Bargaining power and information in SME lending

Small- and medium-sized enterprises (SMEs) are informationally opaque and bank dependent. In SME lending, banks largely rely on soft information, because the scale and scope of hard information are limited. We analyze whether and how hard and soft information affects the borrower??s bargaining power vis-à-vis its bank. We use the fact that, for a given credit rating, certain borrowers obtain better loan terms than others to define measures of relative bargaining power. Using SME loan data from the USA and Germany, we find that more favorable soft information (management skills and character) increases borrower bargaining power. We also show that more favorable soft than hard information improves borrower bargaining power. The results are not driven by manipulation or statistical limitations of the credit ratings. Our study suggests that soft information represents an important and direct determinant of borrower bargaining power, affecting the outcomes of the loan contracting process.     

Changes in the banking system and small business lending

Since small businesses typically rely on small banks as their primary source of financing, there are concerns that the wave of bank consolidation of the 1990s may have reduced the availability of loans to small businesses in the US. Using a panel of state-level banking information over 1993–2002, this paper shows that the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 reduced the number of small banks, but not the amount of small business lending. We also show that small banks are participating less in small business lending. These results imply that the bank-lending channel of the monetary transmission mechanism became less important in the US in the late 1990s as a result of more firms borrowing from large banks that are less sensitive to monetary shocks.     

The financing of the community after the Edinburgh European Council

At its Edinburgh meeting on 11th and 12th December 1992 the European Council came to a number of conclusions regarding the future financing of the Community. The following article examines the implications of the new financial perspective.     

SME Growth: The Relationship with Business Advice and External Collaboration

The paper presents multivariate analysis of the relationship of SME growth with the acquisition of external business advice, whilst controlling for the influence of SME characteristics of age, manufacturing/services, high technology, innovator, level of skill of the workforce, exporter and number of competitors. The relationship of external business advice with SME performance is statistically significant for only a small number of sources and fields. Obtaining external advice in fields such as business strategy and staff recruitment is associated with positive firm performance. The main positive relationships of advice and performance are dominated by private sector sources such as lawyers, suppliers, customers and business friends/relatives. Collaborative arrangements with suppliers nationally/internationally have a strong positive relationship with employment and turnover growth; collaboration with local suppliers has a strong positive relationship with growth in profitability. There is little evidence of statistically significant relationships between government-backed providers of business advice such as Business Link and firm performance. This revised version was published online in August 2006 with corrections to the Cover Date.     

完善我国财政投融资体系建设的思考

在现代市场经济运行条件下,财政投融资是政府干预经济、调节资金运行、解决"市场失灵"最有效的手段之一,建立健全一个完善的财政投融资体系对政府配置资源、加强宏观调控、促进经济更好、更快发展具有重要的作用.     

Regime-switching and interest rates in the European monetary system

This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows for a differently parameterized mean-reverting square-root process in each regime. We find that the volatility, the level, and the speed-of-adjustment are all higher in the regime that is operative during speculative attacks and currency crises. Moreover, we allow the conditional probability of being in each regime to be state-dependent so the model can be used to examine questions relating to the likelihood of realignments and the stability of the target zone system.     

当前铁路系统投融资体制存在问题的成因及改进策略

资金是企业生产的命脉,企业的发展不可避免地要涉及融资问题.当前我国铁路系统的投融资体制还受到一些问题的制约而无法发挥应有的作用.因此,应在明确问题产生原因的基础上,采取有效措施拓宽投融资渠道,必将推动我国铁路系统更好、更快的发展.     

中小板上市公司高管团队特征与企业创新行为关系研究

基于高层梯队理论和薪酬激励理论,采用聚类分析法和FGLS,以2009－2014年我国中小板上市公司数据为研究对象,实证检验中小企业高管团体特征对企业创新行为的影响,并进一步分析高管货币薪酬对二者关系的调节作用。研究发现,中小板上市公司的高管团队特征影响企业创新行为,高管货币薪酬在高管团队特征对企业创新行为影响中具有正加强效应,即高管货币薪酬在企业创新行为中发挥重要的激励促进作用,能调节高管团队特征在企业创新行为中的影响。本研究不仅丰富了管理者异质性和高层梯队理论,为中小板上市公司高管的薪酬激励提供新的研究视角,同时也有助于政府部门全面掌握企业创新行为的影响因素,为研究中小板上市公司创新行为提供理论依据和经验证据。     

船舶融资租赁税收制度的新发展

为了改善融资租赁的法制环境,进一步完善相关法律法规．2007年3月我国对《金融租赁公司管理办法》重新进行了修订并颁布实施．赋予了部分商业银行设立金融租赁公司的资格,进一步推进我国融资租赁业务的发展。2010年10月我国颁布生效《关于融资性售后回租业务中承租方出售资产行为有关税收问题的公告》。     

Job satisfaction and commitment in the entrepreneurial SME

In the current global corporate climate that surrounds us, firms would do well to encourage the talent and creativity of their employees to achieve success. This is achieved, not by giving priority to individual talent, but by optimizing the collective as a whole and with the firm’s activities based on teamwork and joint effort. Heads of organizations might benefit from creating a favorable context for the birth and growth of collective internal cooperation, which is understood to be the collective ability to create and innovate on the part of the team, the firm or the organization. Having contrasted our hypotheses through research on Spanish firms, we have concluded that job satisfaction and commitment to the team are factors that have a direct and positive effect on Internal Entrepreneurship.      

中小企业融资难的困境与对策分析

目前,企业融资难问题已成为束缚我国小企业发展的最大瓶颈。导致我国中小企业融资难的原因主要有企业自身存在的问题、直接融资门槛过高、民间融资成本较大、缺乏有效的贷款担保和完善的信用评级体系以及相应的法律法规保障等。有效解决中小企业融资难,政府应加强企业内部控制制度建设,提高企业盈利能力;深化金融体制改革,完善金融体系和金融服务;加大政府扶持力度,健全相关的法律法规,以确保中小企业健康发展。     

浅析TRIZ理论在中小企业中的推广应用

结合TRIZ理论在企业内部推广应用的成效,阐明了其在中小企业中,能否顺利推行取得成效所需具备的条件;以及在推广过程中所面临的问题和采取的相应措施,探索推广方法。     

Group lending and the role of the group leader

This paper investigates strategic monitoring behavior within group lending. We show that monitoring efforts of group members differ in equilibrium due to the asymmetry between members in terms of future profits. In particular, we show that the entrepreneur with the highest future profits also puts in the highest monitoring effort. Moreover, monitoring efforts differ between group members due to free-riding: one member reduces her level of monitoring if the other increases her monitoring effort. This effect is also at play when we introduce a group leader into the model. The individual who becomes the group leader supplies more monitoring effort than in the benchmark case. We empirically test the model using data from a survey of microfinance in Eritrea and show that the group leader attaches more weight to future periods than nonleaders in the group, which may explain why a large part of total monitoring is done by the leader.     

Bank lending during the transition period in Eastern Europe

This paper develops a model for bank lending in economies in transition. Many loans in the bank's portfolio are non-performing as former state-owned companies are still to be restructured and therefore at least in the short-run short of cash-flow to service their loans. The bank now faces the following dilemma: should it terminate the loan irrespective of the future profitability thereby pushing the company into bankruptcy or should it extend its credit facilities thereby risking throwing good money after bad? This paper will argue that the bank should support a firm willing to undergo sufficient restructuring by extending existing credit facilities. On the other hand, the bank should initiate bankruptcy procedures against firms unwilling to undergo restructuring. The analysis is confined to small and medium-sized enterprises as large firms frequently get implicit or explicit government support.     

市场导向与出口绩效关系的研究

市场导向由顾客导向、竞争者导向和部门协作所组成,每一部分都包含对信息的获取、共享、认知和响应四个步骤。本文通过对浙江中小出口企业的实证分析,发现市场导向对出口绩效(除财务绩效)有着积极的促进作用,企业内部因素对市场导向的程度有着较高的相关性。从管理角度看。市场导向程度可以作为企业的标杆基准来识别企业的瓶颈和检验战略的有效性。     

我国中小企业融资障碍及对策分析

本文针对中小企业融资难的现状,系统地分析了中小企业融资难的主要原因。指出中小企业信用资源的不足、高比率的倒闭和违约、银企之间信息不对称和国内金融业自身的整合与贷款紧缩是我国当前中小企业融资的主要障碍,并从政策性融资、直接融资、间接融资三个角度出发就如何改善中小企业融资,拓宽其融资渠道提出一些政策性建议。     

SME Export Performance in Indonesia After the Crisis

Firms in export-oriented sectors with more exporters and more foreign investment, or firms with more access/use of credit, tend to export a higher share of their output, whether they are small or large. The latter points out that the benefits of size-neutral policies that improve the overall business and foreign investment climate and secure access to formal credit for all enterprises produce benefits for the entire economy. Small firms with higher use of machinery and higher use of domestic inputs displayed a higher likelihood to increase the share of their output exported. SMEs show rising productivity with access and use of appropriate production inputs. Decades of protective size-specific policies, such as the reservation scheme for SMEs still in place in Indonesia’s manufacturing may have distorted, more than supported, adoption of appropriate technologies among SMEs. These policies may need to be revisited and refocused on more size-neutral policies such as improved access to collateral or reduced cost of business registration and licensing.     

SME Flexibility and the Role of Information Systems

Small and medium-size enterprises (SMEs) are a major component of all economies and are generally considered to be flexible, adaptive organisations. Although lagging behind their larger counterparts, SMEs are beginning to invest in information systems. Using data derived from a set of manufacturing SMEs located in the U.K., this paper investigates whether SMEs really do exhibit flexibility and if their use of information technology enhances or inhibits such flexibility.     

浅谈关系型贷款的优势及在我国应用的建议

近年来,关系型货款已成为国内外学者研究的热点.在我国,关系型货款技术的机制设计和现实可能性也日益成为一个值得关注的话题,而从现实条件来看.关系型融资也是我国当前资本市场环境的客观选择.另外,关系型货款在中小企业外源性融资方面也具有广阔的发展前景,并且将随着我国境内中小金融机构的兴起得到进一步普及和深化.     

State institutions, risk, and lending in global capital markets

This paper examines one component of the expansion of global capitalism, the lending of capital across national borders and the affect of national political institutions and arrangements upon that lending. Global capital markets expanded rapidly during the latter part of the twentieth century, prompting discussions about the role of mobile capital. This contribution makes three key points to the understanding of globalization, its impacts, its causes, and its relationship to the nation-state, business and development. First, globalization is an uneven, bifurcated, phenomenon. Only a select group access these global capital markets, while many watch from the sidelines. Second, national political arrangements help us understand systematic disparities in access to global capital. National and local public policies, national political institutions, and other local activities prove instrumental in affecting access to global capital. Democracy and regulatory stability matter as they provide information to international investors about the risk to investments from local arenas. Third, the data presents a methodological obstacle in understanding how politics affects access to global capital. The structure of the data’s distribution can hide real relationships and pervert substantive interpretations if not managed. Without addressing the statistical concerns presented by the data the results would at worst be little more than garbage in, garbage out, and at best misleading.