钢结构资产的抵押潜能:枣庄案例

枣庄市创新开办钢结构资产抵押贷款新业务,挖掘和提高了中小企业自身抵押担保能力,突破了钢结构厂房资产动产性质认定的瓶颈,符合政银企各方利益诉求,具有较强的可操作性、易复制性,对破解中小企业融资困局具有推广价值。     

博弈视角下大学生互联网消费信贷决策行为研究

基于博弈论视角,从理论上构建了金融机构与大学生消费信贷决策的动态博弈模型,并引入信誉机制,比较分析了传统金融机构退出大学生信用卡市场而互联网金融大举进入校园信贷市场的深刻原因,同时借助大学生消费信贷调查一手数据实证检验了信誉机制的有效性,研究结果表明:在单次和有限次重复博弈中,“囚徒困境”普遍存在,而在无限次重复博弈中,尽管利率和交易成本下降有利于促进交易,但信息不对称问题却使博弈只能进行有限次,因此要达成长期合作,必须引入具有“社会性惩罚”的信誉机制来抑制大学生的短期投机行为,然信誉机制对于促进传统金融机构与大学生合作的作用有限,更多的是促进互联网金融机构与大学生消费信贷关系的达成,实证结果验证了该结论。由此得到的启示是,充分利用互联网大数据优势、强化互联网金融市场监管、引导大学生树立正确的消费观和责任意识,有助于破解“一放就乱,一管就死”的监管困局,这对于规范互联网金融校园消费信贷市场具有重要现实意义。     

城市商业银行跨区域扩张的收益和风险

本文借鉴CAMEL评级体系的指标设置,从监管的角度对近几年来中国城市商业银行跨区域扩张的收益和风险进行了实证分析。实证结果发现,总行与新设分行之间的距离对其成本有显著的正影响,但对其他方面没有显著的影响;省外新设分行的成本收益率要小于省内新设分行;省内重组的城市商业银行经营绩效比自行新设分行的城市商业银行要差一些。这些...     

Jointly issued notes: a financial instrument to improve SME credit worthiness in China

A financial instrument to improve the credit worthiness of small and medium enterprises (SMEs), i.e. Jointly Issued Notes (JINs), improves the average credit rating of SMEs by eight notches, from BBB to AA+, thus reducing borrowing cost by 298 basis points. This research note describes the various kinds of JINs, and then analyzes their effect on the credit worthiness of SMEs. We conclude that the JINs successfully facilitate access to credit at lower rates in China.     

The role of global financial conditions for credit supply in EMU periphery countries

The article analyses the role of global financial conditions for credit supply and growth performance in individual member states of the European Monetary Union (EMU). In line with the risk-taking channel of monetary policy, we find that in the short run, the Fed and European Central Bank (ECB) interest rate policy compensate for changes in global risk assessment thereby supporting net private credit flows to the European periphery. However, in later periods, a worsened risk sentiment weighs on credit flows to these countries. In contrast, EMU core countries are generally less affected by global financial shocks. This asymmetric influence of global conditions on EMU member states are smoothed by the uniform access of commercial banks to the Eurosystem’s open market operations in conjunction with the redistribution of liquidity via the TARGET mechanism.     

Ownership discrimination and private firms financing in China

This study examines the financing/funding of private firms in China. Our results show that private firms are significantly less funded through formal financing channels such as bank loans than state-owned firms, and hence have to resort to alternative financing such as trade credit. Consistent with the theoretical expectation and literature, there is a substitution effect between trade credit and bank loans for private firms, but this effect is much weaker compared to that of state-owned firms. Moreover, while the univariate comparisons indicate that private firms obtain more notes payable than state-owned firms, the multivariate regression analyses show that the relation between bank loan and notes payable is positive and indifferent between private and state-owned firms.     

金融科技与中小微企业信贷获取——基于新三板企业的实证研究

中小微企业融资难、融资贵是世界性难题,银行信贷融资是其外部融资的重要来源,但目前过低的融资规模制约了其缓解融资难的有效发挥,如何提升中小微企业的银行信贷融资成为学术界的研究难点。金融科技的迅猛发展是否对解决该难点有所助益？本文以2011—2020年新三板企业为样本对该问题进行考察,研究发现：(1)金融科技能显著提升中小微企业信贷资源获取,该结论在考虑内生性和稳健性检验后依然成立;(2)机制分析表明,金融科技能够通过降低信息不对称、促进商业信用融资以及加剧银行业竞争等渠道显著促进中小微企业的信贷获取;(3)异质性分析表明,金融科技对信贷获取的促进作用在货币政策紧缩时期、信用环境较差地区、中西部地区、融资约束较高、产权性质为非国有以及抵押能力较弱的企业中表现得更加明显;(4)进一步研究表明,金融科技能够降低借贷成本;相对于短信贷期限结构企业,金融科技对于长信贷期限结构企业的正向影响更为明显。本文的研究结论支持了金融科技的长尾效应和普惠性,也为中小微企业获取更多信贷资源,缓解融资难题提供了有效路径。     

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.     

借鉴国际经验加快中国个人信用制度建设

从经济学理论看,个人信用制度的建设对一国经济的健康发展至关重要.应借鉴国外个人信用制度建设的成功经验,并结合中国具体国情,加快中国个人信用制度建设.     

中小企业融资与信用理财产品开发研究

＂融资难＂问题是制约中小企业发展的重要瓶颈,＂只贷不存＂和＂信息不对称＂让小额贷款公司和商业银行分别陷入了自己向中小企业贷款的相对困境。通过信用理财产品,可以将小额贷款公司和商业银行的优势互补,降低信息不对称成本和交易成本,从而解决中小企业的融资困难问题。