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| Guarantee, Collateral and Loan Risk Mitigation Mechanisms: Evidence from Unlisted SMEs |
| ZHANG Xiaomei, SONG Zhuolin
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| School of Finance, Southwestern University of Finance and Economics |
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Abstract The paper, using 2010~2013 unlisted SMEs loan data of some large bank as samples, compares the differences between guarantee and collateral in terms of information asymmetry and risk mitigation from the ex-ante and ex-post aspects. We find that compared with those obtaining collateralized loans, enterprises which obtain loans with a third-party guarantee are characterized by high-risk, and they also have a high default risk after controlling for the enterprises’ risk. The findings indicate that third-party guarantee not only fails to ease information asymmetry, but also aggravates the adverse selection and moral hazard. Irrational "bank-guarantor" risk-sharing mechanisms as well as the lack of professionalism of the guarantor are the main causes of this phenomenon. We also find that bank relationship strengthens the banks’ information advantage, and so reduces banks’ use for guarantee.
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Received: 10 June 2015
Published: 01 January 1900
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