台灣地區中小企業內部授信評等決定因素：企業主特質與財務狀況、企業財務特性、產業生命週期與景氣展望的角色

Internal Credit Rating Model for Taiwanese Small and Mediam Enterprises Lending: The Role of Entrepreneur's Characteristics and Financial Status, Firm's Financial Characteristics, Industry Life Cycle and Business Prospect

陳昇鴻(Sheng-Hung Chen) ； 鍾國貴(Kuo-Kuei Chung) ； 周隆耀(Lung-Yao Chou)

《台灣金融財務季刊》 14卷2期 (2013/06) Pp. 41-70

摘要

本研究使用2003年至2009年間，台灣地區某商業銀行之南部區域中368家中小企業，合計共1,427筆的徵信報告資料做為研究對象，不僅建立銀行內部之中小企業授信評等模型，同時也探討中小企業主及其公司財務特性如何影響內部徵信評等的等級。實證結果發現當中小企業負責人的個人活期存款總金額、支票存款總金額、外幣存款總金額，以及個人名下所擁有土地市價金額愈高，同時中小企業員工總人數愈多、總放款金額愈高、財務結構、償債能力、經營能力及獲利能力愈佳，則其徵信風險愈低；此外，當中小企業負責人年齡愈高、學歷為學士、大專、高中、國中或國小（以下），尤其是中小企業的產業生命週期正處於「成長期」、「成熟期」、「迅速好轉」，或「略為惡化」階段時，則其徵信風險較高。本研究實證結果對於銀行進行中小企業徵信實務上具有實質的參考價值，特別是應格外重視中小企業主及其公司財務特性對於內部徵信評等的影響性。

關鍵字

中小企業 ； 內部信用評等 ； 企業主特質與財務狀況 ； 產業生命週期 ； 景氣展望 ； 次序羅吉斯迴歸模型

並列摘要

Using regional loan data on credit rating for 368 Small and Median Enterprises (SME) operating in southern Taiwan over 2003 to 2009, this paper assesses the internal credit rating model and also empirically investigates the impacts of both entrepreneur's and SEM's financial characteristics on the internal credit rating on loans. The empirical evidence shows that SMEs with lower credit risk are positively related to the entrepreneur's private deposits of time, check, and foreign currency, and land as well as SME's employee, loanable funds, financial structure, debt-refundable, operating, and profitability ability. Otherwise, senior entrepreneurs with education degree of college, senior or junior high school, or (under) elementary school, particular at the stage of declining, instantly improved, and slightly worsen, are negatively related to higher credit risk for SMEs. Our empirical evidences contribute to the improvement of internal rating model of SME for bank's practice, in particular the significant influences of entrepreneur's characteristics and financial status on SME loan pricing.

並列關鍵字

Small and Median Enterprises ； SME ； Internal Credit Rating ； Ordered Logit Model ； Entrepreneur's Characteristics and Financial Status ； Industry Life Cycle and Business Prospect

參考文獻

蔡明春、鄭青展、馮淑鈴、陳坤志(2009)。中小企業貸款違約預警模式－以某商業銀行為例。文大商管學報。14(1)，19-40。

李樑堅、張志向(1999)。中小企業授信評估模式建立之研究。臺大管理論叢。3，69-100。

Longenecker, J. G., Moore, C. W. and Petty, J. W. (1997), “Credit Scoring and the Small Business: A Review and the Need for Research,” Working Paper, Baylor University, Waco, TX.

van Deventer, D., Outram, J. (2002), “The New Basel Capital Accords and Internal Bank Ratings”, working paper

Alexander, C.O.,Leigh, C. T.(1997).On the Covariance Metnces Used in Value at Risk Models.The Journal of Derivatives.4,50-62.