金融機構融資授信實證分析－以臺灣中小企業為例

Empirical Analysis for Credit and Loan Practices of Financial Institutions-Using Small and Medium Enterprises of Taiwan as Example

劉美芳 ； 李國賓

《全球管理與經濟》 5卷1期 (2009/06) Pp. 22-40

https://doi.org/10.6565/JGME.2009.5(1).2

摘要

近來受到美國次級房貸與金融海嘯之影響，金融機構紛紛受到嚴重影響，加上歐美景氣欠佳，直接影響到中小企業（Small and Medium Enterprises）營業收入，中小企業營收減少又導致銀行緊縮銀根；中小企業經營上融資之取得，更顯得困難。本研究對象為台灣的中小企業，樣本的選取來自於多家金融機構移送中小企業信用保證基金保證（Small and Medium Credit Guarantee Fund）的企業財報資料，其中包含正常繳款的企業資料與逾期違約（Default）未繳款的企業資料，合計共391家企業。藉由申請貸款之前3個年度的財務報表資料，發現彼此相關，評估其是否可做為金融機構放款的唯一依據。就採取的樣本中，以正常繳款企業與違約未繳款企業兩者於核貸前三年財務狀況判別分析是否具有顯著性。若此假說成立，表示中小企業的財務報表能完全展現具有區分企業未來是否逾期的能力，因此金融機構可以企業的財務報表做為進行撥貸之依據。本研究結論發現，利用授信比率（Loan-to-Sales Ratio）這項財務指標，可以用來做為判定公司是否面臨財務困頓，亦即公司是否會遭受這約倒閉或仍可正常營運。雖然說，其模型的R值並不大，可能會對於評估造成疑慮，但是，再對模型的測試中，經過了迴歸的逐步刪去篩選後，唯有授信比率都有符合其標準。因此，全融機構對於台灣中小企業進行融資放款時，除考量該公司之財務狀況、經營管理、產業特性等外，尚需考量企業過去授信比之歷史資料，以提供授信決策人員參考。授信業務在繁忙中難免有疏漏，或其他未盡事宜之處，應於貸放後，落實覆審作業，利用追蹤管理，儘早發現問題，及時採取保全或預防措施。

關鍵字

中小企業 ； 五P ； 授信比率 ； 流動比率 ； 負債比率 ； 稅前純益率 ； 逾期 ； 中小企業信用保證基金

並列摘要

In recent years, under impacts from US subprime and financial storm, financial institutions were in a severely disadvantageous position. In addition to recessions in both US and Europe, they would directly affect the sales and revenues of small and medium enterprises (SME). With decreasing enterprise revenue on top of bank's credit tightening, it would be extremely difficult for SME in acquiring the credits needed for management and operation.Subjects under this study were Taiwan's SME. Sample selection originated from the enterprise financial reports within the Small and Medium Credit Guarantee Fund provided by many financial institutions. In it, enterprise information of maintaining the regular payments as well as payment defaults was included, with a total of 391 enterprises as result. Through the first three annual financial reports prior the actual applications for loan, cross-referenced relationships were found for assessing whether they could be used as the only foundation for granting the loans. As for the adopted samples, based on the three years financial situations prior the approval of loans for either the enterprise making regular payments or payment defaults, it was used to analyze whether there were any significances existed.The findings from this research was that using the financial index like Loan-to Sales Ratio, it could be adopted as determining whether the company in interest would be in financial straits, i.e. whether the company would be defaulting or could still be operating as anticipated. Although the R values in the model were not large, it could create unnecessary doubts for the assessment. Nonetheless, the findings from retests performed against the model were gradually deleted or filtered out through regression process, and only all the credit ratios were found to meet the standards. Hence, financial institution granting loans to Taiwan's SME, it not only should evaluate the company's financial situation, management and administration, industry characteristics, but also it should evaluate the historical information about the enterprise's Loan-to Sales Ratio so as to be-provided as references for personnel granting the credits.

並列關鍵字

SME ； 5P ； Loan-to-sales ratio ； Current ratio ； Debt ratio ； Return on sale before tax ； Overdue ； Small and medium credit guarantee fund