美国猎杀贷款的法律规制与启示

美国次级贷危机的发生,次级贷款营销和发放环节中存在的诱导性、不公平的行为即猎杀贷款是一个重要原因。随着我国的金融管制放开、利率放开和金融创新的推进,极有可能也会有类似情况出现,有必要通过对美国猎杀贷款现象及法律规制研究来完善我国对于此类现象的法律监管。本文对猎杀贷款的表现、美国法律对猎杀贷款的规定进行研究,对美国相关法律存在的问题进行分析,结合我国目前现状,提出应借鉴美国这方面的经验和教训。     

完善我国放贷人法律规制的路径选择

放贷人作为民间借贷的重要业务主体,以法律形式对其规制将使民间借贷的合法性得以确定,对解决中小企业融资困境与发展农村经济有着极其重要的意义。本文主要采用比较和规范分析的研究方法,通过国外（地区）放贷人的相关立法经验与特点的研习,并在此基础上分析我国放贷人立法之不足,最终从市场准入、经营机制、监管框架与借款人利益保护等方面提出完善我国放贷人法律规制的路径和制度。     

网络借贷生态环境的缺陷及其治理研究

网络借贷作为金融与科技融合的数字金融业态,市场需求旺盛,未来必然会长期作用于民间金融。网络借贷在发展中存在着诸多问题,是源于网络借贷生态环境的缺陷。网络借贷需要在规范经营中探索业务模式和监管方式的创新,加强监管协调,引入“监管沙盒”机制。因此,需要加强大数据、云计算、人工智能在网络借贷中的应用,并完善社会征信体系和法制体系,改善社会信用环境,完善行业自律机制,建立良好的网络借贷生态环境,以促进网络借贷健康可持续发展。     

“草根”金融P2P信贷模式探究

P2P信贷即网络信贷,具有小额、无担保、快捷、网络化的特点,又被称作"草根"金融模式。P2P信贷模式在全球范围内发展迅猛,迸发出强劲的生命力,近几年我国也相继诞生了上千家P2P信贷平台。通过对P2P信贷模式的运营模式、自身优点和存在的风险进行研究分析,进而提出解决P2P信贷风险的建议。     

银行贷款技术创新对中小企业融资的影响——对中小企业保理融资的实证研究

从获取中小企业贷款决策信息的角度,相对于大银行而言,小银行具有在关系型贷款和市场交易型贷款上的动态比较优势。保理等新型交易型贷款技术在缓解国内中小企业融资难方面具有不可替代的重要作用,因此应加以开发与推介。商业银行应加强市场交易型贷款技术的引进与创新,并通过开发适合中小企业的金融产品来解决信息不对称和风险控制问题。     

民间借贷规范发展的路径选择探讨

民间借贷是目前满足资金融通的一种途径,在我国经济发展中起着越来越重要的作用.然而,民间借贷规范性的缺陷很大程度上影响了其作用的发挥.本文通过分析民间金融的问题,从推进民间借贷本身运作和推动与正规金融的联系两方面提出解决建议.     

Balancing liquidity and returns through interbank markets: Endogenous interest rates and network structures

In this article, we develop a model of interbank lending based on liquidity and return on equity considerations of homogeneous banks. We derive the reservation prices of interbank lending and its properties before exploring how, because of an idiosyncratic liquidity shock, banks engage in bilateral lending to form an interbank network. We establish that the resulting networks exhibit realistic properties, including a core-periphery structure. Banks in the core and the periphery of this network differ not only in the amounts of interbank lending and borrowing but also in the interest rates applied to their transactions.     

Economic conditions,lending competition,and evaluation effect of credit line announcements on borrowers

This paper examines the determinants of the signaling effect of acquiring lines of credit (LCs) on borrower stock returns by testing the economic conditions and lending competition hypotheses. The economic conditions hypothesis is tested by examining the loan cyclicality and handpicking effects. The former predicts a negative relationship between economic conditions and borrower returns because of banks' loose (strict) screening practices in a booming (recessionary) economy, whereas the latter expects a positive relation around the time of the LC announcements. The lending competition hypothesis proposes that the more competitive the lending market is, the looser the banks' screening practices will be. Thus, a negative competition-borrower relation will result. Using LC data from 2001 to 2010 concerning 501 stock-listed firms in Taiwan, we find that evidence supports the lending competition hypothesis and the handpicking effect of the economic conditions hypothesis.     

政府的多重利益驱动与银行的信贷行为

本文以我国转型经济下政府、国有银行和国有企业的紧密联系作为研究的背景,深入分析了政府多重利益驱动下的银行目标函数,并以会计稳健性标准作为衡量银行对债务人信贷要求的指标,实证检验了这一制度安排下的银行信贷行为。研究结果表明:总体而言,随着一系列商业化改革的完成,国有银行的经营理念正在向现代商业银行趋近,对于没有政府干预或干预较少的贷款,其信贷要求能够根据债务人的风险作出相应的调整。然而,仍然存在的政治性贷款又使其信贷行为出现了一定程度的异化,即使得银行对债务人的贷款标准不能根据风险作出相应的调整,并且造成了其对国有企业和非国有企业信贷标准的差异。此外,来自政府提高资产质量的压力和向非国有企业发放信贷时潜在的政治成本迫使国有银行为了控制信贷风险对非国有企业要求过于严格的信贷标准。     

Predicting Prepayment and Default Risks of Unsecured Consumer Loans in Online Lending

Online lending provides a means of fast financing for borrowers based on their creditworthiness. However, borrowers may undermine this agreement due to early repayment or default, which are two major concerns for the platform and lenders, since both affect the profitability of a loan. While default risk is frequently focused on credit scoring literature, prepayment has received much less attention, despite a higher prepayment rate being observed in online lending when compared with default. This article uses multivariate logistic regression to predict the probability of both the underlying prepayment and default risks. Real consumer lending data of 140,605 unsecured loans provides evidence that these two events have their own distinct patterns. We consider systemic risk by incorporating macroeconomic factors in modeling and address the influence of economic conditions, which are lessons learnt from the last financial crisis. The out-of-sample validation has shown that both prepayment and default can be accurately predicted. This article highlights the necessity of regulations on prepayment given the fast growing online lending market.     

CEO Incentives,Relationship Lending,and the Cost of Corporate Borrowing

We investigate how lending relationships attenuate the conflict of interest between creditors and shareholders that arises from chief executive officer (CEO) compensation contracts. We find that lending relationships mitigate the influence of CEO risk‐taking incentives on loan spreads, especially for informationally opaque firms. In addition, lending relationships attenuate the impact of CEO risk‐taking incentives on maturity and collateral requirements. This article highlights the importance of bank monitoring through lending relationships to mitigate managerial risk‐shifting activities that arise from equity incentives.     

以小额贷款公司引导民间借贷的思考

传统的民间借贷受制于亲缘、地缘和业缘,已经不能满足我国经济发展的需要.民间借贷中介的出现,使民间借贷活动突破了区域限制.但从事资金融通业务的民间借贷中介自发无序发展将影响到金融的稳定.把民间借贷中介列入小额贷款公司的经营范围.可以借助小额贷款公司来引导和规范民间借贷,使小额贷款公司成为民间借贷的平台.     

Capital Requirements,Monetary Policy,and Aggregate Bank Lending: Theory and Empirical Evidence

Capital requirements linked solely to credit risk are shown to increase equilibrium credit rationing and lower aggregate lending. The model predicts that the bank's decision to lend will cause an abnormal runup in the borrower's stock price and that this reaction will be greater the more capital-constrained the bank. I provide empirical support for this prediction. The model explains the recent inability of the Federal Reserve to stimulate bank lending by increasing the money supply. I show that increasing the money supply can either raise or lower lending when capital requirements are linked only to credit risk.     

The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel

This article studies how a shock to the financial health ofbanks, caused by a decline in the asset markets, affects thereal economy. The land market collapse in Japan provides anideal testing field in separating the impact of a loan supplyshock from demand shocks. I find that banks with greater realestate exposure have to reduce lending. Firms' investment andmarket valuation are negatively associated with their top lender'sreal estate exposure. The lending channel is economically important:it accounts for one-third of lending contraction, one-fifthof the decline in investment, and a quarter of value loss.     

Some consequences of banks' LDC loans: A note

The realized returns on LDC loans made prior to 1980 and hypothetically sold at (below par) secondary market prices in either 1986, when a secondary market first began, or, say, in 1989 are moderately positive. The realized risk-adjusted returns to investors on a portfolio of large LDC lending bank stocks are unmistakenly lower than the return on a broad market index, though they are not significantly so. Similarly, although the difference is not statistically significant, the average realized return on LDC lending banks' stocks is well below that of a portfolio of non-LDC lending banks. The article concludes that while shareholders suffered economic losses as a result of LDC lending activity, these losses were not quantitatively large.     

农村信用社贷款利率定价面临的挑战与对策

本文以广西北海市农村信用社为例,将其贷款利率水平与全国金融机构的贷款利率水平进行比较.结论表明,农村信用社与其他金融机构的贷款利率之间是一种负相关关系,两者存在比较稳定的竞争状态.但由于农村信用社贷款利率定价受到内外部因素的制约,面对其他金融机构进入农村信贷市场的竞争,以高利率为支撑的农村信用社难以适应利率完全市场化的...     

Financial system architecture

This article builds a theory of financial system architecture.We ask: what is a financial market, what is a bank, and whatdetermines the economic role of each? Starting with basic assumptionsabout primitives-the types of agents and the nature of informationalasymmetries-we provide a theory that explains which agents coalesceto form banks and which trade in the capital market. It is shownthat borrowers of higher observable qualities access the financialmarket. Moreover, a financial system in its infancy will bebank-dominated, and increased financial market sophisticationdiminishes bank lending.     

公开竞标的贷款定价方式对P2P借贷平台的优化作用

P2P借贷是一种金融创新模式,将互联网技术与民间借贷相结合。互联网信贷的巨大需求推动P2P借贷平台的爆发式发展,而P2P借贷发展核心的两个问题是信用评级和风险定价。由于我国未完全实现利率市场化,P2P平台采用的是量化借款人信息的方式计算贷款利率。信息不对称导致P2P平台的贷款利率不能充分反映借款人风险,同时造成信誉良好的借款人不能获得低成本的贷款。文章利用拍卖机制模型对公开竞标的贷款定价方式进行探究,认为公开竞标方式可以改善信息披露,降低借款人的成本,借款人和投资人在公开竞标的贷款定价方式下都可以获得灵活的选择空间,从而提高借贷成功的比例。     

我国商业银行消费信贷的营销缺陷分析

造成消费信贷“叫好不叫座”的原因除了客观环境因素外 ,商业银行本身在营销上的缺陷也是一个重要方面。本文着重分析了商业银行在推行消费信贷中存在的各种营销缺陷 ,并针对性地提出了改进意见。     

Research Opportunities for Neural Networks: The Case for Credit

This article identifies research opportunities in the use of artificial neural networks in credit scoring and related business intelligence situations, particularly as they have been emerging in the global economy. In the literature review, particular attention is paid to commercial lending credit risk assessment and consumer credit scoring. Investors and auditors need models that can predict whether a customer will stay viable. Lenders must manage their credit risk to maximize profits and cash flow, while minimizing losses. As the global economic recession continues, investors are tightening their investment belts and need models that help them make better investment decisions, while lenders must strengthen lending practices and better identify both good and bad credit risks. Artificial neural networks may help firms improve their credit model development, and thereby their credit decisions and profitability. Such technology may also help improve development in emerging economies. Copyright © 2016 John Wiley & Sons, Ltd.