团体贷款与中小企业融资

发布时间：2018-03-15 06:18

本文选题：中小企业　切入点：融资联保贷款市场结构一般均衡　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小企业在国民经济中的作用无须赘述,然而受制于银企信息非对称、企业规模较小、财务制度不健全和经营风险较大等因素,其融资问题长期以来是一个世界难题。对此,学术界提出了大力发展中小金融机构、拓展关系型信贷、推动直接融资等诸多举措；中小企业融资境况稍有改观,但仍难以令人满意。团体贷款自20世纪70年代由Yunus教授创立以来,因其骄人的还款率和扶贫表现受到世界瞩目。在我国,团体贷款首先以农户联保的形式引入到农村市场,随后中小企业联保贷款和网络联保贷款等纷纷出现。然而这些团体贷款的变种虽有所成果,却仍远未达到当初预期的效果。中小企业融资难可以简要抽象为由信息非对称及金融抑制导致的双重信贷配给问题。本文首先从经典的S-W信贷配给模型出发,结合我国当前的金融体系,探讨中小企业融资难的成因及学术界给出的一些解决方案。接下来介绍团体贷款相对于传统抵押贷款的优势,即由于其自身的连带责任、自我选择和横向监督等诸多机制,有助于缓解传统信贷中的逆向选择与道德风险,降低银行审查与执行成本,同时以社会资本代替了传统抵押物。并通过信息优势诱导正向分类配对以及连带责任的担保效果显示团体贷款对信贷市场效率的提升。长期以来,对团体贷款的研究集中在具体贷款机制及还款激励等方面,而疏于从贷款者角度出发。但与通常所假定的贷款者非盈利不同,企业联保贷款脱离了原本的扶贫范畴而具有逐利性,市场结构的变化也将极大影响贷款者行为模式与信贷市场上的一般均衡。本文从de Quidt的一般均衡模型出发,加入信贷市场完全程度这一因素,对不同市场结构下的信贷市场一般均衡进行了探讨,并显示垄断势力的存在将缩小贷款者提供团体贷款的可能性空间,同时产出分布的限制可能使得垄断贷款者只愿意提供个人贷款。 2012年,浙江等地出现了严重的联保互保危机,一时市场上谈保色变,联保贷款模式饱受质疑。本文通过分析认为团体贷款模式被运用到中小企业信贷市场之后发生了严重的异质化,而正是这种异质化与企业和银行风险意识淡薄等因素导致了此次危机如此肆虐；并对企业联保贷款的健康运作给出了建议。最后对全文进行了总结,指出了本文的创新之处,并对本领域进一步研究的方向进行了展望。
[Abstract]:The role of small and medium-sized enterprises in the national economy does not need to be restated. However, due to the asymmetric information of banks and enterprises, the small scale of enterprises, the unsound financial system and the high risk of operation, the financing problem of SMEs has been a world problem for a long time. Academic circles have put forward many measures such as vigorously developing small and medium-sized financial institutions, expanding relational credit, promoting direct financing, etc. The financing situation of small and medium-sized enterprises has slightly improved. But it is still not satisfactory. Since its establishment by Professor Yunus in 1970s, group loans have attracted worldwide attention for their outstanding repayment rate and poverty alleviation performance. In China, group loans were first introduced into the rural market in the form of rural household protection. However, the variations of these group loans, though fruitful, are still far from the expected results. The problem of double credit rationing caused by asymmetric information and financial suppression can be briefly abstracted from the financing difficulties of small and medium-sized enterprises. This paper starts from the classical S-W credit rationing model and combines the current financial system of our country. This paper discusses the causes of the financing difficulties of small and medium-sized enterprises and some solutions given by the academic circles. Next, it introduces the advantages of group loans over traditional mortgage loans, that is, because of their joint and several liability, self-selection and horizontal supervision, and so on. It helps to mitigate adverse selection and moral hazard in traditional credit and reduce the cost of bank review and execution. At the same time, social capital is used to replace the traditional collateral, and the information advantage induces the positive classification matching and the collateral effect of joint and several liability to show the improvement of the efficiency of group loan to the credit market. For a long time, the research on group loans has focused on specific loan mechanisms and repayment incentives, but not from the perspective of lenders. The change of market structure will greatly influence the behavior pattern of lender and the general equilibrium of credit market. This paper starts from de Quidt's general equilibrium model. This paper discusses the general equilibrium of credit market under different market structure by adding the complete degree of credit market, and shows that the existence of monopoly power will narrow the possibility for lenders to provide group loans. At the same time, restrictions on the distribution of output may make monopoly lenders only willing to make personal loans. In 2012, Zhejiang and other places had a serious crisis of mutual protection. The model of UNPROFOR loan has been questioned. Through the analysis, the author thinks that the model of group loan has been used in the credit market of small and medium-sized enterprises, and there has been serious heterogeneity. It is this heterogeneity and the weak risk consciousness of enterprises and banks that lead to the crisis so rampant, and give some suggestions on the healthy operation of the enterprise's UNPROFOR loan. Finally, the paper summarizes the full text, points out the innovation of this paper, and looks forward to the direction of further research in this field.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F832.4

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