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[]2002-10-31[](70142007)[]1.(1962-),,,,,,;2.(1971-),,,,,,:5,5,500,(,310027)[],,,[];;;[]F832.42[]A[]1008-942X(2003)02-0056-08,,GDP,,,70%[1],,1997,,1999,,10200112,,25.37%,20026,,23.36%,19983%,4%,7%,,33220033()JournalofZhejiangUniversity(HumanitiesandSocialSciences)Vol.33,No.2Mar.2003,;,,,U[2],,[2][3],,,,,,2,9(),19,10,250,181(),72.4%,161,89.0%(StatisticalPackagefortheSocialSicence,SPSS11.0),,,1,1.(1):,,a.121,,1;2;3;462.4%Cronbach1(,),2.566,2.917,2.529,,,2.275,b.162,63.34%,,3.623;,2.990;,2.680;,2.875;,3.552Cronbach2,,,752,:11234aSME,SMESMESME,SME,017190169101677016150155701202-011800127101409011450123301180-01090-0190101337011340108201250-010170133401744SME,SME010630123901818017220106101102010360111701645SME,SME,SME,011930110601132-01184012990149901753017390158001085-010580112901600SME,SME,011380105501164-0101601107-01020018350181401627:SME(SmallandMediumEnterprise),256789a,,,0173601729017050164501091010650106001119010760109801261-01113010150110801214010400113401149-011330150701755SME,SME,010880118901478-011480184101826015070150601000-01090010210112801041010180118401398-0105201091010050122201691,010160125001056-01222010450134201832017070154301022-010420112401024012640118001605,011320149501090010320112001419-01049010270138601792016630151301202-01126-0119901615,010250124101140-01105011450132501160-01079018180161001541c.63,,,,3.213;,,2.516;,,2.21573.1%,,,,,(2)15,,4,,4.162;,4.066;,3.135;3.74657.13%85()333101112aSME,,01879018430109101201010830107901699,,01111012430190301738010350129501618,,01057010930109701141018210179301521,,3,41234a0178301764017000158701572011800118701232-0103101522-0103601084010090133001031-010500103001139013940101501781,012640120201276017180169701680-01124011550117401060012250119701707SME,SMESME-01129010960109101201-0102701187013670118201743016740167201493-0101201188-011910126801598,0105101169-01105011800109201476-0101701276-01318017430155801485014362.,;;;,a.,(F31852,31631,31082,21900,31204;p0105),(5):,;,;;,(F31095,31226,31356;p0105),952,:,(F21805,p0105),(F41345,p0105),125215321852151212231652194217021803160312521562120310031122160217831892196219931053162218921402131214431212168212231253141213331193124313221322125216621742152212531542186217621833140311121312108215121792142212731673102218821953163311621512133216031072163212931602190214221763154312721702116214531392167213331713164215731123163315421312129216321772151214831552192217621923160311421542118214531202167211931573118216631033147312821252166217131102165210231763118214921883143313021631185b.6,,(F31853,p0105);,(F21664,p0105);,(F81617,51003,p0101);,,(F21486,p0105),,(F31760,p0101)64118410731173171318741043105315541304104219441104111410731283164410731953124316341244120219631894145410421963198410941013113316941454130312331923163315821603159411241083115316031913199310431964150412331153195(),06()33,,3,,,,3,,,,3,,,,,,,(),,,,,,,,,:1.:,,;2.,,;3.,,,;4.()1.,:,,,;,,,,,,2.,,,,,,,,,,,,,162,:,,()1.,,,,2.,,,3.,,,,,,,,,,,,,,,,-,[4](),,,,,,,,,()1.,,,,,,,2.,,,,3.,,,,,,,,,26()33[][1].[J].,2002,(144):1-11.[2]Stiglitz,J.E.,Weiss,A.CreditRationinginMarketswithImperfectInformation[J].TheAmericanEconomicReview,1981,(71):393-409[3]Riding,A.L.,Haines,G.JR.Loanguarantees:costsofdefaultandbenefitstosmallfirms[J].Journalofbusi2nessventuring,2001,(16):595-612[4].-[J].,2000,(5):29-38[]AStudyontheCreditRiskofCommercialBanksinSMELoans:DeterminantsandManagerialStrategiesJIASheng2hua,SHIYu2jun(DepartmentofBusinessAdministration,ZhejiangUniversity,Hangzhou310027,China)Abstract:Inrecentyears,smallandmediumenterprises(SME)havereceivedmuchattentionfrompolicy2makersandresearchers,inthatthesebusinessesareconsideredimportantineconomicgrowthandjobcreation.Atthesametime,SMEsarefacingmajorproblemsinsecuringexternalfinance,whichisregardedasrestrainingtheirdevelopmentandgrowth.LoansfromcommercialbanksarethemainsourceofexternalfinanceforSMEs.ButbanksarereluctanttolendSMEsloansjustbecauseoftheirhighrisks.So,howtocontrolloanriskbecomesanimportantproblemnotonlyforbanks,butalsoforpolicy2makers.TherearemanyfactorsthatmakeloanstoSMEsmuchmoreuncertain.Firms,banksandtheexternalfinancingenvironmentarestudiedinthispaper.ThemostimportantcharacteristicdefiningSMEfinanceisinformationalopacity.Asymmetricinformationbetweenfirmsandbankscreatesadverseselectionandmoralproblemsinthecreditmarket.OpportunisticbehaviorsofSMEsdogreatharmtotheassetsofcommercialbanks.SMEsabilitytorepaytheirloansisusuallypoor.Andtheyhavelittlevaluableassetstoguaranteetheirdebts.Fromtheaspectofbanks,riskfactorscanbeconcludedintofiveprincipalfactors:relationshipbetweenbanksandSMEs,knowledgeofcreditriskmanagement,incentivemechanism,loandecisionmakingcontrolandmoralhazard.Thefirstthreeappeartobeverylow,whichmeanspoorriskmanagement,butthescoresofloandecision2makingcontrolandmoralhazardarehigherthanaverageinourstudy,whichisdifferentfromcommonknowledge.FinancingenvironmentalsoplaysanimportantroleintheriskofSMEloans.UnderdevelopedfinancialmarketandlegalsystemmaybethekeymacrodeterminantsofSMEcreditrisk,whichisidentifiedbymostofthesu