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页数:16页
时间:2018-07-15
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1、原文与译文-原文与译文原文:AMoreCompleteConceptualFrameworkforSMEFinanceAllenN.BergerBoardofGovernorsoftheFederalReserveSystemGregoryF.UdellKelleySchoolofBusiness,IndianaUniversity,1.FinancialinstitutionstructureandlendingtoSMEsTheresearchliteratureprovidesaconsiderabl
2、eamountofevidenceontheeffectsoffinancialinstitutionstructureonSMElending,althoughasnotedabove,thefindingsrarelygobeyondthedistinctionbetweentransactionslendingtechnologiesversusrelationshiplendingtoparseamongtheverydifferenttransactionstechnologies.Here,we
3、brieflyreviewthefindingswithregardtothecomparativeadvantagesoflargeversussmallinstitutions(subsectionA),foreign-ownedversusdomestically-ownedinstitutions(subsectionB),state-ownedversusprivately-ownedinstitutions(subsectionC)andmarketconcentration(subsectio
4、nD).A.LargeversussmallinstitutionsThereareanumberofreasonswhylargeinstitutionsmayhavecomparativeadvantagesinemployingtransactionslendingtechnologieswhicharebasedonhardinformationandsmallinstitutionsmayhavecomparativeadvantagesinusingtherelationshiplendingt
5、echnologywhichisbasedonsoftinformation.Largeinstitutionsmaybeabletotakeadvantageofeconomiesofscaleintheprocessingofhardinformation,butberelativelypooratprocessingsoftinformationbecauseitisdifficulttoquantifyandtransmitthroughthecommunicationchannelsoflarge
6、organizations(e.g.,Stein2002).Underrelationshiplending,theremaybeagencyproblemscreatedwithinthefinancialinstitutionbecausetheloanofficerthathasdirectcontactovertimewiththeSMEistherepositoryofsoftinformationthatcannotbeeasilycommunicatedtothemanagementorown
7、ersofthefinancialinstitution.Thismaygivecomparativeadvantagesinrelationshiplendingtosmallinstitutions15原文与译文-withloweragencycostswithintheinstitutionbecausetheytypicallyhavelessseparation(ifany)betweenownershipandmanagementandfeweroveralllayersofmanagement
8、(e.g.,BergerandUdell2002).Finally,itisoftenarguedthatlargeinstitutionsarerelativelydisadvantagedatrelationshiplendingtoSMEsbecauseoforganizationaldiseconomieswithalsoprovidingtransactionsloansandotherwholesal
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