基于信息不对称下的中小企业关系型贷款研究
摘要
中小民营企业是国民经济发展中的一支重要力量,在世界各国的经济发展中都起着战略性作用。我国作为全球最大的发展中国家,中小民营企业的作用和地位更是突出。然而,中小民营企业在得到资金支持方面与其对我国经济发展所作的贡献相比极不相称。中小民营企业融资矛盾越来越突出,已成为制约其发展的“瓶颈”。
研究关系型贷款可以为缓解中小企业融资难问题提供一条途径,在理论上,金融中介理论和信贷配给理论为关系型融资提供了基础;在现实中,关系型融资在技术上是对单靠硬信息作为判断企业价值依据的原有信贷模式的必要补充,受我国目前信用体制等环境因素的制约,关系型贷款可以是中小企业成长过程中某一阶段的间接融资模式的一种选择。
本文对关系型融资的作用机理进行了研究,强调软信息对信息结构的完善作用,在认同硬信息是银行贷款基本依据的同时,认为软信息是缓解信息不对称的必要补充。通过研究,为银行建立了适应关系型贷款的企业评价模型,并用实际企业的数据予以验证。最后,为我国推动关系型贷款的发展提出了建议。
Small and Medium-sized Enterprises (SMEs) are an important factor in national economy and play a strategic role in the economic development of various countries in the world. It is generally agreed among international community of economics and academy that, SMEs will play the leading role in economic development of the 21st century. In China, the greatest developing country in the world, SMEs have a more prominent standing and role. But comparing the contribution to the Chinese economy, the private enterprises, especially SME, received little financial support. It is extremely asymmetrical. The financing contradiction of SME is ore and more outstanding, and have already become the "bottleneck" which restricted its development.
Relationship leading is a method to solve small and medium sized enterprises' finance difficulty. In theory, finance intermediation theory and credit rationing theory are the basis of relationship finance from the bank and small and medium sized enterprises (SMEs) angles. In reality, relationship leading is the supplement to original finance model that the enterprises' value is only measured by hard information. Under the influence of the present credit environment, relationship finance could be a indirect finance method when SMEs is growing up.
This paper does some research on the mechanism of relationship finance. It give some emphasis on the effect of making the information structure perfect caused by soft information. On the basis of thinking that hard information is the basis of making finance decision, the soft information is the supplement to solve asymmetric information problem. Through the study, I make a enterprise evaluation model which suitable for relationship leading, and then, verification the model by the real data of the company. At the end, give some recommendations to improve the relationship leading.
研究关系型贷款可以为缓解中小企业融资难问题提供一条途径,在理论上,金融中介理论和信贷配给理论为关系型融资提供了基础;在现实中,关系型融资在技术上是对单靠硬信息作为判断企业价值依据的原有信贷模式的必要补充,受我国目前信用体制等环境因素的制约,关系型贷款可以是中小企业成长过程中某一阶段的间接融资模式的一种选择。
本文对关系型融资的作用机理进行了研究,强调软信息对信息结构的完善作用,在认同硬信息是银行贷款基本依据的同时,认为软信息是缓解信息不对称的必要补充。通过研究,为银行建立了适应关系型贷款的企业评价模型,并用实际企业的数据予以验证。最后,为我国推动关系型贷款的发展提出了建议。
Small and Medium-sized Enterprises (SMEs) are an important factor in national economy and play a strategic role in the economic development of various countries in the world. It is generally agreed among international community of economics and academy that, SMEs will play the leading role in economic development of the 21st century. In China, the greatest developing country in the world, SMEs have a more prominent standing and role. But comparing the contribution to the Chinese economy, the private enterprises, especially SME, received little financial support. It is extremely asymmetrical. The financing contradiction of SME is ore and more outstanding, and have already become the "bottleneck" which restricted its development.
Relationship leading is a method to solve small and medium sized enterprises' finance difficulty. In theory, finance intermediation theory and credit rationing theory are the basis of relationship finance from the bank and small and medium sized enterprises (SMEs) angles. In reality, relationship leading is the supplement to original finance model that the enterprises' value is only measured by hard information. Under the influence of the present credit environment, relationship finance could be a indirect finance method when SMEs is growing up.
This paper does some research on the mechanism of relationship finance. It give some emphasis on the effect of making the information structure perfect caused by soft information. On the basis of thinking that hard information is the basis of making finance decision, the soft information is the supplement to solve asymmetric information problem. Through the study, I make a enterprise evaluation model which suitable for relationship leading, and then, verification the model by the real data of the company. At the end, give some recommendations to improve the relationship leading.
引文
[1]2007年中国中小企业发展年鉴,2008.9
[2]中国中小企业金融制度调查问卷统计分析报告,2004.5.21
[3]统计上大中小型企业划分办法(暂行),2003.2.19
[4]M.Jesen and W.Mecking.Theory of the Firm:Manegerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,10(3):352-389
[5]Stuart I Greenbaum,George Kanatas,Itzhak Venezia."Equilibrium loan Priei under the bank-client relationship",[J]The Journal of Banking and Finance,1989,221-235.
[6]Banerjee,Besley and Guinnane,The Neighbors Keeper:The Design of a Credit Cooperative with Theory and Test[J].Quarterly of Economics,1994,109
[7]Allen,F and A.M.Santomero.The Theory of Financial Intern edition,[J]Journal of Banking and Finance,Vol.21,1998,1461-1485
[8]Bhattacherya and Chiesa,Proprietary information,financial intermediation,and research incentives,[J]Journal of Financial Intermediation,1995,4
[9]Scott,Dulkelberg,[M]Bank Consolidation and Small Business Lending:A Small Firm Perspective,Proceedings of a Federal Reserve System Research Conference on business Access to Capital and Credit,1999
[10]Boot,A.W.A.Relationship Banking:What Do We Know.[J]Journal of Financial Intermediation 9,7-25.2000
[11]Howard Bodenhorn,Short-term loans and long-term relationships:relationship lending in early American.[J]Nber working paper,2001,137-18
[12]Luc Laeven,"Insider Lending and Bank Ownership:The case of Russia"[J]Journal of Comparative Economies29,2001,207-229
[13]Leo and Elmer,Relationship Lending and Lines of Credit in Small Finance.Journal of Business[J]2002.Vol.68.351-382.
[14]张捷,中小企业的关系型借贷与银行组织结构,[J]经济研究,2002.6
[15]汪小勤,杨涛,关系型贷款与中小企业融资,[J]武汉金融,2004.8,56
[16]Bergeran,Udell G F.Small business credit availability and relationship lending:The importance of bank organizational structure[J]Economic journal,2002,112(477):32-53.
[17]Moyer,R.Charles,Chatfield,Robert E,and Sisneros,Phillip M." Security analyst Monitoring Activity:agency Costs and Information Demand,[J]Journal of Financial and Quantitative Analysis,24,No.4(1989)
[18]Allenn Berger and Gregory F.Udell.Relationship Lending and Lines of Credit in Small Finance.[J]Journal of Business,1995.Vol.68.pp.351-382.
[19]Donaldson,Monitoring and Reputation:the choice between bank loans and directly placed debt,[J]Journal of Political Economy,1991(99)
[20]M.Jesen and W.mecking.Theory of the Firm:Manegerial Behavior,Agency Costs and Ownership Structure,[J]Journal of Financial Economics,1976,10(3):352-389
[21]Brau,J.C,Do Banks Price Owner-manager Agency Costs An Examination of Small Business Borrowing,[J]Journal of Small Business Management,2002(4),273-286
[22]Berger,A.N.& Udell,G.F,Collateral,Loan Quality and Bank Risk,[J]Journal of Monetary Economics,1990(25),21-42
[23]陈忠阳,金融风险分析与管理研究—市场和机构的理论、模型与技术,[M]中国人民大学出版社,2001
[24]Embreehts,Extrem value theory:potential and limitations as an integrated risk management tool,[R]Working Paper,ETH Zurieh,2000
[25]International Organization of Securities Commissions,The implications for securities regulators of the increased use of value at risk models by securities firms,[J]Technical Committee,Canada:Montrea,1995
[26]徐维德,缪丹,中小企业和银行关系型融资研究,[J]西南民族大学学报,2004,134-139
[27]Chakravarty,Sugato and Scott,James S,Relationships and Rationing in Consumer Loans,[J]Journal of Business,1999(10),72
[28]Myers S.C.and N.S.Majluf,Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,[J]Journal of financial Economics 1984(13),183-221
[29]Gorton G,Kahn M,[M]Block holder Identity Equity Ownership Structures and Hostile Takeovers,NBER W7123
[30]Edward Altman,Comparisons Using Linear Discriminant Analysis and Neural Network.[J]Banking and Finance,1965,505-529.
[31]Chesser,On The Lack of Separation Between Business And Personal Risks Among Small Businesses[J].Journal of Small Business Finance 1995,4:197-210
[32]Bathory,Relationship lending and lines of credit in small firm finance.[J]Journal of Business,68,351-382,1995
[33]Brennan,Kraus.Efficient Financing under Asymmetric Information.[J]The Journal of Finance[J].1987.Vol.ⅩL11:1225-1243
[34]郝丽萍,潭庆美,不对称信息下中小企业融资模型研究,[J]数量经济技术经济研究,2002(5),57-60
[35]国家经贸委中小企业司、国家统计局统计司,[M]中小企业发展研究,2004.4
[36]赵秀芳.解决中小企业融资难的一条良策——浅谈关系型信贷,[J]经济论坛,2004(14):50-51
[37]Petersenm,Rajan R G.Does distance still matter The information revolution in small business lending[J].Journal of finance 11,2002,57(6):2533-2570.
[38]中央财经大学“中小企业融资与金融服务”课题组.转型经济下的中小企业融资问题调查报告[R]金融时报:2005.7.11
[39]江曙霞.中国地下金融[M].福州:福建人民出版社.2001
[40]林毅夫、李永军,中小企业金融机构发展与中小企业融资[J]经济研究,2001.
[41]徐涛.美国关系融资制度分析[J].国际金融研究.2002(7):25-28
[42]银监会网站,www.cbrc.gov.cn,2008.9
[43]吴晓灵,中国宏观经济走势与产业发展高层论坛,2005.7
[44]U.S.Small Business Administration:Small Business Continues To Drive U.S.Economy,[J]News Release,October 3,2005.http://www.sba.gov
[45]Cole,R.A,L.G.Goldberg and L.J.White.Cookie-cutter versus Character:The Micro Structure of Small Business Lending by Large and Small Banks.[R]New York University,Leonard N.Stern School of Business Working Paper No.98-022,1997
[46]林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005(7):34-46
[47]Berger,Allen N.and Udell,Gregory F.Small Business Credit Availability and Relationship Lending the Importance of Bank Organization Structure,[J]Economic Journal,2002(112),477
[48][日]青木昌彦,[美]瑟达尔·丁克,王信译,“关系型融资制度及其在竞争中的可行性”,[J]经济社会体制比较,1997.6
[49]徐涛,[M]中国资本市场配置效率研究——一个制度经济学的分析,北京,中国金融出版社,2002
[50]任建军、王清,我国商业银行信贷退出策略的探讨,[J]海南金融,2005
[51][日]青木昌彦,[美]休·帕特里克主编,张橹等译,[M]日本主银行体制,北京,中国金融出版社,1998
[52]龚明华,[M]发展中经济金融制度与银行体系研究,北京,中国人民大学出版社,2004
[53]Berger.A.N,Rosen.R.J.& Udell.G.F,The Effect of Market Size Structure on Competition:The Case of Small Business lending,[R]Board of Governors of the Federal Reserve System Working Paper,2001
[54]Cambell,T.S.,Kracaw,W.,Information Production,Market Signaling and the Theory of Financial Intermediation,[J]Journal of Finance,1980(35),863-882
[55]Ietmar Harhoff,Timm Korting.Lending relationships in Germany Empirical evidence from survey data[J].Journal of Banking & Finance,1998,22(1):1317-1353.
[56]New Basel Accord QIS3,2002.10
[57]赵心宇.浙江泰隆商业银行财务管理二期需求.2008,11
[2]中国中小企业金融制度调查问卷统计分析报告,2004.5.21
[3]统计上大中小型企业划分办法(暂行),2003.2.19
[4]M.Jesen and W.Mecking.Theory of the Firm:Manegerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,10(3):352-389
[5]Stuart I Greenbaum,George Kanatas,Itzhak Venezia."Equilibrium loan Priei under the bank-client relationship",[J]The Journal of Banking and Finance,1989,221-235.
[6]Banerjee,Besley and Guinnane,The Neighbors Keeper:The Design of a Credit Cooperative with Theory and Test[J].Quarterly of Economics,1994,109
[7]Allen,F and A.M.Santomero.The Theory of Financial Intern edition,[J]Journal of Banking and Finance,Vol.21,1998,1461-1485
[8]Bhattacherya and Chiesa,Proprietary information,financial intermediation,and research incentives,[J]Journal of Financial Intermediation,1995,4
[9]Scott,Dulkelberg,[M]Bank Consolidation and Small Business Lending:A Small Firm Perspective,Proceedings of a Federal Reserve System Research Conference on business Access to Capital and Credit,1999
[10]Boot,A.W.A.Relationship Banking:What Do We Know.[J]Journal of Financial Intermediation 9,7-25.2000
[11]Howard Bodenhorn,Short-term loans and long-term relationships:relationship lending in early American.[J]Nber working paper,2001,137-18
[12]Luc Laeven,"Insider Lending and Bank Ownership:The case of Russia"[J]Journal of Comparative Economies29,2001,207-229
[13]Leo and Elmer,Relationship Lending and Lines of Credit in Small Finance.Journal of Business[J]2002.Vol.68.351-382.
[14]张捷,中小企业的关系型借贷与银行组织结构,[J]经济研究,2002.6
[15]汪小勤,杨涛,关系型贷款与中小企业融资,[J]武汉金融,2004.8,56
[16]Bergeran,Udell G F.Small business credit availability and relationship lending:The importance of bank organizational structure[J]Economic journal,2002,112(477):32-53.
[17]Moyer,R.Charles,Chatfield,Robert E,and Sisneros,Phillip M." Security analyst Monitoring Activity:agency Costs and Information Demand,[J]Journal of Financial and Quantitative Analysis,24,No.4(1989)
[18]Allenn Berger and Gregory F.Udell.Relationship Lending and Lines of Credit in Small Finance.[J]Journal of Business,1995.Vol.68.pp.351-382.
[19]Donaldson,Monitoring and Reputation:the choice between bank loans and directly placed debt,[J]Journal of Political Economy,1991(99)
[20]M.Jesen and W.mecking.Theory of the Firm:Manegerial Behavior,Agency Costs and Ownership Structure,[J]Journal of Financial Economics,1976,10(3):352-389
[21]Brau,J.C,Do Banks Price Owner-manager Agency Costs An Examination of Small Business Borrowing,[J]Journal of Small Business Management,2002(4),273-286
[22]Berger,A.N.& Udell,G.F,Collateral,Loan Quality and Bank Risk,[J]Journal of Monetary Economics,1990(25),21-42
[23]陈忠阳,金融风险分析与管理研究—市场和机构的理论、模型与技术,[M]中国人民大学出版社,2001
[24]Embreehts,Extrem value theory:potential and limitations as an integrated risk management tool,[R]Working Paper,ETH Zurieh,2000
[25]International Organization of Securities Commissions,The implications for securities regulators of the increased use of value at risk models by securities firms,[J]Technical Committee,Canada:Montrea,1995
[26]徐维德,缪丹,中小企业和银行关系型融资研究,[J]西南民族大学学报,2004,134-139
[27]Chakravarty,Sugato and Scott,James S,Relationships and Rationing in Consumer Loans,[J]Journal of Business,1999(10),72
[28]Myers S.C.and N.S.Majluf,Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,[J]Journal of financial Economics 1984(13),183-221
[29]Gorton G,Kahn M,[M]Block holder Identity Equity Ownership Structures and Hostile Takeovers,NBER W7123
[30]Edward Altman,Comparisons Using Linear Discriminant Analysis and Neural Network.[J]Banking and Finance,1965,505-529.
[31]Chesser,On The Lack of Separation Between Business And Personal Risks Among Small Businesses[J].Journal of Small Business Finance 1995,4:197-210
[32]Bathory,Relationship lending and lines of credit in small firm finance.[J]Journal of Business,68,351-382,1995
[33]Brennan,Kraus.Efficient Financing under Asymmetric Information.[J]The Journal of Finance[J].1987.Vol.ⅩL11:1225-1243
[34]郝丽萍,潭庆美,不对称信息下中小企业融资模型研究,[J]数量经济技术经济研究,2002(5),57-60
[35]国家经贸委中小企业司、国家统计局统计司,[M]中小企业发展研究,2004.4
[36]赵秀芳.解决中小企业融资难的一条良策——浅谈关系型信贷,[J]经济论坛,2004(14):50-51
[37]Petersenm,Rajan R G.Does distance still matter The information revolution in small business lending[J].Journal of finance 11,2002,57(6):2533-2570.
[38]中央财经大学“中小企业融资与金融服务”课题组.转型经济下的中小企业融资问题调查报告[R]金融时报:2005.7.11
[39]江曙霞.中国地下金融[M].福州:福建人民出版社.2001
[40]林毅夫、李永军,中小企业金融机构发展与中小企业融资[J]经济研究,2001.
[41]徐涛.美国关系融资制度分析[J].国际金融研究.2002(7):25-28
[42]银监会网站,www.cbrc.gov.cn,2008.9
[43]吴晓灵,中国宏观经济走势与产业发展高层论坛,2005.7
[44]U.S.Small Business Administration:Small Business Continues To Drive U.S.Economy,[J]News Release,October 3,2005.http://www.sba.gov
[45]Cole,R.A,L.G.Goldberg and L.J.White.Cookie-cutter versus Character:The Micro Structure of Small Business Lending by Large and Small Banks.[R]New York University,Leonard N.Stern School of Business Working Paper No.98-022,1997
[46]林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005(7):34-46
[47]Berger,Allen N.and Udell,Gregory F.Small Business Credit Availability and Relationship Lending the Importance of Bank Organization Structure,[J]Economic Journal,2002(112),477
[48][日]青木昌彦,[美]瑟达尔·丁克,王信译,“关系型融资制度及其在竞争中的可行性”,[J]经济社会体制比较,1997.6
[49]徐涛,[M]中国资本市场配置效率研究——一个制度经济学的分析,北京,中国金融出版社,2002
[50]任建军、王清,我国商业银行信贷退出策略的探讨,[J]海南金融,2005
[51][日]青木昌彦,[美]休·帕特里克主编,张橹等译,[M]日本主银行体制,北京,中国金融出版社,1998
[52]龚明华,[M]发展中经济金融制度与银行体系研究,北京,中国人民大学出版社,2004
[53]Berger.A.N,Rosen.R.J.& Udell.G.F,The Effect of Market Size Structure on Competition:The Case of Small Business lending,[R]Board of Governors of the Federal Reserve System Working Paper,2001
[54]Cambell,T.S.,Kracaw,W.,Information Production,Market Signaling and the Theory of Financial Intermediation,[J]Journal of Finance,1980(35),863-882
[55]Ietmar Harhoff,Timm Korting.Lending relationships in Germany Empirical evidence from survey data[J].Journal of Banking & Finance,1998,22(1):1317-1353.
[56]New Basel Accord QIS3,2002.10
[57]赵心宇.浙江泰隆商业银行财务管理二期需求.2008,11