风险态度、合作行为与联保贷款契约:一个实验研究

本文应用实验室实验方法,研究了在不同贷款契约情况下,借款人风险态度等因素对合作水平(努力程度)的影响。研究发现:(1)联保贷款契约下参与者的努力水平之间存在正相关关系,且其努力水平显著高于个人责任契约下参与者的努力水平。说明联保贷款契约参与者存在较高的有条件合作行为;(2)在联保贷款契约下,风险喜好参与者的努力水平显著高于风险规避参与者。说明联保贷款契约对风险喜好参与者具有显著激励作用;(3)风险规避参与者的努力水平随实验期数增加而下降的速度比风险喜好参与者更快,风险规避参与者对联保贷款契约合作水平有较大危害。我们提出:小额贷款机构应当为风险喜好借款人提供联保贷款契约,并且避免风险规避的借款人与风险喜好的借款人组成联保贷款小组。对风险喜好借款人组成的联保贷款小组,联保贷款契约的期限可以较长。

Risk Attitude,Cooperation Behavior and Joint Liability Loan Contracts:An Experimental Research

This study explores the effects of individuals’ risk attitudes on the cooperation among joint liability (JL) loan contracts through an experimental research method.The findings show that;firstly,individuals’ efforts in JL loan contracts are positively related,and the average level of their efforts is significantly higher than that in individual liability(IL) loan contracts,indicating that there is a higher conditional cooperation among JL loan contracts.Secondly,risk-loving individuals’ efforts among JL loan contracts are significantly higher than risk-averse individuals’,implying that risk-loving has a higher cooperation level than risk aversion.Thirdly,the effort of risk-averse individuals decreases much faster with the period of experiment than that of risk-loving individuals, suggesting that the risk -averse individuals may spoil the cooperation level in JL loan contracts.Taken as a whole,the authors finally suggest that micro-financial institutions should provide JL loan to risk-loving borrowers and avoid forming a JL group with borrowers having different risk attitudes,and the period of JL contracts united by risk-loving borrowers may be longer.