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1、外文文献原文MaterialSource:HitotsubashiUniversityAuthor:lichirouesugiRoleofcollateralandpersonalguaranteesinrelationshiplending:evidencefromJapan'sSMEloanmarket1IntroductionAkeyissueofinterestintherecentliteratureonfinancialintermediationhasbeentheroleofrela
2、tionshiplending.Relationshiplendingisparticularlycommoninthecaseofsmallbusinesslending,becausesmallbusinessestypicallyrelyonbankloansforasubstantialpartoftheirfinancingneedsbutalsotendtobeinformationallyopaque.Animportantissueinthiscontextistheuseofcol
3、lateral,whichisacommonfeatureofloancontractsbetweensmallfirmsandbanksaroundtheworld,andanumberoftheoreticalandempiricalstudieshaveexaminedwhyitissowidespreadandhowitrelatestotheincentivesforborrowersandlendersandtheborrower-lenderrelationship.Forinstan
4、ce,ithasbeenarguedthatinthepresenceofinformationasymmetriesbetweencreditorsandborrowers,collateralmaymitigatetheproblemofadverseselection(Bester,1985;1987)and/ortheproblemofmoralhazard(Bester,1994;Boot,Thakor,andUdell,1991).Collateralalsoaffectstheince
5、ntivesofcreditors,whowilluseiteitherasasubstitutefor(Manove,Padilla,andPagano,2001)orcomplementto(RajanandWinton,1995;Boot2000;LonghoferandSantos,2000)screeningandmonitoringefforts.Anotheraspectofcollateralthatstudieshaveconcentratedonisthatitspresence
6、maydependonthelengthandintimacyoftherelationshipbetweencreditorsandborrowers(Boot,2000;BootandThakor,1994;Sharpe,1990).Existingempiricalresearchhasyettoreachdecisiveconclusionsaboutthenatureoftheserelationships.Thispaperseekstocontributetotheexistingli
7、teratureoncollateralusingauniquefirm-leveldatasetofthesmallandmediumsizedenterprise(SME)loanmarketinJapan.Explicitlydifferentiatingphysicalcollateral(suchasrealestate)andpersonalguaranteesbybusinessrepresentatives,weinvestigatehowtheuseofcollateralandp
8、ersonalguaranteesaffectstheincentivesofborrowers,lenders,andtherelationshipbetweenthem.Morespecifically,weexaminethefollowingthreeissues.First,weexaminewhetherriskierborrowersaremorelikelytoberequiredtoprovidecollateralorpersonalguarant
