如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角

How to Reduce the Banks' Collateral Requirements for Small and Micro Enterprises Effectively-Based on the perspective of lending technology

在理论分析抵押物作用机制的基础上,实证研究能够有效替代抵押物的贷款技术,并进一步分析某些贷款技术难以发挥替代作用的可能原因,以降低银行对小微企业抵押物要求,从而缓解小微企业信贷配给。研究结论表明:抵押率与借款企业违约风险显著负相关,抵押物作用机制中客户选择效应占主导地位;关系型和担保型贷款技术可以显著降低银行对抵押物要求,而财务报表型和信用评级型贷款技术对抵押物的替代效应十分微弱;随着金融基础设施的完善,信用评级型贷款技术对抵押物的替代效应逐渐显现,但财务报表即使经过审计亦难以对抵押物形成有效替代。在此基础上,提出了完善金融基础设施、提高贷款技术事前甄别能力的政策建议。

Based on the theoretical analysis on collateral mechanism, this paper empirically researches the lending technologies which can effectively replace the collateral and further analyzes the reasons why it is difficult for certain lending technologies to be alternatives which can reduce the banks＇ collateral requirements for and ease the credit rationing of small and micro enterprises. The result of the study indicates that the collateral and the borrower default risk have a significant negative correlation; customer selection effect dominates the collateral mechanism; relationship lending technologies and guarantee lending technologies can significantly reduce the bank＇ s collateral requirements. Meanwhile, it also shows that the substitution effects of financial statements and credit rating technology are quite weak. With the improvement of financial infrastructure, the substitution effect of credit rating technology is gradually emerging, but it would be difficult for the financial statements to substitute collateral even if they are audited. On the basis of the above, we suggest improving the financial infrastructure and the capability of risk assessment for the lending technologies.