The Small and Micro-Enterprise's Selections of Financing Channels-from the Perspective of Information Economics

With the arrival of Post Financial Crisis Era, it becomes more and more difficult for small and micro-enterprises to finance. This paper mainly studies several representative financing channels of small and micro-enterprises from the perspective of Information Economics, discusses two financial channels bank loans and private loans, through methods of game theory, and analyzes the reasons for banks' loan-cherishing behavior and the prevalence of private loans. Besides, this study not only attempts to put forward some countermeasures towards problems of adverse selection and moral hazard existing in those two financing channels from perspective of enterprise, industry and government respectively, but tries to provide some helpful thoughts for small and micro-enterprises to alleviate their financing problems.