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担保条款作为一种缓解信息不对称的重要手段,在逆向选择贷款申请人过程中得到银行广泛应用。利用1996—2010年间我国上市公司银行贷款申请数据,本文分析了担保条件的贷款风险缓释作用,结果表明担保条款是满足银行贷款审核的重要条件之一,担保条款具有揭示借款人风险的功能,愿意提供担保的贷款申请人更容易遭到银行严格审查,具有较高的否决概率,担保条款对贷款利率形成了一定程度的替代效应。
As one of the important means to alleviate the asymmetric information, the guarantee clause has been widely used by banks in the process of reverse selection of loan applicants. Using the data of bank loan application of China’s listed companies from 1996 to 2010, this paper analyzes the loan risk mitigation effect of the guarantee conditions. The results show that the guarantee clause is one of the important conditions to meet the bank loan audit. The guarantee clause has the function of exposing the borrower risk, Applicants willing to provide guarantees are more likely to be subject to strict scrutiny by banks and have a higher probability of vetoing, with the guarantee clause creating a certain degree of substitution effect on lending rates.