信用贷款、金融发展与企业家声誉的信号传递

本文以企业家荣获的各种国家级荣誉称号作为企业家声誉的替代变量,考察了企业家声誉能否向信贷市场传递有效信号,进而对企业获取信用贷款产生作用。研究发现,企业家声誉有助于企业获得额度更多、期限更长的信用贷款;企业所在地区较高的金融发展水平显著地增强了企业家声誉的作用;进一步研究发现,企业家声誉的上述作用仅仅局限于规模较大和经营绩效较好的企业。研究结果表明,企业家声誉可以作为一种显性的信号机制缓解信贷市场的信息不对称,并可以随着金融发展成为一种非正式的替代机制。

Credit Loans,Financial Development,and the Signaling transmitting Effects of Entrepreneur Reputation

Using various national honors gained by entrepreneurs as proxy for entrepreneur reputation,this paper investigates whether entrepreneur reputation can transmit effective signal to the credit market,which accordingly affect the access to the credit loans.The paper finds that entrepreneur reputation helps to obtain more and longer credit loans for enterprises.The levels of financial development where the objectives are located can significantly increase the effects brought by entrepreneur reputation.But our further study finds that the above effects mainly exists among those enterprises with lager size and better performance.The results show that the entrepreneur reputation can act as obvious signaling mechanism to mitigate the information asymmetry problem in the credit market,and can become an informal substitute mechanism with the financial development.