贷款担保公司

贷款难,担保更难。对广大的新老个私业主来说,以往即使找到了同意贷款的银行,但真正履行起担保手续仍是一个复杂的“关口”。对那些正值创业阶段,尚无原始积累的中小型个私企业,要发展,要流动资金,找谁担保？同样,银行欲拓宽个私企业贷款业务,但无人愿为个私业主担保,这贷款风险太大了,怎么发放？政府、银行、个私企业管理部门都在一直努力寻求一个连接商业银行与个私业主之间的金融中介服务机构形式。日前,浙北地区第一家经政府批准,工商行政管理部门筹资３００万元注册资本金,经营期限暂定为１０年,隶属于个私企业协会,专…     

中小企业融资贷款之难

我国已进入全面建设小康社会的全新阶段,经济全速发展离不开大型企业举足轻重的贡献,但也不能缺少极富活力的中小企业支持。在美国,同样也是占极少数的大型企业与占绝大多数有充沛活力的中小企业构筑起当今世界最发达的市场经济国家。中小企业由于具有设立简便、结构简单、易于把握市场需求及时调整经营策略等特点,对经济发展起着不可或缺的作用。如何搞好中小企业发展的问题已关系到我国经济的稳定、健康发展。中小企业因种种原因无法及时或根本无法获得企业发展的融资贷款已成为制约其发展的瓶颈。     

从十六大精神看个私经济

允许一部分通过正当途径先富起来。在个体私营经济发展中，需要探讨的是私有财产的保护和经营环境的平等性。打破平均主义，形成整个社会的竞争是个体私营业主最为关注的问题。十六大明确指出了非公有制经济是中国特色社会主义事业的建设者，并要求完善保护私人财产的法律制度，这些对我国个私经济的发展无疑是一种强有力的推动，必将全面推进我国社会主义经济多元化的发展。一、对私有财产的保护在对私有财产静态保护的基础上，更加强化对私有财产的动态保护我国宪法、民法通则等都对私有财产作了明确的肯定，确定了对私有财产的保护。“文…     

解读国家助学贷款政策

2004年国务院批准下发了<关于进一步完善国家助学贷款工作的若干意见>.其更为人性化、市场化,更符合实际需要,但仍存在诸多不完善的地方.本文分析了该项政策存在的问题并提出了若干改进建议.     

Cyclicality in losses on bank loans

Based on unique data we show that macro variables, the default rate and loss given default of bank loans share common cyclical components. The innovation in our model is the distinction between loans with either severe or mild losses. The variation in the proportion of these two types drives the cyclic behavior of the loss given default and constitutes the links with the default rate and macro variables. These links vary according to loan and borrower characteristics. During downturns, the proportion of defaults with severe losses increases, but the distribution of losses conditional on their being mild or severe does not change. although loans are monitored more closely than bonds and are more senior, the cyclical variation in their losses resembles those for bonds, albeit around a lower average level. This variation leads to an increase in the capital reserves required for loan portfolios.     

Scoring bank loans that may go wrong: a case study

A bank employs logistic regression with state-dependent sample selection to identify loans that may go wrong. The data consist of some 20 000 loans for which a number of conventional accounting ratios of the debtor firm are known; after two years just over 600 have gone wrong. Inspection shows that the state-dependent sampling technique does not work because the data do not satisfy the standard logit model. Several variants on this model are considered, and it is found that a bounded logit with a ceiling of (far) less than 1 fits the data better. When it comes to their performance in an independent data-set, however, the differences between the various methods of analysis are negligible.     

The impact of non-performing loans on bank lending in Europe: An empirical analysis

In the aftermath of the global financial crisis, considerable attention has been paid to the accumulation of non-performing loans in the balance sheet of European banks and to its potential negative effects on bank lending to the real economy. Using a dataset composed of bank-specific information and country aggregates, we study the impact of the stock and the flow of non-performing loans on the lending activities of a sample of 75 European banks between 2014 and 2018. In general, higher rates of non-performing loans, together with other variables, are associated with lower growth rates of performing loans. This effect persists across several econometric specifications and is more significant for those banks exhibiting lower growth rates of performing loans. Similarly, our econometric analysis suggests that banks with higher decreases in their rate of non-performing loans tend to lend more to the real economy, an effect which is particularly intense at the right tail of the distribution. The findings of our paper can be useful for policymakers when addressing the resolution of non-performing loans in banks.     

Student loans in developing countries: government versus company loans

Using data from the International Finance Corporation study on private investment in education, Tooley and West give details of two types of international experience with student loans. In particular they look at the government student loan scheme in Thailand and loan schemes offered by various for-profit and nonprofit education companies in Peru, Colombia and India. Difficulties are pointed out with regard to the government scheme, which it may be possible to alleviate under the company schemes.     

Predicting loss given default (LGD) for residential mortgage loans: A two-stage model and empirical evidence for UK bank data

With the implementation of the Basel II regulatory framework, it became increasingly important for financial institutions to develop accurate loss models. This work investigates the loss given default (LGD) of mortgage loans using a large set of recovery data of residential mortgage defaults from a major UK bank. A Probability of Repossession Model and a Haircut Model are developed and then combined to give an expected loss percentage. We find that the Probability of Repossession Model should consist of more than just the commonly used loan-to-value ratio, and that the estimation of LGD benefits from the Haircut Model, which predicts the discount which the sale price of a repossessed property may undergo. This two-stage LGD model is shown to perform better than a single-stage LGD model (which models LGD directly from loan and collateral characteristics), as it achieves a better R² value and matches the distribution of the observed LGD more accurately.     

Complex dynamics in the market for loans

Decisions in Economics and Finance - This paper demonstrates that endogenous fluctuations are possible in the market for loans. In the context of a three-period overlapping generations economy, the...     

银行审慎对待并购贷款

并购贷款的"开闸",一方面标志着银行贷款正式介入股权投资领域,另一方面更为当前低迷"猫冬"的地产业提供了洗牌重整的契机.……     

Valuation of stock loans with jump risk

A stock loan is a special loan with stocks as collateral, which offers the borrowers the right to redeem the stocks on or before the maturity (Xia and Zhou, 2007, Dai and Xu, 2011). We investigate pricing problems of both infinite- and finite-maturity stock loans under a hyper-exponential jump diffusion model. In the infinite-maturity case, we derive closed-form formulas for stock loan prices and deltas by solving the related optimal stopping problem explicitly. Moreover, we obtain a sufficient and necessary condition under which the optimal stopping time is finite with probability one. In the finite-maturity case, we provide analytical approximations to both stock loan prices and deltas by solving an ordinary integro-differential equation as well as a complicated non-linear system. Numerical experiments demonstrate that the approximation methods for both prices and deltas are accurate, fast, and easy to implement.     

Targeted monetary policy and agriculture business loans

This study examines the effect of a Targeted Easing (TE) policy, an unconventional monetary policy tool initiated by the Chinese central bank to reduce reserve requirement ratios of agricultural financial institutions. Utilizing a longitudinal sample of Chinese agriculture companies and a matching sample of industrial firms between 2012 and 2017, we find that the TE policy successfully achieves its intended policy goal to boost lending to the agriculture sector. Results from our difference-in-differences estimations indicate that loan levels of agriculture firms increases significantly more than that of matching nonagricultural firms under TE relative to the non-TE period. We also document heterogeneous TE effects and find that agricultural firms with smaller agency costs, larger financing constraints, and larger loan intensity levels benefit significantly more from a TE policy than their counterparts. In addition, the TE policy effect is more salient during a contractionary period than in an expansionary period.     

Interbank loans,collateral and modern monetary policy

This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms. We allow banks to exchange funds through unsecured and secured transactions, which facilitates the flow of funds to the most profitable investment projects. Risk premiums result from banks׳ forecasting rules and depend on past performance of the benchmark risk factors and interest rates. Our model confirms basic stylized facts of the interbank interest rates and volumes. We also find that network structures within the secured market segment are characterized by the presence of dealer banks, while we do not observe similar patterns in the unsecured market. We perturb the model with exogenous shocks and policy scenarios which correspond to unconventional monetary policies.