摘要
从融资成本的角度分析发现,影响小微企业贷款证券化可行性的关键因素主要包括:信息不对称导致的高信用风险溢价和高交易成本、证券市场制度不完善和债券本身结构性问题导致的高流动性溢价。这些因素叠加,导致小微企业贷款利率高企,制约了小微企业贷款的意愿。为此,应通过发挥政府的政策支持作用,在银行贷款中引入金融科技技术,进一步完善小微企业征信体系,完善贷款证券化市场制度等手段,以降低小微企业贷款证券化的成本,助推小微企业贷款证券化的实施。
Asset securitization is an innovative financing model,which has the advantages of direct financing and indirect financing.It provides a feasible idea for solving the problem of financing difficulties of micro and small enterprises.From the perspective of financing cost,it is found that the key factors affecting the feasibility of loan securitization of small and micro enterprises mainly include:high credit risk premium and high transaction cost caused by information asymmetry.The combination of the imperfect securities market system and the high liquidity premium caused by the structural problems of the bonds themselves has led to high lending rates for MSMEs,which has constrained the willingness of MSMEs to lend.Based on this,this paper puts forward corresponding policy suggestions to solve the problem of affecting the feasibility of loan securitization of small and micro enterprises.
作者
张安忠
ZHANG An-zhong(School of Economics,Zhengzhou University of Aeronautics,Zhengzhou 450046,China)
出处
《经济研究导刊》
2020年第13期59-63,共5页
Economic Research Guide
关键词
小微企业
贷款
证券化
可行性
small and micro enterprises
loan
securitization
feasibility
