Life-cycle effects in small business finance

This paper studies the life-cycle profiles of small firms’ cost and use of credit using a panel of Finnish firms. The choice of method matters for the conclusions drawn about the relationship between firm age and financing costs; the cross-sectional age profiles of financing costs are hump-shaped and consistent with hold-up theories, whereas methods that control for cohort fixed effects demonstrate that the financing costs decrease monotonically as the firms mature. The life-cycle profiles of the use of credit also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Furthermore, the cohorts born during recessions pay higher financing costs and use smaller amounts of bank loans, even after their creditworthiness is controlled for. The recession cohort effect appears to be more related to the experience of starting-up the firm in the recession than to the CEOs growing up in a recession during their early adulthood.     

Bank size, lending technologies, and small business finance

Under the current paradigm in small business lending research, large banks tend to specialize in lending to relatively large, informationally transparent firms using “hard” information, while small banks have advantages in lending to smaller, less transparent firms using “soft” information. We go beyond this paradigm to analyze the comparative advantages of large and small banks in specific lending technologies. Our analysis begins with the identification of fixed-asset lending technologies used to make small business loans. Our results suggest that large banks do not have equal advantages in all of these hard lending technologies and these advantages are not all increasing monotonically in firm size, contrary to the predictions of the current paradigm. We also analyze lines of credit without fixed-asset collateral to focus on relationship lending. We confirm that small banks have a comparative advantage in relationship lending, but this appears to be strongest for lending to the largest firms.     

Taxpayer resistance,guarantee uncertainty,and housing finance subsidies

In the absence of external guarantees, a private firm's debt trades in the market at rates reflective of its private default risk. Not all firms go it alone, however. There are entities, government-sponsored enterprises (GSEs), whose debt obligations enjoy federal guarantees. Federal guarantees affect housing finance indirectly in that they tend to enhance the creditworthiness of the debt obligations of the housing intermediary which lessens the debtholder's exposure to default. The market investor then becomes a willing buyer of GSE debt at a lower (subsidized) rate as a result of the government guarantee.Due to the fact that the subsidy rests on the presumption that the GSE debt will be bailed out by the government it can be seen that the subsidy in turn rests upon the presumption by the GSE debtholder that the taxpayers will honor the guarantee in the event of a GSE default. Hence, government subsidies to the housing intermediaries rest not on ongoing government outlays but rather on the confidence that the taxpayers will be willing, if called upon, to cover GSE losses, i.e., the confidence of a bailout.This article analyzes the effects on the GSE subsidy and on the taxpayer, if the debt markets charge for bailout risk. Bailout risk pricing is an economic event. When debtholders seek to protect themselves by pricing for bailout risk, this increases GSE borrowing costs and cuts into both GSE borrowers' subsidies and stockholder earnings. Higher borrowing costs leave the GSE in a weakened condition and increase the ex ante bailout cost to the taxpayer. When bailout risk premiums become priced by the market, it substantially lessens the government's ability to subsidize housing finance or other GSE activities.     

美国商业性担保机构运作经验及启示

美国信用担保体系大体可分为两部分:政策性担保机构和商业性担保机构。政策性担保机构是指由政府出资设立的,主要服务对象为中小企业。目前美国的政策性担保机构是美国小企业管理局。商业性担保机构是指没有政府背景、也无特定服务对象,以营利为首要目标的担保机构。本文主要目的在于对美国商业性担保机构的运作情况进行分析,从而对中国担保业的发展提供借鉴。     

互联网金融发展与商业银行应对策略

目前,以第三方支付、P2P网贷平台、互联网理财和电商金融为代表的互联网金融发展方兴未艾,呈现巨大的发展活力。文章分类介绍了这些互联网金融业态的发展现状,分析了互联网金融快速发展给商业银行带来的有利和不利影响,指出商业银行应顺应互联网金融的发展趋势,从自身的比较优势及业务特点出发,积极涉足互联网金融业务,实现后发优势。     

商业银行的贸易融资业务

贸易融资,是指在商品交易中,银行对进出口商提供的,与进出口贸易结算相关的,基于商品交易中的存货、预付款、应收账款等资产的短期融资或信用便利,是企业在贸易过程中运用各种贸易手段和金融工具增加现金流量的融资方式.随着对外贸易的迅速发展,进出口企业对于贸易融资的需求急剧扩大,贸易融资也为推动中国外贸增长提供了强有力的资金支持,再度成为市场热点.有关贸易融资的新产品、新理念层出不穷,各家银行纷纷将贸易融资作为优先发展的业务.     

创新是民营担保机构的惟一选择

中小企业作为中国经济发展、市场繁荣和扩大就业的重要基础.以其灵活的运行机制和市场适应能力已成为中国经济体制转变的重要推动力量。联合担保公司(以下简称我公司)作为业内起步较早的民营担保公司之一.多年的悉心经营和不断探索让我们意识到,惟有"创新"才是解     

Risk sharing,finance, and institutions in international portfolios

We develop a standard model to show how transaction costs in international investment affect conventional tests of consumption risk sharing, both in a multilateral and a bilateral setting. We implement the tests in a novel international data set on bilateral holdings of equity, bonds, foreign direct investment (FDI) and bank loans. In our data, high foreign capital holdings are associated with international consumption risk sharing as implied by our theory. This is especially true of investment in equity or bonds, but not of foreign direct investment or bank loans. In our model, the implication is that transaction costs are higher for FDI and international loans. The discrepancy could reflect technological differences, but also the prospect of expropriation, perhaps most stringent for FDI or loans. We argue that expropriation risk is endogenous to both the borrower's institutions and its openness to international markets. The detrimental impact of poor institutions is muted in open economies, where the possibility of subsequent exclusion from world markets deters expropriation of foreign capital. We show the implied effects of institutions prevail in both the cross-section of consumption risk sharing and in observed international investment patterns.     

银行与担保机构业务合作操作风险研究

解决银行与中小企业间信息不匹配,帮助中小企业达到银行融资条件,有效分担银行风险,是银行与担保机构业务合作的主要目的,但在合作中,也出现了银行对融资担保公司的准入和筛选标准不规范、银行内部未针对担保公司合作业务制定完整和明确的业务操作规范、经办行的操作风险等问题。笔者提出加强担保公司的业务合作准入标准及银行内部与担保公司业务的合作规范等建议,是规避业务合作中的操作风险的重要途径。     

Capital markets,financial institutions,and corporate finance in China

This paper provides a modern overview of capital markets, financial institutions, and corporate finance in China. In our discussions, we highlight and describe what is unique to China. We also describe how papers in the Special Issue advance our understanding of financial markets, institutions, and corporate finance in China and in general.     

我国商业银行对公房地产金融业务发展策略研究

当前形势下,我国商业银行对公房地产金融业务应以科学发展观为统领,以贯彻调控政策与顺应市场形势相协调发展为主线,加大结构调整,加快产品创新,促进业务稳健发展。作者全面阐述了商业银行在这方面的发展策略。     

Mutual fund flows and fluctuations in credit and business cycles

Several measures of credit-market booms are known to precede downturns in real economic activity. We offer an early indicator for all known measures of credit booms. Our measure is based on intra-family flow shifts towards high-yield bond mutual funds. It predicts indicators such as growth in financial intermediary balance sheets, increase in shares of high-yield bond issuers, and downturns of various measures of credit spreads. It also directly predicts the business cycle by positively predicting GDP growth and negatively predicting unemployment. Our results provide support for the investor demand-based narrative of credit cycles and can be useful for policymakers.     

Australian evidence on student expectations and perceptions of introductory business finance

This study examines the differences in perceptions and expectations between students at the Caulfield and Peninsula campuses of Monash University with different entrance criteria and degree availability to determine whether two different introductory finance subjects should be offered rather than one. Results reported in this study suggest that students at the Caulfield campus are interested in studying a challenging introductory finance subject, whereas students at the Peninsula campus perceived that introductory finance is ‘difficult’. Capital structure and cost of capital topics are statistically significantly ranked higher by Caulfield students than Peninsula students. The results reported in this study revealed that two different introductory finance subjects would be more effective. The core subject at the finance major campus (Caulfield) follows a traditional structure with more emphasis on finance theory, whereas the new subject at the non‐finance campus (Peninsula) places greater emphasis on applications.     

Selecting a small business computer

In this age of information, growing businesses have the opportunity at a very early stage to computerize their operations. Today's entrepreneurs must choose what computer services to buy amid a bewildering variety of products and programs, each proclaimed, brassily, as the best, the latest, or the next generation. In this article, the author advises entrepreneurs and managers to make sure that the computer can handle everyday demands. He counsels that good software, service, and support are more important than the latest hardware.     

电商为翼,金融为体,商融结合赋能实体经济

2014年以来,伴随着互联网化、数字化社会变革进程的加快,工商银行全面推进e-ICBC战略,实现了从1.0、2.0到3.0的跨越式升级,初步打造出“技术驱动、服务协同、场景链接、生态融合”的线上金融服务生态。作为e-ICBC战略的重要落地载体之一,融e购电商平台于2014年正式推出,秉持“名商、名品、名店”策略定位,坚持“遵循电商规律、发挥金融优势、体现银行特色”的发展原则和“以商促融、以融引商”的发展方式,创新提出“打造专业平台,提供特色服务”的建设理念。     

Rethinking the central institutions of modern society: science and business

A significant part of this issue of Futures is given over to the following presentation by Willis Harman, and a series of responses from prominent futurists—a colloquium, if you like. Harman's paper, written prior to the UN Conference on Environment and Development (UNCED) in June 1992, develops further his argument, made in Global Mind Change and other works. Harman argues that the origins of our current problems lie in the belief system supporting our economic structure. The symptoms will only be healed if our worldview changes. All six respondents find merit in Harman's paper, although not all accept his diagnosis or recommendations.     

加拿大小额借款人的融资现状

本文考察了行业集中度和保护程度较高的加拿大银行业，中小企业的商业融资和居民（尤其是非优级贷款人）住房融资的情况。结论是中小企业的融资渠道相当充分，但大银行的垄断地位及其对风险的低容忍度，致使高风险项目的融资状况堪忧。风险投资所存在的问题（与大量的、拥有税收优惠政策的工会基金有关），更恶化了那些创新型中小企业的融资窘境。虽然加拿大的住宅金融市场非常发达和复杂，但其次级贷款融资尚处于襁褓阶段，选一步开发（同时避免近年来美国市场的过度发展）将对该市场大有裨益。尽管近来出现了一些创新产品，对加拿大人而言，住房融资的选择仍然非常有限，甚至五年以上的按揭贷款都非常少见。加快证券化将有利于中小企业的商业融资和居民住房融资这两个市场的发展。     

The business of sport and the sport of business: A review of the compensation literature in finance and sports

This paper provides a review of literature measuring the value of human capital in the sports markets and the field of corporate finance. We discuss the seminal literature in both fields. We then compare and contrast these two fields of research and show that many studies in both fields have found similar relationships for compensation. However, the link between compensation and performance is strongest in the sports literature. Our goal is to link these two fields of research so as to better understand compensation and performance and thus, further our understanding of the best compensation practices to use in business.