中小企业贷款利率偏高的理论解释与经验证据

现有贷款定价理论一般认为商业银行应该对中小企业贷款实行高定价以实现当期收益最大化，却对中小企业后续业务价值缺乏考虑。本文认为后续业务价值可以用期权收益表示，进而利用期权定价方法构建了同时考虑当期收益和期权收益的贷款定价模型，并以广东省某股份制商业银行2011年中小企业贷款数据为基础进行了实证应用与比较。分析结果表明，当前市场条件下商业银行没有综合考虑中小企业贷款后期权风险与价值的合理匹配，商业银行对中小企业短期贷款利率水平偏高，而长期贷款又过度集中于传统行业并有定价偏低迹象。总体而言，商业银行高估了中小企业短期贷款风险制定了较高贷款利率，这可能超过了中小企业融资负担承受能力，并进一步阻碍中小企业发展壮大与商业银行后续业务拓展。

Theorecital Explanation and Empirical Evidence of Financing Constraints of the SMEs in China and its Higher Loan Rates

The existing loan pricing theories holds that commercial bank should makes high loan rates to SMEs for realizing the current profit maximization, but it lacks the consideration of value of SMEs＇ subsequent business. Our paper argues that the value can be measured by options earning and constructs a loan pricing model considering both current profit and options earning for SMEs by using option pricing method. Then we apply the model and compare it with the practical conditions based on the data of loans in a certain joint - equity commercial bank of Guangdong Province in 2011. Our empirical result shows that commercial banks don＇ t comprehensively consider a reasonable match between option value and risks for SMEs＇ loans. Therefore, the short -term lending rates are too high for SMEs, but the long - term loans focus on traditional industry and give signs of under pricing. In conclusion, commercial bank overestimates the short - term loans＇ risks for SMEs and makes higher loan rates, which is likely to hinder SMEs＇ growth and obstructs its expansion of financial business for SMEs.