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Financing difficulties for SMEs and credit rationing - an expanded model of mortgage loans with asymmetric information

机译：中小企业的融资困难和信贷配给-具有不对称信息的抵押贷款的扩展模型

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摘要

This article presents a new model of mortgage loans under reasonable assumptions. A several key variables that affects the success of a project, such as project risk, total investment, lending rate,mortgage, and self-financing are jointly considered in the model. The model takes the participation constraints and the incentive compatibility constraints into account for enterprises and banks on project investment actions respectively. Our model can explain the coexistence scenario of small medium enterprises' (SMEs) financing difficulties and credit rationing in credit markets with asymmetric information. It reveals that higher enterprise self-financing for the project is a "credible factor" to the bank. Banks put forward strict requirements on mortgage for the SMEs with low proportion of project self-financing, which will lead to two scenarios:one is that some SMEs would not get loans due to insufficient mortgage assets; other is that some SMEs will voluntarily give up loans because of loan requirements, even if they have enough mortgage assets. Rationing is implemented both to large enterprises and SMEs, but the degree of rationing is gradually strengthened with the reduction of self-financing scale for the project.
机译：本文提出了合理假设下的抵押贷款新模型。该模型中共同考虑了影响项目成功的几个关键变量，例如项目风险，总投资，贷款利率，抵押和自筹资金。该模型考虑了企业和银行在项目投资活动中的参与约束和激励相容性约束。我们的模型可以解释具有不对称信息的信贷市场中中小企业融资困难和信贷配给的共存情况。它表明，该项目较高的企业自筹资金是银行的“可信因素”。银行对项目自筹资金比例低的中小企业提出了严格的抵押要求，这将导致两种情况：一是部分中小企业由于抵押资产不足而无法获得贷款。另一个是一些中小型企业即使有足够的抵押资产，也会由于贷款需求而自愿放弃贷款。大型企业和中小企业都实行配给制，但是随着项目自筹资金规模的减少，配给的程度逐渐增强。

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  • 来源
    《Applied Economics》 |2019年第48期|5243-5257|共15页
  • 作者

    Ma Benjiang; Zhou Zhongmin; Chen Xiaohong;

  • 作者单位

    Cent S Univ, Business Sch, Changsha, Hunan, Peoples R China;

    Cent S Univ, Business Sch, Changsha, Hunan, Peoples R China|Hunan Univ Finance & Econ, Accounting Sch, Changsha, Hunan, Peoples R China;

    Cent S Univ, Business Sch, Changsha, Hunan, Peoples R China|Hunan Univ Commerce, 139 Fenglin Rd, Changsha 410205, Hunan, Peoples R China;

  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    SMEs; information asymmetry; asset mortgage; credit rationing;

    机译：中小企业;信息不对称;资产抵押;信贷配给;

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