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BankInvolvementwithSMEs:BeyondRelationshipLendingAugustodelaTorre，MaríaSoledadMartínezPería，SergioL.SchmuklerPolicyResearchWorkingPaper4649，2010AbstractThe“conventionalwisdom”inacademicandpolicycirclesarguesthat,whilelargeandforeignbanksaregenerallynotinterestedinservingSMEs,smallandnichebankshaveanadvantageindoingsobecausetheycanovercomeSMEopaquenessthroughrelationshiplending.Thispapershowsthatthereisagapbetweenthisviewandwhatbanksactuallydo.BanksperceiveSMEsasacoreandstrategicbusinessandseemwellpositionedtoexpandtheirlinkswithSMEs.TherecentintensificationofbankinvolvementwithSMEsinvariousemergingmarketsdocumentedinthispaperisneitherledbysmallornichebanksnorhighlydependentonrelationshiplending.Rather,alltypesofbanksarecateringtoSMEsandlarger,multiple-servicebankshaveinfactacomparativeadvantageinofferingawiderangeofproductsandservicesonalargescale,throughtheuseofnewtechnologies,businessmodels,andriskmanagementsystems.Keywords:smallandmediumenterprises,bankfinance,financialconstraints,bankingmarketstructure1.IntroductionThefinancingofsmallandmediumenterprises(SMEs)hasattractedmuchattentioninrecentyearsandhasbecomeanimportanttopicforeconomistsandpolicymakersworkingonfinancialandeconomicdevelopment.ThisinterestisdriveninpartbythefactthatSMEsaccountforthemajorityoffirmsinaneconomyandasignificantshareofemployment(Hallberg2001).Furthermore,mostlargecompaniesusuallystartassmallenterprises,sotheabilityofSMEstodevelopandinvestbecomescrucialtoanyeconomywishingtoprosper.TherecentattentiononSMEfinancingalsocomesfromtheperceptionamongacademicsandpolicymakersthatSMEslackappropriatefinancingandneedtoreceivespecialassistance,suchasgovernmentprogramsthatincreaselending.Variousstudiessupportthisperception.AnumberofpapersfindthatSMEsaremorefinanciallyconstrainedthanlargefirms.Forexample,usingdatafrom10,000firmsin80countries,Beck,Demirgüç-Kunt,Laeven,andMaksimovic(2006)showthattheprobabilitythatafirmratesfinancingasamajorobstacleis39%forsmallfirms,38%formedium-sizefirms,and29%
