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一、引言由于我国资本市场不发达以及中小企业的自身特点,中小企业靠发行股票或者债券筹集资金的空间很小。根据Stiglitz和Weiss(1981)从信息经济学的角度对中小企业融资问题的研究：中小企业与银行等金融机构之间的信息不对称,使中小企业也很难从金融机构获得发展所需要的资金。中小企业不得不转向民间借贷市场融资,成为民间借贷市场的主要参与者,特别是对于不具备一定规模的微小企业,更要依靠民间借贷市场来融资。
I. INTRODUCTION Due to the underdeveloped capital markets in our country and the characteristics of SMEs, there is little room for SMEs to raise funds by issuing stocks or bonds. According to Stiglitz and Weiss (1981), the issue of SME financing from the perspective of information economics: Information asymmetry between financial institutions, such as SMEs and banks, makes it difficult for SMEs to obtain the funds needed for their development from financial institutions . Small and medium-sized enterprises have to turn to financing in the private lending market and become the main participants in the private lending market. In particular, for those small and medium-sized enterprises that do not have a certain size, they must rely on the private lending market to raise funds.