Entrepreneurship in post‐conflict transition1

We examine new self‐employment entry and its viability in Bosnia and Herzegovina, using a rich household survey for the years 2001–2004. We find that wealthier households are more likely to engage in viable self‐employment and create employment suggesting an important role for financing constraints. Specifically, although having an existing bank relationship is not significantly related to the entry decision, it is positively related to the survival for new entrepreneurs and their employment creation. We also find a non‐linear relationship between remittances and entry in that individuals not receiving remittances are more likely to enter self‐employment; but, if they do receive them, the likelihood of starting a business increases in the fraction of wealth received from domestic remittances. Finally, people working in the informal sector are more likely to become viable entrepreneurs, particularly those provided with loans from micro‐credit organizations. These findings support the perception of the informal sector as an incubator for formal self‐employment in the early years of transition.     

Cash flow vs. collateral‐based credit

We study factors affecting micro, small and medium‐sized enterprises (MSMEs) receiving loans and the effect of these loans on MSMEs performance. We study two types of loans – a new type based on cash flows and a traditional‐style loan based on collateral. We use unique surveys of MSMEs from Bulgaria, Georgia, Russia and Ukraine. We find that MSMEs receiving a cash flow or collateral loan in the past are more likely to receive the same type of loan (and larger sized) in the future and that cash flow loans may be the preferred form of credit. Both types of loans are related positively to most performance indicators, enabling the MSMEs for instance to be more profitable and expand production. The cash flow loans also appear to be particularly attractive credit delivery schemes for micro and small enterprises. Finally, the effects of the smallest loans are often negative, suggesting that the minimum loan size is an important policy issue.     

Causal Effect of Credit Guarantees for Small- and Medium-Sized Enterprises: Evidence from Italy

We evaluate the effectiveness of a partial credit guarantee program, implemented in a large Italian region, that aimed to improve the access to credit of small and medium enterprises. Using unique microdata from a broad set of firms, we show that the policy increased the long-term loans for beneficiary firms, while the total volume of bank loans was unaffected. Furthermore, targeted firms benefited from a substantial decrease in interest rates. However, there is some evidence that firms are more likely to default as a consequence of the treatment. Conversely, the results do not point to any significant effect on investments.     

经济欠发达地区担保业发展中存在问题及政策建议

中小企业融资难问题的产生,一个重要原因就是中小企业抵押担保难,银行与企业之间缺少一个中介担保机构。担保机构在银行与企业之间发挥着桥梁作用,使中小企业有了稳定可靠的信用系统,又可以帮助银行按照贷款的"三性"经营管理原则实现经营总目标,使银行的贷款更为安全、有效。     

银行关系、政治联系与民营企业贷款——来自中国民营上市公司的经验证据

本文以1990-2008年间非金融类民营上市公司为样本,检验银行关系和政治联系是否影响银行贷款。研究结果发现,那些聘请了现在或曾经在银行工作的人士担任总经理或董事的企业能够获得更多的银行贷款。但是,在没有银行关系的民营企业中,政治联系并不能促进企业获得更多的银行贷款。同时建立政治联系和银行关系的企业也没有能够比只建立其中一种关系的企业获得更多的银行贷款。这些结论表明,在中国基于非正式的关系确实可以给受到融资约束的民营企业带来银行贷款方面的融资便利。其中,银行关系相对于政治联系是一种更为普遍和有效的非正式关系。     

积极的小微企业信贷政策研究

小微企业占我国企业群体的绝大部分,是社会财富的主要创造者,也是吸纳就业的主渠道,在我国国民经济中占有重要地位,但小微企业贷款难问题突出.小微企业贷款难,既有企业自身和商业银行方面的原因,更有存款准备金率政策对小银行存在歧视、资本占用系数的规定缺乏支持小微企业贷款的充分安排、贷款指标没有充分向小微企业倾斜等信贷政策方面的原因.因此,应牢固树立“小微企业贷款≠高风险贷款”的理念,将主营小微企业贷款的小银行当作发展小微企业的战略重点,降低小银行的存款准备金率,降低小企业贷款的风险权重和资本匹配系数,信贷指标分配向小微企业贷款倾斜,实施积极宽松的小微企业信贷政策.     

An Empirical Study of Urban Credit Cooperatives in China

The overall objective of this study is to try and uncover to what extent the borrowing and lending pattern of Chinese urban credit cooperatives (UCCs) leads them to conform to the theoretical view of credit cooperatives and to what degree they are mainly characterized by elements which result from their regulatory environment and the status of China as an economy in transition. We provide evidence from a specially-commissioned survey on the characteristics and functioning of UCCs. Our statistical and econometric analysis points to the tentative conclusion that there are major regional differences in the performance of UCCs both in terms of the quality of loans granted and overall profitability. The latter is also influenced by the quality of the loans made, and this in turn is affected by the number of directors in the UCC and the extent to which the UCC grants loans to state-owned enterprises.     

A micro data approach to the identification of credit crunches

This article presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms' assessment of the current willingness of banks to extend credit, we estimate the probability of a restrictive loan supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness is approximated by firm-specific factors, e.g. the firms' assessment of their current business situation and their business expectations. After controlling for the return on the banks' risk-free investment alternative, which is also likely to affect the supply of loans, we derive a credit crunch indicator, which measures that part of the shift in the loan supply that is neither explained by firm-specific factors nor by the opportunity costs of providing risky loans.     

物流金融业务运作模式分析

物流金融是国内近年来逐渐兴起的一种新型物流增值服务,它运用金融工具促使物流业产生价值增值,在我国很多省市已经得到迅猛发展。目前,我国越来越多的中小企业开始尝试通过物流金融产品获得银行的贷款授信以改善资金流,国内许多物流企业包括中国外运、中储、中远、中铁现代物流、宝供等多家企业也积极抓住这一有利时机,努力拓展业务。     

中国国有企业不良负债的实证分析

90年代以来 ,随着金融市场化推进和宏观经济的波动 ,中国的银行系统出现了严重的不良资产问题。国有企业使用全国银行 80 %以上的贷款 (中国人民银行 ,1 997)。国有企业不良负债数量较多 ,是造成金融风险增大及宏观经济波动的重要原因。本文根据抽样调查数据对国有企业不良负债做出估测 ,对不良负债的形成原因提出经验证据 ,并对解决不良负债的政策效果作出分析。一、对国有企业不良负债的估测近年来关于国有企业不良负债的讨论很多。但是 ,不良负债程度到底如何 ,很不清楚。国有商业银行绝大部分贷款贷给国有企业 ,国有企业不良负债状况应…     

Funding self-employment – the role of consumer credit

This article investigates whether self-employed households use consumer loans – in particular, instalment loans and overdrafts – to finance business activities. Controlling for financial and nonfinancial household variables, we show that self-employed households particularly use personal overdrafts significantly more often than employee households. When analysing the correlation between consumer loan take-ups and consumption of self-employed in comparison to employee households, we find first evidence that overdrafts are used by self-employed to finance their business as well. This indicates that intermingling constitutes a financing strategy when regular business loans might not be accessible.     

Investment and Finance in de novo private firms: Empirical Results from the Czech Republic, Hungary and Poland

In this paper we use a survey of 281 Czech, Hungarian and Polish newly-established small private firms in order to shed some light on the constraints these firms face in the credit market. The results of our survey show that imperfections in capital markets in Central European economies do not seem to actually inhibit the growth of new private firms. Credit markets do exist for de novo private firms in the three Central European transition economies studied, and they provide quite a large amount of financing from an early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms are concerned: loss-making de novo firms have a lower probability of getting credit than profitable ones. Banks protect themselves against the risk of a deteriorating pool of borrowers by requiring collateral for their loans. We do not find convincing evidence concerning the existence of adverse selection. Loss-making firms are not ready to pay higher interest rates than profitable firms and are not more likely to ask for credit than profitable firms.     

Is corruption a greater burden for registered MSEs? Evidence from Zambia

If corrupt bureaucrats target registered firms, then corruption may discourage registration. Using data from a survey of 4,801 micro and small enterprises (MSEs) in Zambia, this paper looks at whether corruption is a more or less serious problem for registered MSEs. Consistent with earlier studies, the results suggest registered MSEs are more concerned about corruption than unregistered firms are. The paper also proposes two reasons why corruption might affect registered MSEs differently than it affects unregistered firms. We first suggest that registered firms might meet with government officials more often than unregistered firms, giving corrupt officials more opportunities to demand bribes from them, but we also suggest that registered firms might be less vulnerable when officials demand bribes because they are more able to complain about bribe demands. This could offset registered firms' disadvantage because of more frequent meetings. The evidence supports the first, but not the second, hypothesis. Registered firms were more likely to meet with government officials but were not consistently less likely to pay bribes when they did meet with them.     

高科技企业的知识产权战略——以清华科技园的中小企业为例

通过问卷调查发现,清华科技园中小企业拥有知识产权的比例较高。从专利的情况看,企业拥有和申请的多是层次较高的发明专利,而且为此付出了一定的专利保护费用,专利应用于产品的比率也比较高。调查和深度访谈同时表明,清华科技园的中小企业高度认同知识产权对创新成果的法律保护效应;但同时也依靠对技术秘密进行内部保护、加快研发进度和提高设计的复杂程度来避免被模仿,从而减小侵权者的盈利空间。     

我国农业上市公司的政治关联与融资便利性

本文以社会资本理论为切入点，实证分析政治关联对我国农业上市公司获取银行信贷融资及其期限结构的影响。以1996—2010年间在沪深两地上市的农业企业为样本，以董事长是否现在或曾经担任政府官员、人大代表、政协委员来判断政治关联。检验结果发现，农业上市公司的政治关联与银行贷款数量显著正相关；政治关联所带来的融资便利性，更多表现为获取银行的短期贷款。研究表明，政治关联作为一种特殊的社会资本，能够作为非正式制度帮助农业企业获得银行信贷支持。     

企业融资规模、银行所有制 歧视与产能利用率

本文在对中国工业行业产能利用率进行测度的基础上，将企业融资规模和银行所有制歧视引入产能过剩的分析框架，进一步完善了产能过剩的形成机理。研究表明：产能利用率与企业融资规模密切相关，银行所有制歧视通过企业融资规模对产能利用率产生间接影响。剔除技术效率影响后，行业整体融资规模与产能利用率显著负相关，并存在明显的混合效应。从所有制来看，国有企业和外资企业融资规模与产能利用率显著负相关；民营企业融资规模发挥着相对积极作用。2008年后企业融资规模的扩大更易引起产能过剩的发生。银行所有制歧视对产能利用率的冲击效应更加强烈。     

Mortgage‐backed Securitization and SME Lending During the Financial and Economic Crisis: Evidence from the Italian Cooperative Banking System

I investigate the determinants of the securitization activities of Italian cooperative banks during the financial and economic crisis (2007–2014) and the impact of securitization on the supply of loans to SMEs. The less deposit‐funded, less profitable and less capitalized cooperative banks are, the more likely they are to securitize and the more likely it is that they will securitize to a larger extent. Furthermore, I find that securitization has not directly affected the supply of new SME loans. However, there is strong evidence of a risk‐rebalancing effect of securitization on the balance sheet, especially in the period 2010–2014.     

政府信任、企业信用结构及其相关性的经验研究

本文提出"流动性"和"履约评价"相互转换的企业信用结构的转换规律,并研究"政府信任"的隐性担保功能对上市公司的"履约评价",以及对商业信用、银行信用和证券信用的影响.经验研究的结果说明,在上市公司信用结构中,商业信用主要受长期商业关系而不受政府信用的影响;政府信用增强了企业的长期银行借款能力,但短期银行借款更依赖于经营性因素;政府信用对增强企业的证券融资能力具有显著作用.     

电子商务服务业企业绩效评价研究——基于回归分析

文章通过国内外文献回顾,对电子商务服务业企业绩效评价的相关研究进行了梳理,报告了电子商务服务业企业绩效评价研究的现状,在此基础上,从内部经营能力、客户、企业的学习与成长、财务能力以及协同创新能力五个方面,选取了20个有代表性的评价指标,构建了电子商务服务业企业绩效评价指标体系。采用回归分析,通过对电子商务服务业企业的问卷调查,对文章所构建的电子商务服务业企业绩效评价指标体系进行了验证。验证结果表明了文章所构建的五个方面20个指标体系的合理性;同时,进一步说明了电子商务服务业企业绩效评价指标中的财务能力以及内部经营能力相对其它三方面指标对电子商务服务业企业绩效的影响更为显著。研究结论为完善电子商务服务业企业绩效评价的理论研究提供了参考,对电子商务服务业企业实际开展绩效评价活动具有一定的实践指导意义。     

Start-up Capital, Microenterprises and Technical Efficiency in Mexico

Access to adequate start‐up capital has been identified as an important deterrent to microenteprise development and growth. Using firm level data from Mexico's National Survey of Microenterprises, we estimate a stochastic frontier production function with inefficiency effects related to the main sources of start‐up capital. Microenterprises utilizing bank loans, carryover business capital, moneylenders and credit from clients and suppliers are more technically efficient than those relying on family, friends and on own financial sources. Bank loans led to the highest degree of technical efficiency, indicating a well‐functioning screening process despite information asymmetries. Banks tend to offer the largest average loan size with the longest terms which are significant factors in allowing microentrepreneurs to overcome financing constraints.