中小企业融资理论新范式:借贷技术述评
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上海财经大学学报 2013 年 第 15 卷第 06 期, 页码：63 - 71
摘要
参考文献
摘要
Berger和Udell(2006)提出的中小企业融资理论新范式颠覆了传统的融资观念,并由此引发了一系列理论和实证研究。文章通过回顾近年来国内外的相关文献,以中小企业借贷技术为主线,分别从借贷技术研究新进展、商业银行的借贷技术实践和借贷技术的国别应用差异三方面展开综述。研究显示,未来商业银行成功开展中小企业融资服务应着力于借贷技术的交叉使用、综合金融服务的提供以及制度环境的改善。在中国,公平的企业竞争环境以及恰当的借贷技术应用是较为合适的中小企业融资改善路径。
[1]Amore,M.D.,Schneider,C.,and Zaldokas,A.Credit Supply and Corporate Innovation[J].Journal of Financial Economics,2013,109:835-855.
[2]Beck,T.,Demirguc-Kunt,A.,and Martinez Peria,M.S.Bank Financing for SMEs:Evidence Across Countries and Bank Ownership Types[J].Journal of Financial Services Research,2011,39:35-54.
[3]Berger,A.N.,and Black,L.K.Bank Size,Lending Technologies and Small Business Finance[J].Journal of Banking and Finance,2011,35:724-735.
[4]Berger,A.N.,Rosen,R.J.,and Udell,G.F.Does Market Size Structure Affect Competition?The Case ofSmall Business Lending[J].Journal of Banking and Finance,2007,31:11-33.
[5]Berger,A.N.,and Udell,G.F.A More Complete Conceptual Framework for SME Finance[J].Journal of Banking and Finance,2006,30:2945-2966.
[6]Bharath,S.,Dahiya,S.,Saunders,A.,and Srinivasan,A.So What Do I Get?The Bank’s View of Lending Relationships[J].Journal of Financial Economics,2007,85:368-419.
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[8]Boot,A.W.A.Relationship Banking:What Do We Know?[J]Journal of Financial Intermediation,2000,9:7-25.
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[10]Brevoort,K.P.,and Hannan,T.H.Commercial Lending and Distance:Evidence from Community Reinvestment Act Data[J].Journal of Money,Credit and Banking,2006,38:1991-2012.
[11]Chava,S.,Oettl,A.,Subramanian,A.,and Subramanian,K.V.Banking Deregulation and Innovation[J].Journal of Financial Economics,2013,109:759-774.
[12]De la Torre,A.,Martinez Peria,M.S.,and Schmukler,S.L.Bank Involvement with SMEs:Beyond Relationship Lending[J].Journal of Banking and Finance,2010,34:2280-2293.
[13]Degryse,H.,and Ongena,S.Distance,Lending Relationships,and Competition[J].The Journal of Finance,2005,60:231-266.
[14]Delgado,J.,Salas,V.,and Saurina,J.Joint Size and Ownership Specialization in Bank Lending[J].Journal of Economics and Business,2007,31:3563-3583.
[15]Dybvig,P.,Shan,S.C.,and Tang,D.Y.Does Informal Finance Help Formal Finance-Evidence from Third Party Loan Guarantees in China[R].Working Paper,2011.
[16]Gan,J.Collateral,Debt Capacity,and Corporate Investment:Evidence from A Natural Experiment[J].Journal of Financial Economics,2007,85:709-734.
[17]Giannetti,C.Relationship Lending and Firm Innovativeness[J].Journal of Empirical Finance,2012,19:762-781.
[18]Jimenez,G.,Salas,V.,and Saurina,J.Organizational Distance and Use of Collateral for Business Loans[J].Journal of Banking and Finance,2009,33:234-243.
[19]Kano,M.,Uchida,H.,Udell,G.F.,and Watanabe,W.Information Verifiability,Bank Organization,Bank Competition and Bank-borrower Relationships[J].Journal of Banking and Finance,2011,35:935-954.
[20]Martinelli,C.Small Firms,Borrowing Constraints,and Reputation[J].Journal of Economic Behavior&Organization,1997,33:91-105.
[21]Navajas,S.,Conning,J.,and Gonzalez-Vega,C.Lending Technologies,Competition and Consolidation in the Market for Microfinance in Bolivia[J].Journal of International Development,2003,15:747-770.
[22]Ono,A.,Uchida,H.,Udell,G.F.,and Uesugi,I.A Close Look at Loan-To-Value Ratios:Evidence from the Japanese Real Estate Market[R].Working Paper,2013.
[23]Petersen,M.A.,and Rajan,G.G.The Effect of Credit Market Competition on Lending Relationships[J].The Quarterly Journal of Economics,1995,110:407-443.
[24]Uchida,H.,What Do Banks Evaluate When They Screen Borrowers-Soft Information,Hard Information and Collateral[J].Journal of Financial Services Research,2011,40:29-48.
[25]Uchida,H.,Udell,G.F.,and Yamori,N.Loan Officers and Relationship Lending[R].Working Paper,2006a.
[26]Uchida,H.,Udell,G.F.,and Yamori,N.SME Financing and the Choice of Lending Technology[R].RIETI Discussion Paper,2006b.
[27]Uchida,H.,Udell,G.F.,and Watanabe,W.Bank Size and Lending Relationship in Japan[J].The Japanese and International Economics,2008,22:242-267.
[28]Uchida,H.,Udell,G.F.,and Watanabe,W.Are Trade Creditors Relationship Lenders?[J].Japan and the World Economy,2013,25-26:24-38.
[34]Uzzi,B.Embeddedness in the Making of Financial Capital:How Social Relations and Networks Benefit Firms Seeking Financing[J].American Sociology Review,1999,64,:481-505.
[35]田志鹏,张欢.美国富国银行小微企业贷款经验及对我国的启示[J].甘肃金融,2012,(3).
[36]张晓玫,潘玲.我国银行业市场结构与中小企业关系型贷款[J].金融研究,2013,(6).
①金融组织结构是指大型与小型、国外与国内、国有与私有金融机构的市场份额与竞争条件,借贷基础是指这些金融机构运营所依赖的信息、法制、司法、破产、社会、税收和管制环境。
②贷款价值比的反周期性是,在繁荣(或衰退)时期贷款数量的增长(或减少)小于土地价值的增长(或减少)。
[2]Beck,T.,Demirguc-Kunt,A.,and Martinez Peria,M.S.Bank Financing for SMEs:Evidence Across Countries and Bank Ownership Types[J].Journal of Financial Services Research,2011,39:35-54.
[3]Berger,A.N.,and Black,L.K.Bank Size,Lending Technologies and Small Business Finance[J].Journal of Banking and Finance,2011,35:724-735.
[4]Berger,A.N.,Rosen,R.J.,and Udell,G.F.Does Market Size Structure Affect Competition?The Case ofSmall Business Lending[J].Journal of Banking and Finance,2007,31:11-33.
[5]Berger,A.N.,and Udell,G.F.A More Complete Conceptual Framework for SME Finance[J].Journal of Banking and Finance,2006,30:2945-2966.
[6]Bharath,S.,Dahiya,S.,Saunders,A.,and Srinivasan,A.So What Do I Get?The Bank’s View of Lending Relationships[J].Journal of Financial Economics,2007,85:368-419.
[7]Bonfim,D.,and Dai,Qinglei.Bank Size and Lending Specialization[R].Working Paper,2011.
[8]Boot,A.W.A.Relationship Banking:What Do We Know?[J]Journal of Financial Intermediation,2000,9:7-25.
[9]Boot,A.W.A.,and Thakor,A.V.Can Relationship Banking Survive Competition?[J].The Journal of Finance,2000,55:679-713.
[10]Brevoort,K.P.,and Hannan,T.H.Commercial Lending and Distance:Evidence from Community Reinvestment Act Data[J].Journal of Money,Credit and Banking,2006,38:1991-2012.
[11]Chava,S.,Oettl,A.,Subramanian,A.,and Subramanian,K.V.Banking Deregulation and Innovation[J].Journal of Financial Economics,2013,109:759-774.
[12]De la Torre,A.,Martinez Peria,M.S.,and Schmukler,S.L.Bank Involvement with SMEs:Beyond Relationship Lending[J].Journal of Banking and Finance,2010,34:2280-2293.
[13]Degryse,H.,and Ongena,S.Distance,Lending Relationships,and Competition[J].The Journal of Finance,2005,60:231-266.
[14]Delgado,J.,Salas,V.,and Saurina,J.Joint Size and Ownership Specialization in Bank Lending[J].Journal of Economics and Business,2007,31:3563-3583.
[15]Dybvig,P.,Shan,S.C.,and Tang,D.Y.Does Informal Finance Help Formal Finance-Evidence from Third Party Loan Guarantees in China[R].Working Paper,2011.
[16]Gan,J.Collateral,Debt Capacity,and Corporate Investment:Evidence from A Natural Experiment[J].Journal of Financial Economics,2007,85:709-734.
[17]Giannetti,C.Relationship Lending and Firm Innovativeness[J].Journal of Empirical Finance,2012,19:762-781.
[18]Jimenez,G.,Salas,V.,and Saurina,J.Organizational Distance and Use of Collateral for Business Loans[J].Journal of Banking and Finance,2009,33:234-243.
[19]Kano,M.,Uchida,H.,Udell,G.F.,and Watanabe,W.Information Verifiability,Bank Organization,Bank Competition and Bank-borrower Relationships[J].Journal of Banking and Finance,2011,35:935-954.
[20]Martinelli,C.Small Firms,Borrowing Constraints,and Reputation[J].Journal of Economic Behavior&Organization,1997,33:91-105.
[21]Navajas,S.,Conning,J.,and Gonzalez-Vega,C.Lending Technologies,Competition and Consolidation in the Market for Microfinance in Bolivia[J].Journal of International Development,2003,15:747-770.
[22]Ono,A.,Uchida,H.,Udell,G.F.,and Uesugi,I.A Close Look at Loan-To-Value Ratios:Evidence from the Japanese Real Estate Market[R].Working Paper,2013.
[23]Petersen,M.A.,and Rajan,G.G.The Effect of Credit Market Competition on Lending Relationships[J].The Quarterly Journal of Economics,1995,110:407-443.
[24]Uchida,H.,What Do Banks Evaluate When They Screen Borrowers-Soft Information,Hard Information and Collateral[J].Journal of Financial Services Research,2011,40:29-48.
[25]Uchida,H.,Udell,G.F.,and Yamori,N.Loan Officers and Relationship Lending[R].Working Paper,2006a.
[26]Uchida,H.,Udell,G.F.,and Yamori,N.SME Financing and the Choice of Lending Technology[R].RIETI Discussion Paper,2006b.
[27]Uchida,H.,Udell,G.F.,and Watanabe,W.Bank Size and Lending Relationship in Japan[J].The Japanese and International Economics,2008,22:242-267.
[28]Uchida,H.,Udell,G.F.,and Watanabe,W.Are Trade Creditors Relationship Lenders?[J].Japan and the World Economy,2013,25-26:24-38.
[34]Uzzi,B.Embeddedness in the Making of Financial Capital:How Social Relations and Networks Benefit Firms Seeking Financing[J].American Sociology Review,1999,64,:481-505.
[35]田志鹏,张欢.美国富国银行小微企业贷款经验及对我国的启示[J].甘肃金融,2012,(3).
[36]张晓玫,潘玲.我国银行业市场结构与中小企业关系型贷款[J].金融研究,2013,(6).
①金融组织结构是指大型与小型、国外与国内、国有与私有金融机构的市场份额与竞争条件,借贷基础是指这些金融机构运营所依赖的信息、法制、司法、破产、社会、税收和管制环境。
②贷款价值比的反周期性是,在繁荣(或衰退)时期贷款数量的增长(或减少)小于土地价值的增长(或减少)。
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徐晓萍, 敬静, 张顺晨. 中小企业融资理论新范式:借贷技术述评[J]. 上海财经大学学报, 2013, 15(6): 63–71.
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