Martnez Pera，Sergio L. SchmuklerPolicy Research Working Paper 4649，2022AbstractThe “conventional wisdom” in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there is a gap between this view and what banks actually do. Banks perceive SMEs as a core and strategic business and seem well positioned to expand their links with SMEs. The recent intensification of bank involvement with SMEs in various emerging markets documented in this paper is neither led by small or niche banks nor highly dependent on relationship lending. Rather, all types of banks are catering to SMEs and larger, multiple-service banks have in fact a comparative advantage in offering a wide range of products and services on a large scale, through the use of new technologies, business models, and risk management systems.Keywords: small and medium enterprises, bank finance, financial constraints, banking market structure1. IntroductionThe financing of small and medium enterprises (SMEs) has attracted much attention in recent years and has become an important topic for economists and policymakers working on financial and economic development. This interest is driven in part by the fact that SMEs account for the majority of firms in an economy and a significant share of employment (Hallberg 2022). Furthermore, most large companies usually start as small enterprises, so the ability of SMEs to develop and invest becomes crucial to any economy wishing to prosper.The recent attention on SME financing also comes from the perception among academics and policymakers that SMEs lack appropriate financing and need to receive special assistance, such as government programs that increase lending. Various studies support this perception. A number of papers find that SMEs are more financially constrained than large firms. For example, using data from 10,000 firms in 80 countries,Beck, Demirg-Kunt, Laeven, and Maksimovic (2022) show that the probability that a firm rates financing as a major obstacle is 39% for small firms, 38% for medium-size firms, and 29% for large firms. Furthermore, small firms finance, on average, 13 percentage points less of their investments with external finance when compared to large firms.4 Importantly, lack of access to external finance is a key obstacle to firm growth, especially for SMEs (Beck, Demirg-Kunt, and Maksimovic 2022). On the policy side, there are a large number of initiatives across countries to foster SME financing including government subsidized lines of credit and public guarantee funds. One example that has been deemed as relatively successful is Chiles Fondo de Garanta para Pequeos Empresarios (FOGAPE), a fund created to encourage bank lending to SMEs through partial credit guarantees. This fund has many features that make it attractive, including some incentives to reduce moral hazard, promote competition among banks, and encourage self sustainability.银行参与中小型企业融资 超越关系型借贷【】奥古斯托德拉托雷，玛丽亚索莱达马丁内斯帕利亚，塞尔吉奥L施穆克勒【资料来源】政策研究工作文件4649号，2022年 3Word版本。