抵押担保条件对小微企业贷款利率影响效应分析——基于双边随机前沿模型的实证研究  

The Effect of Collateral Security Condition on Small and Micro Enterprise Loan Interest Rate:Empirical Study Based on the Two-tier Stochastic Frontier Model

作　　者：霍源源[1] 冯宗宪[1] 柳春[2] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西安交通大学金禾经济研究中心,陕西西安710049

出　　处：《金融研究》2015年第9期112-127,共16页Journal of Financial Research

基　　金：国家社会科学基金项目(12&ZD070);国家社会科学基金项目(09BJY105)的资助;陕西省科学技术研究发展计划项目(2012KRZ14)

摘　　要：本文通过建立度量抵押担保贷款市场中关于利率主导权力偏离程度的双边随机前沿计量模型,分析了该权力对商业银行小微企业贷款利率的影响效应。实证分析认为,能够满足抵押担保贷款要求的大部分小微企业比商业银行拥有更强的利率决策主导权力,平均而言,该权力使得实际贷款利率低于基准价格9.46%。文章的研究启示在于,过分依赖抵押担保条件判断企业质量的信贷模式,不利于商业银行对企业信用风险的防范及小微企业融资可获性的提高。The paper builds up econometric model by two -tier stochastic frontier method which could measure the deviation degree of lending rate dominant power and its impact on banks and small and micro enterprise in collateral security loan market. The empirical analysis shows that enterprises meeting the demand of collateral make the actual rate lower than the benchmark price of 9.46%. The paper implies that banks rely on security too much to judge the quality of the enterprise, which are not only conductive to banks to prevent the credit risk of enterprise but also unfavorable to enterprises raise the availability of funds.

关 键 词：小微企业 抵押担保贷款 双边随机前沿模型 

分 类 号：F832.4[经济管理—金融学]