企业净资产效应，信贷约束和过度放贷

本文将隐藏类型和隐藏行动结合在同一模型框架中，研究了不完全信贷市场中企业净资产效应的内在作用机制，解释了中小企业信贷约束和对大中企业过度放贷会同时出现的市场内生困境。本文强调中小企业面临的“不公平”融资条件并不意味着政府支持和补贴中小企业贷款一定可以提高信贷配置效率。虽然补贴可以减轻部分高能力中小企业的信贷约束，但同时也容易加重对低能力中小企业的过度放贷。适当的贷款利率下限管制则可以在一定程度上限制大中企业的过度借贷并改善信贷配置效率。

Net Worth Effect,Credit Constraints and Over Lending

Combining hidden types and hidden actions into an integrated framework,this paper investigates the micro mechanism of the net worth effect in the incomplete credit markets. It explains why there may be excessive lending to high net worth firms,while smaller firms are credit rationed or even redlined. This paper emphasizes that the "unfair" financing conditions do not imply that subsidies on lending to smaller firms can necessarily increase credit allocation efficiency. Subsidies can help some highly capable...