摘要
在法律权利和执行能力对设立企业银行贷款合同的影响方面,传统研究主要关注债权人权利和财产权保护程度对企业银行贷款利差的影响,然而信贷信息共享可以直接减少信息不对称,从而降低投资人的违约风险,所以笔者创新性地加入了信息共享变量来研究不同国家之间信贷信息共享程度、债权人权利和财产权保护的差别是否会影响所在国借款人的贷款利差。笔者选取2014至2016年间中国借给来自22个国家的借款公司的银团贷款数据,通过实证检验,结果表明,国家的信贷信息共享程度越高,贷款利差越低。其次,不考虑信贷信息共享程度时,所在国债权人权利和财产权保护水平对贷款利差都有显著影响,法律对投资者的保护越好,企业承担的贷款利差越低。然而由于减少了信息不对称问题,信息共享这一变量的存在削弱了债权和财产权保护程度与贷款利差之间的负向关系。政策方面,笔者建议以建立信息机构增强信息共享为主,这对“一带一路”经济体有效获得资金支持具有显著意义。
In terms of the effect of legal rights and enforcement on the establishment of bank loan contracts,traditional studies mainly focus on how the creditor rights protection and property rights protection influence bank loan spreads.However,credit information sharing can reduce information asymmetry directly which can help decrease the default risk for investors.Therefore,our research adds the variable about information sharing and then examines whether difference in information sharing,creditor rights and property rights will affect the loan spread to borrowers.We focus on loans with Chinese lenders and borrowers in 22 countries during year 2014 to year 2016.The empirical results show that better and higher credit information sharing are associated with lower loan spreads.Besides,without considering information sharing,the extent of creditor rights and property rights protection has significant negative impact on loan spreads.However,information sharing undermines the negative influence of creditor rights and property rights on loan spreads due to reducing the information asymmetry problem.As for policy advice,we suggest to pay attention to constructing information sharing agencies which plays an important role in obtaining capital efficiently for the Belt and Road economies.
作者
何重达
尹训东
李阳
HE Zhong-da;YIN Xun-dong;LI Yang
出处
《中央财经大学学报》
CSSCI
北大核心
2019年第8期43-53,共11页
Journal of Central University of Finance & Economics
基金
中央高校基本科研业务费专项资金
中央财经大学青年创新团队项目(项目编号:020550319001)
国家自然科学基金面上项目“人口政策、社会网络与个体创业、储蓄和投资行为分析”(项目编号:71673314)
关键词
信息共享
债权人权利
财产权保护
Information sharing
Creditor right
Property rights protection
