|
|
|
| Asymmetric Information and Risk Mitigation for SMEs |
| QIAN Long
|
| School of Finance, SWUFE; Nanjing Branch of PBC |
|
|
|
|
Abstract Using a sample of 432564 lending transaction data in a Province of China during 2009~2014, this paper studies how the relationship lending and bank competition affect credit risk for SMEs on the condition of asymmetric information. We find the relationship lending has positive impact on the credit risk for SMEs, but the bank competition has negative impact. However, when the heterogeneity of SMEs is considered, the effect of relationship lending and bank competition on credit risk is different. From the influence of channel, the relationship lending could alleviate the adverse selection, but lead to hold-up problem and ultimately increase the credit risk for SMEs. The bank competition could relieve the hold up problem, reduce the loan cost and ultimately mitigate the credit risk for SMEs. It is important to improve competition mechanism and strengthen loan management in order to reduce the credit risk for SMEs.
|
|
Received: 06 May 2015
Published: 19 April 2018
|
|
|
|
|
| [1] |
何韧、刘兵勇和王婧婧,2012,《银企关系、制度环境与中小微企业信贷可得性》,《金融研究》第11期,第103~115页。<br />
|
| [2] |
钱龙、张芬和任彦祥,2012,《金融发展影响城乡收入差距的机制研究》,《金融监管研究》第1期,第50~63页。<br />
|
| [3] |
孙会霞、陈金明和陈运森,2013,《银行信贷配置、信用风险定价与企业融资效率》,《金融研究》第11期,第55~67页。<br />
|
| [4] |
尹志超、钱龙和吴雨,2015,《银企关系、银行业竞争与中小企业借贷成本》,《金融研究》第1期,第134~149页。<br />
|
| [5] |
张健华和王鹏,2012,《银行风险、贷款规模与法律保护水平》,《经济研究》第5期,第18~30页。<br />
|
| [6] |
Agostino, M., F.Gagliardi, and F.Trivieri.2012.“Bank Competition, Lending Relationships and Firm Default Risk: An Investigation of Italian SMEs”, <i>International Small Business Journal, 30(8): 907~943.<br />
|
|
</i>[7]Allen, F., and D.Gale.2001.Comparing Financial Systems, MIT Press.<br />
|
| [8] |
Bannier, C.E.2007.“Heterogeneous Multiple Bank Financing: Does It Reduce Inefficient Credit-renegotiation Incidences?” <i>Financial Markets and Portfolio Management, 21(4): 445~470.<br />
|
|
</i>[9]Behr, P., A.Entzian, and A.Güttler.2011.“How Do Lending Relationships Affect Access to Credit and Loan Conditions in Microlending?” <i>Journal of Banking & Finance, 35(8): 2169~2178.<br />
|
|
</i>[10]Boot, A.2000.“Relationship Banking: What do We Know?” <i>Journal of Financial Intermediation, 9(1): 7~25.<br />
|
|
</i>[11]Boot,A.W.A.,and A.V.Thakor.2000.“Can Relationship Banking Survive Competition?”<i>Journal of Finance,55(2):679~713.<br />
|
|
</i>[12]Bris, A., and I. Welch.2005.“The Optimal Concentration of Creditors”, <i>The Journal of Finance, 60(5): 2193~2212.<br />
|
|
</i>[13]Carbó Valverde, S., D.B. Humphrey, and F. Rodríguez Fernández.2003.“Deregulation, Bank Competition and Regional Growth”, <i>Regional Studies, 37(3): 227~237.<br />
|
|
</i>[14]Carmignani, A., and M. Omiccioli.2007.“Costs and Benefits of Creditor Concentration: An Empirical Approach”, Bank of Italy Temi di Discussione Working Paper, No. 645.<br />
|
| [15] |
De Nicolò,G.,and E.Loukoianova.2007.“Bank Ownership,Market Structure and Risk”,IMF Working Paper,No.215.<br />
|
| [16] |
Dewatripont, M., and E.Maskin.1995.“Credit and Efficiency in Centralized and Decentralized Economies”, <i>Review of Economic Studies, 62(4): 541~555.<br />
|
|
</i>[17]Ger l, A., and P.Jakubík.2010.“Relationship Lending, Firms’ Behaviour and Credit Risk: Evidence from the Czech Republic”, IES Working Paper, No.22.<br />
|
| [18] |
Jiménez, G., J.A.Lopez, and J.Saurina.2013.“How does Competition Impact Bank Risk-taking?” <i>Journal of Financial Stability, 9(2): 185~195.<br />
|
|
</i>[19]Kano, M., H.Uchida, G.F.Udell, and W.Watanabe.2011.“Information Verifiability, Bank Organization, Bank Competition and Bank-borrower Relationships”, <i>Journal of Banking and Finance, 35(4): 935~954.<br />
|
|
</i>[20]Rajan, R.G.1992.“Insiders and Outsiders: The Choice Between Informed and Arm’s-length Debt”, <i>The Journal of Finance, 47(4): 1367~1399.<br />
|
|
</i>[21]Repullo, R.2004.“Capital Requirements, Market Power, and Risk-taking in Banking”, <i>Journal of Financial Intermediation, 13(2): 156~182.<br />
|
|
</i>[22]Von Thadden, E.L.2004.“Asymmetric Information, Bank Lending and Implicit Contracts: the Winner’s Curse”, <i>Finance Research Letters, 1(1): 11~23.</i>
|
|
|
|
