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Among the issues raised by consolidation within the banking industry is a concern that small businesses will be less able
to obtain credit as community banks are acquired by larger or non-local institutions. Community banks have traditionally been
a major source of funding for small businesses. The impact of bank consolidation on credit availability may depend in part
on whether the remaining community institutions expand their small business lending activities. This study examines whether
credit unions have a propensity to extend business loans in markets that have experienced bank merger and acquisition activity.
We find some evidence that credit unions are more likely to engage in business lending in markets characterized by greater
bank merger and acquisition activity. Moreover, the estimated economic significance is meaningful in many of the specifications.
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Kenneth J. RobinsonEmail: |
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Relationship Lending, Accounting Disclosure, and Credit Availability during the Asian Financial Crisis 总被引:2,自引:0,他引:2
We examine whether lending relationships benefit firms by making credit more available during periods of financial stress. Our main finding is that during the Asian financial crisis of July 1997 through the end of 1998, relationship lending increased the likelihood that Korean and Thai firms would obtain credit but it had no effect on Indonesian and Philippine firms. We ask if accounting disclosure might explain the observed differences among the three countries for which audit information is available. We find that for Indonesian firms with weak lending relationships, banks replace relationship lending technology with a financial-statement lending technology. Such a result does not hold for Korean and Philippine firms. 相似文献
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近年来,我国网络借贷交易规模和平台数量快速发展,但也存在一些问题,如网络借贷机构难以得到传统银行同等待遇,网络信贷征信机构之间数据难以共享,网络借贷征信机构数据积累过少. 为促进网络借贷行业健康发展,需要提升央行征信中心个人征信系统等对网络信贷平台的服务能力,积极推动互联网征信机构与央行征信中心个人征信系统的数据共享,加大征信产品开发力度,为互联网征信的发展提供法律保障. 相似文献
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Mortgage insurance does insure lenders against most ordinary default: that default induced by price movements in the overall housing market. However, private mortgage insurance typically excludes coverage of the truly catastrophic default resulting from such acts of God as fire, floods, earthquakes, and hurricanes, increasingly familiar in the United States in recent years. Often, these events affect a substantial portion of the houses within a particular neighborhood or region; and if disaster insurance or government aid is inadequate or nonexistent, the default is likely to occur, putting the credit institution at risk. This paper uses a two-state option model with an added jump process that accounts for the possibility and severity of a catastrophe. The paper then uses that information to determine the credit risk to a lender. In addition, this article goes beyond the standard market valuations typical of an option model in reporting the distribution of events that average up to the market cost of the lenders liability. This involves doing probability calculations not present in the usual valuation determinations of option pricing. The point of this article is that the option-pricing methodology provides the means for calculating such probability distributions, thus improving credit risk evaluations for the lender. 相似文献
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Journal of Financial Services Research - We find that firms usually obtain larger credit lines if their executives have common past employers or past board memberships with lenders. The effect not... 相似文献
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偏低定价、贷款放宽与房地产价格——基于PW模型的中美比较及启示 总被引:6,自引:0,他引:6
Xiao Benhua 《国际金融研究》2008,(5)
Pavlov and Wachter(2004,2006)从市场竞争的角度发现住房信贷偏低定价是推动信贷过度扩张从而导致房地产价格膨胀的一个重要原因。本文认为流动性过剩将加剧这种现象,同时贷款放宽也是推动信贷过度扩张导致房地产价格上涨的重要原因。近年来在流动性过剩下中美两国住房信贷市场都出现了偏低定价和贷款放宽现象,其表现和产生的原因具有共性和个性。在中美比较的基础上,本文提出了对我国的几点启示。 相似文献
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CEM DEMIROGLU CHRISTOPHER JAMES ATAY KIZILASLAN 《Journal of Money, Credit and Banking》2012,44(6):1063-1089
This paper examines how changes in bank lending standards are related to the availability of bank lines of credit for private and comparable public firms. Overall, we find that access to lines of credit is more contingent on bank lending standards for private than for public firms. The impact of bank lending standards is however asymmetric: while private firms are less likely than public firms to gain access to new lines when credit market conditions are tight, we find no difference between public and private firms in terms of their use or retention of pre‐existing lines. We also find that private firms without lines of credit use more trade credit when bank lending standards are tight, which is suggestive of a supply effect. Overall, the evidence suggests that “credit crunches” are likely to have a disproportionate impact on private firms. However, pre‐existing banking relationships appear to mitigate the impact of these contractions on private firms. 相似文献
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This paper compares the optimal lending decisions of financial intermediaries that differ in their risk exposure. All intermediaries are assumed to face a loan demand described by a random applicant arrival process with each applicant offering a unique risk-adjusted rate of return; loan demand is therefore uncertain in both quantity and quality. The intermediaries differ in terms of their risk exposure because of disparate funding practices. Intermediaries functioning as brokers minimize their exposure by borrowing funds only as demand is realized, whereas those behaving as asset-transformers borrow in advance of realizing loan demand, thereby maintaining a loanable funds inventory and sustaining the related exposure. The optimal sequential lending policy is shown to involve setting a credit standard that becomes stricter with the length of the intermediary's planning horizon and the volume of loans outstanding. Most importantly, it is shown that brokers adopt stricter credit standards than asset-transformers and therby reduce their volume of lending. 相似文献
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《金融监管研究》2013,(1)
融资和融资绩效,是决定众多中小企业命运的关键。中小企业为我国社会经济发展做出了重大贡献,但其获得的融资却与做出的贡献不成正比。在目前以银行为主导的金融体系架构中,中小企业融资主要以银行信贷为主,因此,银行信贷的可得性、数量及获得贷款的成本在很大程度上影响着中小企业的融资绩效。鉴于目前中小企业管理不规范、财务数据不透明和抵押物不足等现状,关系型信贷技术被认为是改善中小企业融资现状的有效途径。本文通过熵权、因子和多元回归等分析方法,对中小企业融资绩效进行了研究。在此基础上分析了关系型信贷技术对中小企业融资绩效的影响,并提出了相关政策建议,以期促进银企之间相互合作,提高中小企业融资绩效。 相似文献
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Journal of Financial Services Research - Using a model of a competitive credit market, we study a firm’s choice between financing a production project using a transaction loan and a... 相似文献
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民间借贷中介机构是一种非正规的金融中介机构,是对正规金融机构的有效补充,一方面满足中小企业和个人的小额信贷需求,另一方面为社会的闲散资金拓宽了投资渠道,在"喊渴"的资金需求者和找不到出路的民间资本之间建立起有效的桥梁.同时,民间借贷中介机构的出现使游离于法律边缘的民间借贷活动有了相对规范的依据和标准,对借贷双方的权利和义务提供了一定的保障,一定程度上使民间融资合法化.但是近期,民间借贷中介机构经营中主动收缩业务量,惜贷情绪明显,建议从中介机构和小微企业两方面着手,引导其更好发挥民间借贷市场的作用. 相似文献
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This paper analyzes the structure of loan commitment contracts and the interrelationships among their component parameters. Lenders offer borrowers a set of loan “packages,” from which the latter may choose that “package” found to be most appealing. Borrowers may “trade off” changes in any loan parameter in exchange for other adjustments. The borrower, at this time, may “purchase” a larger credit ration for a price. Supporting empirical evidence is presented. 相似文献
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Leonardo Gambacorta 《新兴市场金融与贸易》2016,52(1):70-75
In this article, I try to answer three questions: (1) How do relationship lending and transaction lending vary over the cycle? (2) How do economic systems that are more “bank oriented” perform compared to “market-oriented” systems? (3) What are the consequences on relationship banking of the recent structural bank regulation reforms adopted to separate specific investment and commercial banking activities? Building on some recent evidence, the main conclusions are as follows: (1) Relationship banks protect their clients in normal downturns; (2) when recessions coincide with a financial crisis, countries that rely relatively more on bank financing tend to be more severely hit; (3) the effects of structural bank regulation initiatives on relationship banking are uncertain. 相似文献
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我国中小企业信贷风险识别因子的有效性分析——基于北京地区中小企业的信贷数据 总被引:3,自引:0,他引:3
中小企业在世界多国经济发展中占有举足轻重的地位,逐步成为商业银行主要的信贷对象,巴塞尔资本协议Ⅱ(BaselⅡ)由此对中小企业作出了重要性规定,以提高银行对中小企业客户信贷风险管理的重视。鉴于我国中小企业信贷数据缺失和质量较差的现状,本文以北京地区中小企业信贷数据为基础,利用二项逻辑回归(binary logistic)分析,比较定量数据和定性数据在我国中小企业信用风险识别中的重要性,并探求我国中小企业信用风险判别中较为重要的变量。本文的结论也将对与中国具有相似中小企业信贷现状的发展中国家具有一定程度的借鉴意义。 相似文献
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This article presents a model for valuing claims subject to default by both contracting parties, such as swaps and forwards. With counterparties of different default risk, the promised cash flows of a swap are discounted by a switching discount rate that, at any given state and time, is equal to the discount rate of the counterparty for whom the swap is currently out of the money (that is, a liability). The impact of credit-risk asymmetry and of netting is presented through both theory and numerical examples, which include interest rate and currency swaps. 相似文献