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1、LoanPricingBehaviorofFinancialInstitutions--EmpiricalStudyfromSMENon-SecuritizedTransactionsStevenChing**Correspondence:StevenChing,JointCreditInformationCenter,10F.No.2,ChungChingS.Rd.,Section1,ChungChengDistrict,TaipeiCityTEL：886-2-2381-3939，FAX：886-2-23
2、11-4924，E-mail：steven.ching@jcic.org.twJointCreditInformationCenterDoraHsuJointCreditInformationCenter34AbstractThisstudypurportstoexaminethepricingbehavioroffinancialinstitutionsissuingunsecuredloanstoSMEofvaryingtypes.Throughdataanalysis,wehopetoanswerth
3、efollowingthreequestions:(1)Doesthepricingbehaviorreflectthecreditqualityofthesecustomers?(2)Doborrowersoflowcreditqualityexhibithumped-shapedanddownwardslopinginterestratetermstructures?(3)Forborrowersofthesameratingswithorwithoutaccountinginformationprov
4、ided,arethefirmsprovidingtheseinformationencouragedwithpreferentialloanrates?Toanswerthefirstquestion,weincludefirmswithdifferentcreditratings,withloansbackedbyguaranteesornot.Asweincludeonlythenon-securitizedtransactionsinourstudy,securitizedtransactionis
5、notunderthediscussionofthisstudy.Theresultsindicatedthattheloanratesfinancialinstitutionsissuetofirmswithdifferentriskprofiles,withvaryingcreditratingsandloanmaturities,arestatisticallydifferent.Thehigherthecreditratingofanobligor,thelowertheloanratethatis
6、given,andviceversa.Theresultwithloansbackedbyguaranteesseemscontroversial.Nosignificantdifferenceexhibitedbetweenloansbackedbyguaranteesandthosethatarenot.Thismaybeduetothecurrentprevailingpracticethatfinancialinstitutionsacceptedguaranteescomegenerallyfro
7、mtheimportantrelatedpartiesoftheborrowingfirms(suchasthechairmanortheboardofdirectors),thehighriskassociationgranttheacceptedguaranteestobelittleworthinpractice.Theframeworkoftraditionalcreditriskmodelseemstoimplythatlowgradecustomersmayexhibithigherassetg
8、rowthopportunitywithwhencomparedetohighgradecustomers.Onoursecondquestion,wefinethattime-serieswise,thetermstructureofinterestrateincreasewithmaturityforhigher-gradefirms,whileforlow-gradefirmstheydecrease,re
