| In China,small and medium-sized enterprises account for more than 90% of the number of enterprises.They are an important part of the national economy and a new force.They are an important foundation for building a modern economic system and promoting high-quality economic development.However,the survival and development of small and medium-sized enterprises is faced with a worldwide problem-the problem of "financing is difficult and expensive".As early as the1930 s,when the world fell into the Great Depression,the British "Financial Industry Council" issued the famous "Macmillan Report".The report pointed out that due to the British financial system,there are financing barriers for small and medium-sized enterprises,namely the Macmillan gap,and the state should formulate special financial policies to support small and medium-sized enterprises.If financial institutions are unwilling to provide financing support for them,the development of SMEs will be severely constrained,which in turn will affect the development of the entire national economy.Whether in developed or developing countries,small and medium-sized enterprises have different levels of "financing difficulties and high financing costs".The problem of "financing difficult and expensive" for small and medium-sized enterprises is so prominent in my country.The fundamental reason is that small and medium-sized enterprises have natural disadvantages,which are mainly manifested in information asymmetry,operational uncertainty,and scale diseconomies.First,information asymmetry reduces the availability of loans for SMEs.The internal governance and operation of small and medium-sized companies are not standardized,the financial system is not sound,and there is a serious problem of information asymmetry.Solving the problem of information asymmetry between banks and enterprises is the main direction to solve the problem of "financing difficulties".Second,operational uncertainty increases the risk of SME loans.Due to the information asymmetry,development uncertainty and weak anti-risk ability of small and medium-sized enterprises,the ability of small and medium-sized enterprises to resist risks is weak,and the loan risk is relatively large.Finally,diseconomies of scale increase the financing cost of SMEs.The investigation and approval process of banks for SMEs is mainly derived from the process of large enterprises,which is more complicated,resulting in a state of diseconomies of scale for banks to carry out loans to SMEs,and can only make up for the cost of diseconomies of scale by raising loan interest rates.At the same time,banks believe that small and medium-sized enterprises generally have higher loan risks than large enterprises,so they can make up for the loan risks they may bear by raising loan interest rates.The core of the problem of "financing difficulties" for SMEs is the problem of credit rationing.This paper divides credit rationing into two categories: the first category refers to that under the current conditions of the credit market(such as interest rates,guarantee conditions,yields,etc.),lenders only meet the needs of some borrowers,while rationing other borrowers with the same conditions;The second category means that the borrower’s loan needs are only partially met.At this stage,under the vigorous advocacy of the Chinese government,the problem of "financing difficulties" under the first type of credit rationing for small and medium-sized enterprises has been alleviated to a certain extent,and the availability of loans has been generally improved,but the second type of credit rationing has become the era of "post-financing difficulties".Problems that plague the development of small and medium-sized enterprises.Traditional research holds that credit rationing is an effective means for banks to control loan risk.However,by establishing the second type of credit rationing model,this paper deduces that the second type of credit rationing will affect the loan risk and loan interest rate of small and medium-sized enterprises,leading to new problems of "financing difficulty" and "expensive financing" for small and medium-sized enterprises.Empirical analysis confirms this inference.Therefore,it is of practical significance to study the second type of credit rationing problem for small and medium-sized enterprises,which will help ease the external financing constraints of small and medium-sized enterprises and reduce financing costs.This paper studies the impact of the second type of credit rationing for SMEs on the credit market,mainly through the new perspective of the loan approval rate.First,this paper divides the core of the "financing difficulty" problem of SMEs-the credit rationing problem into two categories,and uses the loan approval rate to express the deep meaning of the "financing difficulty" problem-the second type of credit rationing degree.Through the establishment of the second type of credit rationing model,the mechanism of its impact on loan risk and loan interest rate is deduced,and a new idea of complementing,verifying and combining loan approval pass rate and credit rating is proposed for the first time.Secondly,based on the complex and changeable macroeconomic environment,this paper takes the uncertainty of economic policy as a starting point,and empirically analyzes the impact of uncertainty of economic policy on the second type of credit rationing degree of small and medium-sized enterprises in my country through the perspective of loan approval rate.And the heterogeneous distribution of this influence among different types of enterprises,and explain its microscopic mechanism,in order to provide new ideas for the government to formulate reasonable and effective financial supply policies and to solve the problem of "financing difficulties" in depth.Thirdly,based on the perspective of loan approval rate,this paper empirically studies the impact of the second type of credit rationing degree on the loan risk of SMEs.Different from the traditional way of studying the influence of information asymmetry on the loan risk of SMEs,this paper empirically studies the influence of the second type of credit rationing on the loan risk.This study not only enriches the research on loan risk in my country,but also provides a new direction for the banking sector to improve the credit restraint mechanism and establish an effective credit review system.Finally,this paper empirically studies the influence of the second type of credit rationing degree on the loan interest rate of SMEs,and analyzes the influence mechanism of the new "financing difficulty" problem on the "financing expensive" problem in the "post-financing difficulty" era,in order to optimize the bank’s approval decision-making.It provides a new theoretical basis for alleviating the problem of "financing difficulty and expensive financing" for small and mediumsized enterprises.The main conclusions of this paper are:1.This paper studies the second type of credit rationing problem and analyzes its impact mechanism on the credit market.The relevant conclusions are:In order to solve the problem of "financing difficulty" of SMEs,this paper focuses on the problem of credit rationing.This paper divides credit rationing into two categories,and uses the loan approval rate to represent the second category of credit rationing degree.The higher the loan approval rate,the lower the credit rationing;and vice versa.By establishing the second type of credit rationing model,this paper deduces the influence mechanism of the second type of credit rationing on loan risk and loan interest rate,and finds that the second type of credit rationing degree has a positive relationship with loan risk and loan interest rate.Based on this,this paper proposes for the first time a new idea of complementing,verifying and combining loan approval rate and credit rating.2.Based on the perspective of loan approval rate,this paper empirically analyzes the impact of economic policy uncertainty on the degree of credit rationing and the relevant conclusions are as follows:Economic policy uncertainty has a significant positive impact on the second type of credit rationing for small and medium-sized enterprises in my country.This is because the increased uncertainty of economic policies will increase the degree of information asymmetry of SMEs,reduce the willingness of banks to lend,increase the level of the second type of credit rationing,and exacerbate the problem of “financing difficulties” for SMEs.For small and micro enterprises and enterprises in underdeveloped regions,the positive impact of economic policy uncertainty on the degree of credit rationing is more obvious.This paper suggests that when the government adjusts economic operation through economic policies,it should pay attention to the impact of economic policy uncertainty caused by frequent changes in economic policies on the second type of credit rationing for small and mediumsized enterprises,and adopt appropriate and effective economic policies to intervene in the financial market to improve the Consistency and stability of economic policy.3.This paper empirically studies the impact of the second type of credit rationing on the loan risk of SMEs based on the perspective of loan approval pass rate.Relevant conclusions:The second type of credit rationing degree for small and medium-sized enterprises has a significant positive impact on the loan risk of small and mediumsized enterprises.For small and medium-sized enterprises in areas with low credit loans and financial development depth,the positive impact of the second type of credit rationing degree on loan risk is more obvious.It is generally believed that credit rationing is an important means for banks to control loan risk.This paper finds that although the second type of credit rationing can reduce the loan limit and suppress the ex-ante loan risk,it will generate the ex-post loan risk.Therefore,this paper suggests that when choosing a loan strategy,banks should try to use the first type of credit rationing means,or consider meeting the capital needs of SMEs as much as possible and reduce the second type of credit rationing.4.This paper empirically studies the impact of the second type of credit rationing on the loan interest rate of SMEs based on the perspective of loan approval rate:The degree of credit rationing for small and medium-sized enterprises in my country has a significant positive impact on loan interest rates,and this effect is more obvious in small and micro enterprises with long-term bank-enterprise relationships.When banks implement the second type of credit rationing for SMEs,the amount of bank loans decreases,but the review cost and capital cost of each loan remain unchanged.Therefore,the higher the degree of credit rationing,the larger the profit gap that banks need to make up,and the more incentives banks have to raise loan interest rates.This paper suggests that,in order to alleviate the problems of "financing difficulty" and "expensive financing",the government should vigorously advocate the construction of a diversified and multi-level financing system,appropriately relax access to the credit market,allow more small and medium-sized banks to enter the small and medium-sized enterprise credit market,and increase credit The competitiveness of the market,broaden the financing channels of SMEs,urge banks to improve the level of digitalization,reduce the cost of credit review,alleviate the state of "diseconomies of scale",and reduce the second type of credit rationing for SMEs.When pricing loan interest rates,the banking sector can complement,verify and combine the loan approval rate and credit rating with each other.Overall,the core contributions of this paper are reflected in:1.From the perspective of market supply-side banking institutions,through the establishment of the second type of credit rationing model,it is found that the second type of credit rationing,which is a risk control method for banks,will affect the loan risk and loan interest rate of SMEs,and lead to the emergence of new "credit rationing" for SMEs.Difficulty in financing” and “expensive financing”.The existing literature mainly focuses on the superficial meaning of the "financing difficulty" problem of small and medium-sized enterprises-the first type of credit rationing problem,focusing on the influence of financial supply constraints,loan contracts,enterprise characteristics and other factors,but the "financing difficulty" problem.The deep meaning-the second type of credit rationing problem of "the degree to which the loan needs of SMEs are satisfied" has become a problem that plagues the development of SMEs in the "post-financing difficult era".Although both belong to the problem of "financing difficulty",because the first type of credit rationing and the second type of credit rationing are two different research levels,the existing research has paid less attention to the second type of credit rationing problem.Based on this,in order to examine the impact of the second type of credit rationing problem on the SME credit market,this paper starts with the commercial banks that supply the SME credit market,and based on the perspective of loan approval pass rate,establishes the second type of credit rationing model,and infers the second type of credit rationing model.The influence mechanism of credit rationing on the loan risk and loan interest rate of SMEs has been further explored to find solutions to the "financing difficulty" problem of SMEs.2.This paper proposes a new idea of complementing,verifying,and combining the "approval rate of loans based on expert qualitative assessment" and "bank internal credit rating based on model quantitative analysis",in order to make up for the insufficiency of credit rating,Improving the effectiveness of risk management provides a new direction.The bank’s internal credit rating is an important reference index for calculating the default probability,loss given default rate,loan interest rate and other pricing of enterprises.By studying the relationship between the credit rationing variable "loan approval pass rate" and SME loan risk and loan interest rate,this paper innovatively proposes a new idea of combining "loan approval pass rate" with credit rating to carry out risk measurement and interest rate pricing.It provides a good supplement to the existing research theories,and has positive significance for better preventing and resolving the loan risks of small and medium-sized enterprises.This paper also proposes a new method for measuring the bank-enterprise relationship,using the time when the company first opened a deposit account in the bank to represent the bank-enterprise relationship.This method is more accurate in the logical definition of the length of the bank-enterprise relationship,which is helpful to supplement the relevant research on the bank-enterprise relationship.It also has good enlightenment significance for the follow-up research to alleviate information asymmetry and solve the problem of credit rationing through bank-enterprise relationship.3.Based on the severe and complex international political and economic situation,this paper takes the uncertainty of economic policy as a starting point,and empirically analyzes the impact of uncertainty of economic policy on the second type of credit rationing degree for small and medium-sized enterprises in my country through the perspective of loan approval rate.,and explain its microscopic mechanism of action.The discussion of economic policy uncertainty in the existing literature mainly focuses on political uncertainty,financial asset prices,corporate investment,loan interest rates,etc.,and less about its microscopic mechanism of action.Taking the uncertainty of economic policy as the starting point,through the perspective of loan approval rate,this paper empirically analyzes the influence of uncertainty of economic policy on the second type of credit rationing degree of small and mediumsized enterprises in my country and the heterogeneity of this influence among different types of enterprises,and explain its microscopic action mechanism,which fills the gap in related research fields to a certain extent,and also provides a theoretical basis for future research.4.Different from the traditional thinking of studying the influence of information asymmetry on SME loan risk,this paper studies SME loan risk from the perspective of the second type of credit rationing degree.The study finds that the second type of credit rationing degree has a positive impact on loan risk.The existing research on loan risk is mainly carried out from the perspective of information asymmetry in the credit market,from internal perspectives such as corporate characteristics and corporate governance,and external environmental perspectives such as bank competition and bank-enterprise relationship.The traditional credit rationing theory believes that credit rationing is an effective means for banks to control loan risks and will reduce loan risks.The research found in this paper: the second type of credit rationing will increase loan risk.Due to the imperfect construction of my country’s capital market,enterprises mainly meet capital needs through indirect financing.When enterprises are rationed in the bank credit market,if they continue to implement the original capital plan,they can only obtain funds from the non-bank credit market.The loan interest rate in the non-bank credit market is much higher than the bank loan interest rate,which will cause the profit obtained by the enterprise through this financing may be lower than its financing cost,resulting in losses,affecting the normal operation of the enterprise,and ultimately leading to increased loan risks.In order to study the impact of the second type of credit rationing problem on the loan risk of small and medium-sized enterprises,this paper empirically analyzes the relationship between the second type of credit rationing degree and loan risk through the perspective of loan approval pass rate.The empirical results also verify the second type of credit rationing.The assumption that the degree has a positive effect on loan risk.The results of this study provide a new perspective for optimizing bank approval decisions and reducing loan risks more accurately and effectively in the era of "post-financing difficulties".5.In order to study the influence of "financing difficulty" on "expensive financing",this paper empirically analyzes the relationship between the second type of credit rationing degree and loan interest rate from the perspective of loan approval rate,and finds that the second type of risk control means Credit rationing will have a positive impact on SME lending rates.The existing literature research on financing of SMEs mostly focuses on "financing difficulty",and pays little attention to the problem of "financing expensive" and the influence of "financing difficulty" on "financing expensive".This paper finds that the second type of credit rationing as a risk control method also has an impact on the problem of "expensive financing".When the bank implements the second type of credit rationing to the enterprise and the loan amount decreases,since the cost of reviewing each loan is basically unchanged,the bank’s loan income also declines with the increase in the second type of credit rationing,and may even suffer losses.To protect returns,banks tend to raise loan interest rates to compensate for losses caused by falling loan amounts.The higher the level of the second type of credit rationing,the greater the profit gap that banks need to make up,and the more motivated they are to raise loan interest rates.In order to study the impact of the second type of credit rationing problem on the credit interest rate of small and medium-sized enterprises,this paper empirically analyzes the relationship between the second type of credit rationing degree and loan interest rate from the perspective of loan approval rate.Lending rates have a positive effect.This paper analyzes the influence mechanism of "financing difficulty" of small and medium-sized enterprises on "financing expensive",and provides a new direction and theoretical basis for optimizing the bank’s approval decision-making mechanism and alleviating the "financing difficulty and high financing" problem of small and medium-sized enterprises. |
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