世界经济 ›› 2020, Vol. 43 ›› Issue (7): 170-192.

• • 上一篇    

自然人保证担保是否降低了小微企业融资成本与违约风险

冯晓菲, 张琳   

  1. 西南财经大学中国金融研究中心 四川省成都市温江区柳台大道555号 611130
  • 出版日期:2020-07-10 发布日期:2020-07-17
  • 通讯作者: 张琳(通讯作者),电子信箱:zhanglin29@swufe.edu.cn E-mail:zhanglin29@swufe.edu.cn
  • 作者简介:冯晓菲,电子信箱:281416244@qq.com
  • 基金资助:
    国家社会科学基金重点项目(17AJY029)和中央高校基本科研业务费(JBK2001063)的资助。

Do Personal Guarantees Reduce the Cost and Risk of Defaulting on SMEs Loans?

Feng Xiaofei, Zhang Lin   

  • Online:2020-07-10 Published:2020-07-17

摘要: 本文基于2006-2016年某城市商业银行小微企业微观贷款数据,分别从事前和事后研究了自然人保证担保对小微企业贷款成本和违约风险的影响。结果表明,保证人增信在一定程度上缓解了小微企业融资贵的难题。自然人保证担保虽然会加剧信贷市场逆向选择,提高小微企业的事前违约风险,但却能缓解贷后道德风险,降低事后违约可能性。此外,在分析自然人联合保证与增加质押贷款方式是否可以改善单一保证在控制小微企业贷款违约风险上的不足后,我们发现与单一保证相比,联合保证无论事前还是事后均能更好控制小微企业贷款违约风险;而增加质押虽可降低小微企业贷款事前违约风险,但存在增加事后违约的可能。

关键词: 保证担保, 自然人保证, 小微企业贷款, 违约风险

Abstract: From the perspective of pre-lending screening and post-loan supervision, this paper uses data from loans to small and medium-sized enterprises (SMEs) by a commercial city bank between 2006 and 2016 to empirically analyse the effect of natural person guarantees (NPGs) on the cost and risk of defaulting on SMEs loans. The study shows that, to some extent, the guarantor credit enhancement role alleviates the problem of the high cost of financing SMEs. With regard to the risk of defaulting on loans, NPGs intensify adverse selection in credit markets and then increase ex-ante risk assessment of SMEs, but provide relief to moral hazard and reduce the possibility of ex-post default. The paper further examines whether the natural person joint guarantee and the increased pledged loan method can improve the deficiency of a single guarantee when controlling the risk of defaulting on SMEs loans. The findings indicate that the former may be useful in controlling the risk of default before or after the loan issuance, while the latter reduces its ex-ante, but increases its ex-post, default likelihood.

Key words: guarantee, natural person guarantees (NPGs), loans to SMEs, risk of defaulting