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小微企业融资困难一直是政府、企业和学术界关注的热点问题。互联网金融的兴起尤其是P2P网络借贷等新兴融资模式的蓬勃发展,作为传统金融的重要补充使得资金脱虚向实,一定程度上纾解了小微企业融资困境。但是,其具体实施过程中违约风险较高等问题也日益凸显。区别于以往对借贷资金成本的关注,在此以订单满标时间和单位借款金额订单满标时间作为借贷时间成本的代理变量,实证分析小微企业借贷时间成本与违约风险的关系,研究发现,与单位借款金额订单满标时间相比订单满标时间可以更好地识别借款人违约风险,同时由于放贷人在投标过程中存在羊群效应,单位借款金额订单满标时间与违约风险存在U型非线性关系。因此,借贷时间成本可以成为放贷人做出投资决策的重要参考依据和P2P平台进行风险管控的重要指标。
Abstract：The financing difficulty of SMEs(Small and Micro-sized Enterprises) has always been a hot issue for the government, enterprises and academia. The rise of internet finance, especially the P2 P network lending as the traditional finance's supplement makes the funds flow out of the virtual to the reality, which to some extent relieves the financing dilemma of the SMEs. However, issues such as the default risk are becoming more prominent. This paper takes the order full time and the order full time per yuan as the proxy variable of the borrowing time cost to empirically analyze the relationship between the time cost of borrowing and the default risk of SMEs, which is different from the previous concerns about the cost of borrowing funds. The study finds that the order full time per yuan is better than the order full time to identify the borrowers' default risk, and there is a U type nonlinear relationship between the order full time per yuan and default risk due to the herd effect in the lenders' bidding process. Therefore, the time cost of borrowing can be an important reference for lenders to make investment decisions and an important indicator for risk management and control of P2 P platforms.
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(1)借款人所在行业类别包括:农业、建筑工程、能源业、制造业、IT、餐饮/旅馆业、房地产业、公共事业、公益组织、交通运输业、教育/培训、金融/法律、零售/批发、媒体/广告、体育/艺术、医疗/卫生/保健、娱乐服务业、政府机关、其他以及未提供相关信息,共20类。根据三大产业划分标准,行业类别中的农业为第一产业;建筑工程、能源业和制造业为第二产业,其他类别为第三产业。
基本信息:
DOI：10.19631/j.cnki.css.2019.06.007
中图分类号:F832.4;F724.6;F276.3
引用信息:
[1]李鑫,田秀娟.小微企业借贷时间成本与违约风险——基于P2P网络借贷[J].重庆社会科学,2019,No.295(06):83-95.DOI:10.19631/j.cnki.css.2019.06.007.
基金信息:
国家社会科学基金项目“大数据背景下金融与科技融合机理及风险管控研究”(18BGL059);; 对外经济贸易大学国内外联合培养研究生项目资助
2019-06-16
2019-06-16