Trust-based relationship banking, and SME financing in the UK
利用英国中小企业独特的一手数据，从借款人视角构建基于信任的关系型银行衡量指标，发现对关系经理的组织信任（以运营自主权下放衡量）增强了这种关系型银行，并在全球金融危机后十年帮助缓解了中小企业的信贷约束。
It is well recognized that relationship banking helps to relieve the credit constraints faced by SMEs to access bank finance. Trust is an important part of relationship banking. However, the term trust is nebulous, and relationship banking means different things to different banks and different borrowers. How trust enables the credit market for SMEs through relationship banking is largely unexplored. Using a unique primary dataset of SMEs in the UK, we construct a measure of trust-based relationship banking from the perspective of the borrower that places mutual trust centre stage. We show that trust-based relationship banking is enhanced by the organizational trust in the Relationship Manager, defined by the delegation of operational autonomy. Along with bank, firm, and market factors, trust-based relationship banking helped to reduce the credit constraints faced by SMEs in the decade following the global financial crisis.