中小企业信贷配给的综合模型

本文将银行利润、银行利率、企业风险、企业规模作为内生系统变量纳入一个分析框架,建立一个竞争性市场下综合的信贷配给模型,重点研究不同风险类型的中小企业的信贷配给。模型揭示,多样性的信贷合同组合可以通过贷款利率、抵押品作为甄别机制而达到斯宾塞-莫里斯分离均衡,并分析了其存在的条件与范围,阐述了模型对中国金融系统改革及中小企业信贷配给的现实启示。

A Comprehensive Model for the Credit Rationing of Small and Medium-scale Enterprises

In this paper, we consider the profit, bank rate, enterprise's risk, scope of the enterprise of the bank as the endogenous systematic variables in an analysis frame.A comprehensive credit rationing model under a competitive market is firstly set up, and our focus is on the research of the credit rationing of the small and mediumscale enterprises with different risks.The model shows that the interest rate and collateral in diversified credit contracts may be utilized as screening mechanism to reach a SpenceMirrlees separating equilibrium.And then the conditions and range for the existence of the equilibrium is analyzed.Finally, the paradox of the reform of financial system and the credit ration of small and mediumscale enterprises in China is explained.