银企关系如何影响中小微企业贷款抵押?  

How do Firm-bank Relationship Affect the MSMEs Loan Collateral Use?

作　　者：何韧[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《经济管理》2013年第9期53-62,共10页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"我国商业银行中小企业关系借贷及其应用研究"(11BJL027)

摘　　要：本文基于世界银行在中国23个大中城市的企业调查数据,首次实证研究了我国中小微企业银企关系特征对企业贷款抵押设定的影响。研究表明,我国中小微企业银企关系特征是贷款抵押决策的重要影响因素,单一的银企关系将有助于降低中小微企业的抵押成本,但同时长期密切的关系也会给企业带来更高的融资成本,使企业面临被商业银行"套牢"的风险。本文研究的政策含义在于,要切实降低中小微企业的相关贷款成本,不能仅仅依靠银企之间的密切合作,通过政府及有关部门的制度安排来改善融资环境将更为重要。In lending agreements, collateral is a borrower＇s pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as protection for a lender against a borrower＇s default when any borrower failing to pay the principal and interest under the terms of a loan obligation. If a borrower does default on a loan, she will forfeit the property pledged as collateral, and the lender then becomes the owner of the collateral. The relationship between firms and banks often suffers from informational opacity whieb may result in credit rationing. In theory, providing collateral to the bank can have a mitigating effect on these informational asymmetries and thus solve the credit rationing problem. However, from point of the borrower angle, when she provides collateral to the bank, especially with the enterprise operational assets as mortgage, the production and business operation activities of enterprise will be seriously affected. In the collateral process of assets evaluation,registration and notarization, not only the enterprise＇s non-operating expenses will involved, but also the other financing costs will greatly increased. In China, because large amounts of Micro, small and medium enterprises （MSMEs）are young, small, weak and risky ones, commercial banks usually ask them providing more collateral compared with other big companies when they apply for loans. ＂Too expensive for financing＂ problem is more outstanding for the MSMEs. Under this background ,we try to answer these questions： can the MSMEs decrease the cost of the loan by establishing or maintaining a specific form of firm-bank relationship in our country？ Or at the same time the close relationship will bring more opportunities to create ＂rent＂ for the bank？ In this paper these problems will be revealed through the empirical research. Using the World Bank enterprises survey data from 23 domestic large and medium-sized cities in China, this paper firstly investigates empirically how the firm-bank relationship c

关 键 词：银企关系 贷款 抵押 中小微企业 关系借贷 

分 类 号：F276.3[经济管理—企业管理]