دانلود رایگان مقاله انگلیسی هزینه سرمایه در ضمانتنامه های وام دولتی به شرکت های کوچک - اشپرینگر 2017

Abstract

In this paper, we study the determinants of the spread charged by banks under a UK policy intervention scheme, aimed at supporting access to the credit market for small firms through guarantee backed loans. We exploit a unique dataset containing data on 29,266 guarantee backed loans under the UK SFLG scheme over the period 2000 to 2005. Results suggest that lower spreads are offered for loans of larger amounts and higher durations, for service firms, for larger firms, and for those located in the most advanced regions. Higher spreads are applied to high-tech manufacturing firms and to loans issued for working capital purposes. We also find that the presence of other extant debt is associated with a relatively higher spread and that this effect is especially significant for the subset of firms that have reached a maximum debt capacity based on collateralized assets. Further, we also find that the higher the incidence of the publicly guaranteed debt over the total amount of outstanding loans, the lower, on average, the spread. However, an increase in the guaranteed coverage leads to a contraction in the spread only for loans aimed at covering working capital needs rather than investments.

6 Conclusion

In this paper, we have studied the determinants of the spread charged by banks under the UK SFLG policy intervention scheme, aimed at supporting the access to the credit market of small firms through guarantee backed loans. We have exploited a unique dataset of 29,266 guarantee backed loans in the period 2000 to 2005. Whether the guarantee provided by the government on issued loans facilitates small businesses in getting a lower cost of capital is a matter of considerable interest for policy makers questioning the effectiveness of the scheme. The current policy relevance of this theme is well represented by large-scale initiatives at European level, such as the COSME Loan Guarantee Facility (LGF) launched by the European Commission and managed by the European Investment Fund to support the growth and research and innovation of European enterprises.

Can the public guarantee lessen the informational wedge that exists between banks and borrowers when dealing with small businesses? Does the public program allow small firms to benefit from better terms for loans? Is there any difference on the impact that the guaranteed coverage exerts on spreads under different situations? Does the government’s objective function through the SFGL scheme totally match the lenders’ objective function? These are all relevant questions that deserve policy attention. We have been able to address a subset of them given the nature of our available data.