Analyses of the Herding Behavior for the SMEs Financing Plight

摘要：

There has been a vast of thorough researches and advice about the financing plight of SMEs from the side of asymmetric information among the domestic and foreign researchers. This paper is trying to use the theories of behavior finance to analyze the difficulty in essence and illustrate that the intrinsic reason of financing plight for such enterprises is herd behavior of decision made by managers through establishing the utility function of bank loan managers. The results indicate that the managers will be inclined to invest in large enterprises instead of SMEs considering their own reputation and reward.

关键词： small and medium-sized enterprises credit market herd behavior

作者: DENG Qizhong ZOU Xinyue

作者单位: School of Management,Hunan University of Science and Technology, Xiangtan, 411201

会议类型: 国际会议

会议名称: 2009 International SME Development Forum(2009 中小企业发展国际论坛)

会议地点: 北京

会议语种:英文

页码: 239-244

在线出版日期: 2009-10-01（万方平台首次上网日期，不代表论文的发表时间）