信息的不确定性与中小企业的信贷配给:基于信号博弈模型的分析

发布时间：2018-12-31 16:41

【摘要】：信息的不对称性并不是造成中小企业信贷配给现象的主导因素。金融机构对于拟投资项目未来经营前景的不确定性才是促成中小企业信贷配给现象的关键性因素。信息的不对称只是加剧了金融机构对于借款客户风险水平的主观不确定性而已。正是金融机构对借款客户拟投资项目的经营前景的不确定性,导致了金融机构对信贷业务风险的管控。因此信贷配给其实是金融机构风险管理的结果。因为金融机构与借款客户资产与负债的品质与结构都不同,二者的经营价值取向也有异,所以商业银行的贷款意愿与借款客户的借款期望不可能相吻合。于是信贷配给现象不可避免,也不可能杜绝。发展多层次的金融市场,尽可能地匹配资金供求双方的投资价值取向与投资期望,是最大程度地满足融资需求的唯一出路。
[Abstract]:The asymmetry of information is not the leading factor of credit rationing of SMEs. The uncertainty of financial institutions about the future operation prospect of investment projects is the key factor that contributes to the credit rationing of small and medium-sized enterprises. The asymmetry of information only intensifies the subjective uncertainty of financial institutions about the risk level of loan customers. It is the uncertainty of financial institutions about the business prospects of loan clients to invest in projects that lead to the management of credit risk by financial institutions. Therefore, credit rationing is actually the result of risk management of financial institutions. Because the quality and structure of assets and liabilities of financial institutions and loan customers are different, and their operating value orientation is different, it is impossible for commercial banks to match the loan expectations of loan customers. Thus the phenomenon of credit rationing is inevitable and impossible to eliminate. Developing a multi-level financial market and matching the investment value orientation and investment expectation of both supply and demand of funds as far as possible is the only way to meet the financing demand to the greatest extent.
【作者单位】：北京林业大学经济管理学院;山东商业职业技术学院;
【基金】：山东省社会科学规划研究项目“金融支持‘三农’经济发展问题研究”(项目编号:13CJRJ05)的阶段性成果
【分类号】：F276.3;F832.4

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