小企业贷款信用状况的关系银行组织结构的重要性外文翻译Word格式.docx
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小企业贷款信用状况的关系银行组织结构的重要性外文翻译Word格式.docx
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原文
SmallBusinessCreditAvailabilityandRelationshipLending:
TheImportanceofBankOrganisationalStructure
MaterialSource:
EconomicJournal,2002Author:
AllenN.Berger
Abstract
Thispapermodelstheinnerworkingsofrelationshiplending,theimplicationsforbankorganisationalstructure,andtheeffectsofshockstotheeconomicenvironmentontheavailabilityofrelationshipcredittosmallbusinesses.Relationshiplendingdependsontheaccumulationovertimebytheloanofficerof“soft”information.Becausetheloanofficeristherepositoryofthissoftinformation,agencyproblemsarecreatedthroughouttheorganisationthatmaybestberesolvedbystructuringthebankasasmall,closely-heldorganisationwithfewmanageriallayers.Theshocksanalysedincludetechnologicalinnovations,regulatoryregimeshifts,bankingindustryconsolidation,andmonetarypolicyshocks.
Keywords:
Banks,SmallBusiness,Mergers,Relationshiplending,OrganisationalStructure
Theissueofcreditavailabilitytosmallfirmshasgarneredworld-wideconcernrecently.Modelsofequilibriumcreditrationingthatpointtomoralhazardandadverseselectionproblems(e.g.,StiglitzandWeiss,1981)suggestthatsmallfirmsmaybeparticularlyvulnerablebecausetheyareoftensoinformationallyopaque.Thatis,theinformationalwedgebetweeninsidersandoutsiderstendstobemoreacuteforsmallcompanies,whichmakestheprovisionofexternalfinanceparticularlychallenging.Smallfirmswithopportunitiestoinvestinpositivenetpresentvalueprojectsmaybeblockedfromdoingsobecausepotentialprovidersofexternalfinancecannotreadilyverifythatthefirmhasaccesstoaqualityproject(adverseselectionproblem)orensurethatthefundswillnotbedivertedtofundanalternativeproject(moralhazardproblem).
Smallfirmsarealsovulnerablebecauseoftheirdependencyonfinancialinstitutionsforexternalfunding.Thesefirmssimplydonothaveaccesstopubliccapitalmarkets.Asaresult,shockstothebankingsystemcanhaveasignificantimpactonthesupplyofcredittosmallbusinesses.Thus,smallfirmsaresubjecttofundingproblemsinequilibriumandtheseproblemsmaybeexacerbatedduringperiodsofdisequilibriuminfinancialmarkets.
Oneofthemostpowerfultechnologiesavailabletoreduceinformationproblemsinsmallfirmfinance,andamainsubjectofthispaper,is“relationshiplending.”Underrelationshiplending,banksacquireinformationovertimethroughcontactwiththefirm,itsowner,anditslocalcommunityonavarietyofdimensionsandusethisinformationintheirdecisionsabouttheavailabilityandtermsofcredittothefirm.Recentempiricalevidenceprovidessupportfortheimportanceofabankrelationshiptosmallbusinessesintermsofbothcreditavailabilityandcredittermssuchasloaninterestratesandcollateralrequirements(e.g.,PetersenandRajan,1994,1995;
BergerandUdell,1995;
Cole,1998;
ElsasandKrahnen,1998;
HarhoffandKö
rting1998a).
Thepaperisorganisedasfollows.Section1offersabriefoverviewofsmallfirmfinancingandhighlightstheimportantrolethatfinancialinstitutionsplayinprovidingexternalfinancetosmallbusiness.Section2categoriseslendingintofourseparatetechnologies,ofwhichrelationshiplendingisone.Relationshiplendingiscomparedwiththeothertechnologiesintermsofhowthesetechnologiesareimplementedandtowhomtheyaretargeted.Section3examinestheorganisationalissuesassociatedwithstructuringthelendingfunctionbypresentingasimplemodelofbanklending.Theanalysissuggeststhatunderrelationshiplending,theaccumulationovertimeof“soft”informationbytheloanofficercreatesagencyproblemsthroughoutthebankingorganisationthatmaybestberesolvedbystructuringthebankasasmall,closely-heldorganisationwithfewmanageriallayers.Section4usesthemodeltoexaminetheimpactofshockstotheeconomicenvironmentinwhichbanksandsmallbusinessesoperateontheavailabilityofcredittosmallbusiness,includingtechnologicalinnovations(e.g.,creditscoring),regulatoryregimeshifts(e.g.,toughenedbanksupervision),shiftsincompetitiveconditions(e.g.,bankingindustryconsolidation),andchangesinthemacroeconomicenvironment(e.g.,monetarypolicyshocks).Section5concludes.
1.Smallbusinessfinancingisintroduced
Table1providesabreakdownofthesourcesofsmallfirmfinanceintheUnitedStatesbasedondatafromthe1993NationalSurveyofSmallBusinessFinance(adaptedfromBergerandUdell,1998,Althoughthedataaredrawnfromasinglenation,webelievethatthemainpointsillustratedbelow–e.g.,smallfirmsrelyonbothdebtandequity,smallfirmsusesubstantialamountsofinsiderfinance,banksarethechiefsourceofdebtfromfinancialinstitutionstosmallfirms,etc.
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- 关 键 词:
- 小企业 贷款 信用 状况 关系 银行 组织 结构 重要性 外文 翻译
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