声誉能促进政策性担保贷款的自我履约吗?——基于互联关系型合约的分析框架  

Can Reputation Promote Self-performance of Policy-backed Loans?——An analytical framework based on interconnected relational contracts

作　　者：许黎莉 陈东平[1] XU Li-li;CHEN Dong-ping

机构地区：[1]南京农业大学金融学院,南京210095 [2]内蒙古农业大学经济管理学院,呼和浩特010010

出　　处：《求是学刊》2019年第5期81-90,共10页Seeking Truth

基　　金：国家自然科学基金项目“合作社内农户信用合作契约达成及治理结构选择”(71673138);内蒙古自治区高等学校科学研究项目“普惠金融视角下的农村信用担保运行模式对违约率作用机理的研究——以内蒙古为例”(NJZC17077);内蒙古农业大学人文社科研究重点课题“农牧交错带牧民合作组织合作契约达成及治理结构选择”(2018ZD5)

摘　　要：由政策性担保机构授信的产业链担保贷款可以实现自我履约,声誉在其中发挥了信息效应和资本效应。文章构建了一个互联关系型合约的分析框架,并在此框架下剖析了由内蒙古农业信贷担保公司为甜菜产业链中种植户授信的“荷马模式”,初步验证了:(1)产业链特有的资金闭环、筛选机制、风险分散机制缓解了政策性担保贷款的缔约、履约障碍;(2)产业链模式下的政策性担保贷款因具有互联关系型合约的契约属性,可以实现契约的自我履行;(3)声誉产生于产品市场的长期重复博弈,通过信息效应溢出到信贷、担保市场中,通过资本效应实现增值,并在两个市场中互动、增值,实现了合作剩余最大化,进一步促进政策性担保贷款的自我履约。本研究为政策性担保机构以市场化方式化解违约风险,使“担保支农”基于内生机制实现可持续健康发展提供了科学解释。Industrial chain guarantee loans granted by policy-based guarantee institutions can realize selfperformance, in which reputation plays the important effect in terms of information and capital. This article constructs an interconnection analysis framework of relational contracts. Based on this framework, it analyzes “Homer model”that the Inner Mongolia Agricultural Credit Guarantee Company provides the credit for sugar beet growers, which has preliminarily verified the following aspects. Firstly, the unique capital closed loop, fil. tering mechanism and risk dispersing mechanism of the industry chain ease the barriers of contracting and per. formance from policy guarantee loan;Secondly, policy-based guaranteed loans in the industrial chain model can realize self-performance of the contract because of the contractual attributes of the interconnection rela. tionship contract;Thirdly, reputation is generated in the long-term repeated game of product market, which spills into the credit and guarantee market through information effect, adds value through capital effect, inter. acts and adds value in the two markets, maximizes cooperation surplus, and further promotes the self-perfor. mance of policy-guaranteed loans. This study provides a scientific explanation for policy-based guarantee in. stitutions to solve the default risk in a market-oriented way and make“guarantee supporting agriculture”real. ize sustainable and healthy development based on the endogenous mechanism.

关 键 词：政策性担保机构 声誉 互联关系型合约 担保支农 产业链 

分 类 号：F832.43[经济管理—金融学] F324