如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角

›› 2016 ›› Issue (01): 33-42.

如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角

董晓林^1,2, 程超¹, 石晓磊¹

1. 南京农业大学金融学院, 江苏南京 210095;
2. 南京农业大学江苏农村金融发展研究中心, 江苏南京 210095

收稿日期:2016-06-15 出版日期:2017-01-15 发布日期:2016-01-11
作者简介:董晓林(1963-),女,江苏宿迁人,南京农业大学金融学院教授,江苏农村金融发展研究中心主任,博士,研究方向为农村金融,公司金融;程超(1988-),男,江苏南京人,南京农业大学金融学院博士研究生,研究方向为小微企业融资;石晓磊(1990-),男,山东临沂人,南京农业大学金融学院博士研究生,研究方向为小微企业融资。
基金资助:
国家社会科学基金重点项目“信息化趋势下普惠金融发展问题研究”（15AJY020）；江苏省普通高校研究生科研创新计划项目“信贷市场抵押物及其替代机制——基于贷款技术的视角”（KYZZ15_0166）；江苏省社会科学基金重点项目“金融支持小微企业发展研究”（13GLA002）。

How to Reduce the Banks' Collateral Requirements for Small and Micro Enterprises Effectively-Based on the perspective of lending technology

DONG Xiao-lin^1,2, CHENG Chao¹, SHI Xiao-lei¹

1. Department of Finance, Nanjing Agricultural University, Nanjing, Jiangsu 210095, China;
2. Rural Financial Development Research Center of Jiangsu Province, Nanjing Agricultural University, Nanjing, Jiangsu 210095, China

Received:2016-06-15 Online:2017-01-15 Published:2016-01-11

摘要/Abstract

摘要： 在理论分析抵押物作用机制的基础上，实证研究能够有效替代抵押物的贷款技术，并进一步分析某些贷款技术难以发挥替代作用的可能原因，以降低银行对小微企业抵押物要求，从而缓解小微企业信贷配给。研究结论表明：抵押率与借款企业违约风险显著负相关，抵押物作用机制中客户选择效应占主导地位；关系型和担保型贷款技术可以显著降低银行对抵押物要求，而财务报表型和信用评级型贷款技术对抵押物的替代效应十分微弱；随着金融基础设施的完善，信用评级型贷款技术对抵押物的替代效应逐渐显现，但财务报表即使经过审计亦难以对抵押物形成有效替代。在此基础上，提出了完善金融基础设施、提高贷款技术事前甄别能力的政策建议。

关键词: 抵押物, 作用机制, 贷款技术, 替代机制, 信息不对称

Abstract: Based on the theoretical analysis on collateral mechanism, this paper empirically researches the lending technologies which can effectively replace the collateral and further analyzes the reasons why it is difficult for certain lending technologies to be alternatives which can reduce the banks' collateral requirements for and ease the credit rationing of small and micro enterprises. The result of the study indicates that the collateral and the borrower default risk have a significant negative correlation; customer selection effect dominates the collateral mechanism; relationship lending technologies and guarantee lending technologies can significantly reduce the bank's collateral requirements. Meanwhile, it also shows that the substitution effects of financial statements and credit rating technology are quite weak. With the improvement of financial infrastructure, the substitution effect of credit rating technology is gradually emerging, but it would be difficult for the financial statements to substitute collateral even if they are audited. On the basis of the above, we suggest improving the financial infrastructure and the capability of risk assessment for the lending technologies.

Key words: collateral, effect mechanism, lending technology, substitution mechanism, information asymmetric

中图分类号:

F832.4

董晓林, 程超, 石晓磊. 如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角[J]. , 2016(01): 33-42.

DONG Xiao-lin, CHENG Chao, SHI Xiao-lei. How to Reduce the Banks' Collateral Requirements for Small and Micro Enterprises Effectively-Based on the perspective of lending technology[J]. , 2016(01): 33-42.