担保网络如何影响信贷市场

——来自中国的证据

内容提要:本文基于中国华东地区某地级市商业银行所辖全部网点的贷款台账数据，运用网络图论的工具首次分析了相互担保的关联企业所构成的企业担保网络对信贷合约的结构（企业所获得的贷款额度和利率）的影响。我们发现企业在担保网络中所涉及的关联企业的数量并不影响企业获得担保贷款和抵押贷款的额度与实际金额；而衡量该企业在整个担保网络中的重要程度的“居中度”指标则对信贷合约有重要影响。实证结果表明，企业的“居中度”越高，企业所获得的贷款额度和实际金额就越高。最后，企业的担保网络指标并不影响贷款利率。现有的研究和银行贷款授信流程里并没有重视企业担保网络中的“居中度”这一关键指标，我们的发现有助于理解担保网络对信贷市场的资源配置的效率与风险的影响，从而具有重要的政策含义。

Abstract：The paper, employing the analytical tools of network and graph theory, studies the loan data from a commercial bank and tries to explore the effects of structure of loan guarantee networks of SMEs on the structure of credit contracts. We find that the degree centrality in the network does not have significant effects on the size of the loans a firm might receive, while the betweenness （a measure of importance of the firm in the entire network） plays an important role. The empirical results show that higher betweenness is mostly cor- related with actual quota of loans. Finally, the network-related index shows no influence on interest rate. This may have important implications given the fact that the prevailing research on credit market does not pay much attention on the centrality measures.

附件：

担保网络如何影响信贷市场——来自中国的证据?《金融研究》.pdf