聯繫溝通模式與貸款利率之關聯性─以美國小型企業為例

The Impacts of Mode of Communication with the Bank on the Cost of Bank Loans: Evidence from Small Businesses

本文使用美國小型企業的資料發現，企業所有權人若擁有豐富的工作經驗且教育程度高有助於降低企業的貸款成本，增強其融資能力；相對地，所有權人過去的不良的信用紀錄將不利於從銀行取得的融資成本。特別的是，這些發現主要是受到派人親自拜訪小型企業溝通的銀行所影響。此外，傳統理論認為社區銀行 (小型、單一市場、在地銀行) 比較善於透過累積關係進行資訊不透明的小型企業服務，相對地，巨型銀行 (大型、多個市場、非在地銀行) 比較善於提供資訊透明的企業服務，但是可能因為放款技術更新和銀行業的去監管政策，使得我們的實證結果並不支持傳統理論。

 

Using an analysis of data of small businesses from the United States, we find that small-business owners who are highly experienced and have a high level of education have high financing capacity, which is achieved by lowering the cost of bank loans to a firm. By contrast, poor credit history of owners in the past adversely affects bank loans. Especially, these results are mainly obtained from the analysis of small businesses that conduct business with banks by visiting in person. In addition, the conventional paradigm suggests that community banks (small, single-market, local banks) are better able to form strong relationships with informationally opaque small businesses, while "megabanks" (large, multimarket, nonlocal banks) tend to serve more transparent firms. But our results are often not consistent with the conventional paradigm, possibly because of changes in lending technologies and deregulation of the banking industry.