社会资本视角下中小企业信贷风险研究

Research on Credit Risk Evaluation of SMEs from the Perspective of Social Capital

现行的中小企业信贷风险评价体系主要以企业资本(即资产和财务状况)为核心进行风险计量,并辅之以人力资本(主要是经营者个人信用)进行评价。由于中小企业具有经营波动性和经营行为的不完全公开等特点,企业资本和人力资本的数据缺乏或失真,使得其信贷风险难以被传统风险评价体系有效和准确度量;加上融资规模偏小,金融机构针对中小企业的风险管理成本较高,从而导致中小企业融资需求长期得不到有效满足。随着中小企业互联网化经营模式普及和大数据技术发展,对其社会资本进行量化评价的基础数据条件逐渐完善,这为中小企业信贷风险评价体系的创新带来了新的可能。实证分析1 302家新三板上市企业研究发现,中小企业社会资本与其信贷风险存在相关性,通过社会资本评价方法能够判定中小企业信贷风险的级别。验证过程中以技术手段抓取企业真实公开信息,获取有效数据进行风险模型数据分析,从而提高风险评价的效率。研究表明社会资本风险评价模型可作为一种有效的创新模式纳入传统中小企业信贷风险模型中,建立企业综合资本评价体系,以提高中小企业风险评价的全面性及有效性。

The current credit risk assessment system for SMEs mainly focuses on corporate capital (asset and financial status),and is supplemented by human capital (mainly the individual credit of the operator).Due to the characteristics of business volatility and incomplete disclosure of business operations,the data of corporate capital and human capital are lacking or distorting,which makes it difficult for credit risk to be effectively and accurately measured by the current traditional risk assessment system;besides,due to the relatively small financing scale and high risk management costs for SMEs from financial institutions,the financing needs of SMEs are not effectively met for a long time.With the popularization of SMEs' Internet-based business model and the development of big data technology,the basic data conditions for quantitative evaluation of their social capital have been gradually improved,which brings new possibilities for the innovation of SMEs' credit risk evaluation system. The authors empirically analyze 1302 NEEQ (National Equities Exchange and Quotations) listed companies.The research finds that:there is relation between social capital and credit risk of SMEs;and the social capital evaluation method can measure the level of SMEs credit risk.In the verification process,they utilize the technical to capture the real public information of the enterprise to obtain effective data for risk model data analysis,thereby improving the efficiency of risk assessment.Finally,it is suggested that the social capital risk assessment model should be incorporated into the traditional SMEs' credit risk model as an effective innovation model,and an enterprise comprehensive capital evaluation system should be established to improve the comprehensiveness and effectiveness of SMEs risk assessment.