如何有效降低银行对小微企业抵押物要求——基于贷款技术的视角

在理论分析抵押物作用机制的基础上，实证研究能够有效替代抵押物的贷款技术，并进一步分析某些贷款技术难以发挥替代作用的可能原因，以降低银行对小微企业抵押物要求，从而缓解小微企业信贷配给。研究结论表明：抵押率与借款企业违约风险显著负相关，抵押物作用机制中客户选择效应占主导地位；关系型和担保型贷款技术可以显著降低银行对抵押物要求，而财务报表型和信用评级型贷款技术对抵押物的替代效应十分微弱；随着金融基础设施的完善，信用评级型贷款技术对抵押物的替代效应逐渐显现，但财务报表即使经过审计亦难以对抵押物形成有效替代。在此基础上，提出了完善金融基础设施、提高贷款技术事前甄别能力的政策建议。     

The effect of banking market structure on the lending channel: Evidence from emerging markets

This paper analyses the extent to which the level of bank competition influences monetary policy transmission. Using a large panel dataset of 978 banks from 55 countries, and employing the Lerner index model as a measure of market structure, our results show that an increase in banking sector competition weakens the effectiveness of monetary policy on bank lending. The findings are robust to a broad array of sensitivity checks including control of alternative measurements of the Lerner index, different samples and different methodological specifications. By extension, these results have important policy implications for regulators in assessing the effectiveness of monetary policy transmission mechanisms.     

Local banking and local economic growth in Italy: some panel evidence

This article provides new evidence on the contribution of local banking to local economic growth (i.e. at county level – the Italian ‘province’) in Italy. A comprehensive data set is used, which includes control variables for social capital and human capital as well as indicators of the quality of local infrastructures and the production structure of the local economy. A linear within-estimator technique with fixed effects is applied to a modified version of the so-called Barro regression in order to address the well-known econometric issues of reverse causality and estimation bias resulting from unobserved district-specific influences.     

政府信用创新——基于国债转贷政策的分析

对国债实施转贷是政府信用运作方式的一种创新.理论上,采取有偿方式运用国债资金,有利于提高政府信用资金的使用效率,但是,从审计部门国债资金审计报告及相关文献反映的情况看,这一创新的理论目标与实践效果之间存在明显差距.随着2008年国债转贷资金还本付息高峰期到来,国债资金使用低效问题将会逐步显现成为现实的信用问题,因此,从理论和实践意义上,对以国债转贷政策为内容的政府信用创新进行必要的反思,显然已是恰逢其时.     

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。     

信任视角下的家庭借贷行为研究

基于2015年和2017年中国家庭金融调查数据,本文实证研究发现,信任能够提高家庭正规信贷可得性,降低家庭使用非正规信贷的概率。进一步地,信贷可得性的差异带来家庭负债结构的变化,信任能够提升家庭正规信贷占比,降低非正规信贷占比。信任提升家庭资金借出概率,但这种关系并不是单调递增的,而是存在适度信任现象。异质性分析表明,在户主文化程度低的家庭和农村地区家庭,信任对借出的影响更大。因此,本文的结果表明,信任能够在一定程度上缓解家庭融资的困难。     

Bank soundness and bank lending to new firms during the global financial crisis

This paper examines how the soundness of financial institutions affected bank lending to new firms during the 2008 financial crisis by using a unique firm–bank match‐level dataset of 1,467 unlisted small and medium‐sized enterprises incorporated in Japan. We employ a within‐firm estimator that can control for unobserved firms’ demand for credit through firm ? time fixed effects. The major findings of this paper are the following four points. First, sounder financial institutions may be generally less likely to provide financing to new firms. Second, our results suggest that sounder financial institutions were less likely to provide loans to new firms during the 2008 financial crisis. Third, financial institutions were less likely to provide financing to new firms during such crisis as compared to those with the same soundness during non‐crisis periods. Finally, such lending relationships to new firms that are established during the financial crisis by sounder financial institutions are more likely to be continued than such lending by less sound financial institutions.     

次贷危机格局下,我国生产者服务业战略定位再思考

我国政府对于生产者服务业在现代经济中的作用的认识经历了长期的发展与深化,而在现代经济中之中,生产者服务业已经成为现代经济发展的一个重要推动力,而受到包括中国在内的各国政府的关注和支持。在次贷危机席卷全球经济之际,西方国家的实体经济与以金融保险为中心的生产者服务业都受到了巨大的冲击,这也给像中国这样的后进国家,提供了一个良好的发展机遇,而新贸易保护主义的抬头,又同时使得我国的生产者服务业面临着更大的市场压力。因此,提出必须加强对于生产者服务业的战略定位,明确其产业内涵,在全球视角中,加快其产业升级,以推动其健康、稳定的发展。     

当前我国农村民间金融发展现状、问题及对策

我国农村普遍存在供给型金融压抑,农村经济主体资金需求得不到有效满足,只能转而求助于民间非正规金融。本文在对农村民间金融的基本状况进行分析的基础上,继续探讨了民间金融所存在的问题,并提出了相关的对策。本文认为考虑我国农村地区的金融发展现状,民间金融的存在是必要的,但是必须加以规范和引导。     

基于K-S检验与距离相关分析的网络借贷信用评价指标体系构建

网络借贷作为一种新型互联网金融模式,提升了金融资源使用效率,缓解了小企业融资难的困局。构建合理的网络借贷信用评价指标体系,从而对网络借贷的潜在风险及时甄别与预防,对互联网金融健康持续发展意义重大。本文根据K-S检验与距离相关分析相结合,筛选对借款客户违约状态甄别能力强的指标,建立了网络借贷信用评价指标体系,通过P2P网络借贷(peer to peer lending,个人对个人借贷)平台LendingClub交易数据进行实证研究,结果表明:不仅借款金额、借款利率等借款标的特征对借贷者违约具有显著相关性,借款者年龄等个人特征、借款者年收入等财务特征以及借款者违约次数等信用特征均对借贷者违约风险产生显著影响。投资者在出借资金时,往往青睐于已婚、年龄适中、具有一定工作经历、历史违约次数较少的借款人。因此,风险监管部门应构建网络借贷违约风险评估模型,对P2P平台进行风险监测,同时建立关键信息共享机制,融合多源数据,明确审查范围,实现P2P网络借贷行业健康有序发展。