摘要
本文基于2004~2015年中国上市企业贷款数据,实证分析保证贷款在降低企业融资成本中的作用。研究发现:(1)保证贷款融资成本相对抵质押贷款较低,而企业特征并不能改变贷款利率对贷款类型的敏感性。(2)企业短期还款能力对保证贷款融资成本有显著的正向影响。可见,保证贷款低融资成本的背后隐藏着较大的风险隐患。因此,商业银行需加强担保人资质审查,在贷款定价时提升对企业特征的重视程度,在风控基础上有效降低实体经济运行成本。
Based on the loan data of Chinese listed companies during 2004-2015, this paper presents an empirical analysis of the effectiveness of the guaranteed loan to reduce the financing costs of the companies. It's found that:(1) compared with the mortgage loan and pledge loan, the financing costs of guaranteed loan are lower, and the characteristics of the companies can not change the sensitivity of loan interest rate to loan type;(2) the short-term repayment ability of the companies has a significant positive impact on the financing cost of guaranteeing loan, so the great risks exist in the low financing cost of guaranteeing loan. Therefore, the commercial banks need to strengthen the examination of the guarantor qualification, enhance the importance of the characteristics of companies in loan pricing, and effectively reduce the operating costs of the real economy based on the risk control.
作者
王晨宇
史小坤
WANG Chen-yu SHI Xiao-kun
出处
《金融论坛》
CSSCI
北大核心
2017年第10期41-52,共12页
Finance Forum
基金
国家级大学生创新创业训练计划项目(201610353014)
浙江省大学生科技创新活动计划(2016R408020)
国家社会科学基金一般项目(15BJY173)