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西安交通大学城市学院本科生毕业设计(论文) 原文与译文- PAGE 10 PAGE 11 原文与译文 原文： A More Complete Conceptual Framework for SME Finance Allen N. Berger Board of Governors of the Federal Reserve System Gregory F. Udell Kelley School of Business, 1. Financial institution structure and lending to SMEs The research literature provides a considerable amount of evidence on the effects of financial institution structure on SME lending, although as noted above, the findings rarely go beyond the distinction between transactions lending technologies versus relationship lending to parse among the very different transactions technologies. Here, we briefly review the findings with regard to the comparative advantages of large versus small institutions (subsection A), foreign-owned versus domestically-owned institutions (subsection B), state-owned versus privately-owned institutions (subsection C) and market concentration (subsection D). A. Large versus small institutions There are a number of reasons why large institutions may have comparative advantages in employing transactions lending technologies which are based on hard information and small institutions may have comparative advantages in using the relationship lending technology which is based on soft information. Large institutions may be able to take advantage of economies of scale in the processing of hard information, but be relatively poor at processing soft information because it is difficult to quantify and transmit through the communication channels of large organizations (e.g., Stein 2002). Under relationship lending, there may be agency problems created within the financial institution because the loan officer that has direct contact over time with the SME is the repository of soft information that cannot be easily communicated to the management or owners of the financial institution. This may give comparative advantages in relationship lending to small institutions with lower agency costs within the institution because they typical