资本是经济增长的基本要素。中小企业对推动中国经济快速发展起到了重要作用,然而中小企业发展面临严重的融资约束。本文对中小企业融资难成因进行考察,并从理论上分析关系型融资这种融资制度安排的作用机制,进一步运用博弈方法对基于信息不对称理论的关系型融资效率问题加以探讨。研究发现,关系型融资是解决金融市场失灵的有效制度安排,能够缓解中小企业融资难问题。 Capital is an essential element of economic growth. SMEs played an important role in promoting the rapid economic development in China, however, and the development of SMEs is facing serious financing constraints. This paper examines the causes of SMEs financing difficulties and theoretically analyzes the mechanism of the relationship between financing and institutional arrangements and further uses game theory to discuss the relationship financing efficiency based on information asymmetry theory. The study found that relational financing is an effective institutional arrangement to solve the failure of financial markets and can ease the financing difficulties of SMEs.