Abstract: Managers' moral hazard problem exists in debt financing contracts and equity financing contracts so that efficiency improvement is available compared with symmetric information situation.For this problem,under the premise of the deficiency pledge of small and medium enterprises and existence of accounts receivable,the conditional financing contracts with accounts receivable are presented based on asymmetric information game theory.This research shows that the conditional financing contracts can effectively reduce small and medium enterprises lie about real project benefits and move capital for investment of higher risk projects compared with debt contracts,at the same time,the conditional financing contracts can ensure managers pay more efforts compared with equity contracts.Furthermore,the conditional financing contracts can achieve strict Pareto improvement of both the equity and debt contracts,but the latter is under certain conditions.At the end,an example is used to explain the effectiveness of research conclusions.

Key words: accounts receivable pledge, supply chain financing, small and medium enterprises financing, moral hazard, financing contract