Has previous loan rejection scarred firms from applying for loans during Covid-19?
Has previous loan rejection scarred firms from applying for loans during Covid-19?
复制标题
以前的贷款拒绝是否使公司在Covid-19期间申请贷款？
DOI：
10.1007/s11187-021-00586-2
复制
发表时间：
2021-12-18
影响因子：
6.4
通讯作者：
Calabrese R
中科院分区：
文献类型：
--
作者：
Cowling M;Liu W;Calabrese R
“气馁”借款人的概念是有据可查的。在本文中，我们考虑了英国那些此前被银行贷款拒绝的小型企业是否因这一经历而受到严重伤害，以至于即使有两个异常慷慨的新型冠状病毒贷款担保计划，它们仍然拒绝提出申请。此外，我们还考虑到当他们这样做时会发生什么。由于银行的损失敞口为零或最小，它们是否仍保持正常的严格贷款协议，还是放松标准，以实现政府支持陷入困境的企业度过危机的目标？我们的调查结果显示，72%以前被拒绝的借款人不愿意申请贷款。我们发现一些证据表明，此前伤痕累累的企业面临如此严重的流动性问题，以至于它们在新冠肺炎危机期间放松了对银行的不信任。然而，它们在政府担保贷款组合中所占的份额略低，表明银行正在根据每一笔新贷款申请的实际情况来对待它们。新型冠状病毒肺炎（COVID-19，即2019冠状病毒病）危机对小企业的打击如此之大，以至于就连此前被拒的借款人也被迫申请贷款以维持运营。此前的贷款遭拒事件并未阻止英国小企业申请COVID-19政府担保贷款。银行已利用贷款担保计划在疫情期间继续向小企业提供贷款。我们的论文分析了重要的现象，借款人疤痕和气馁，当潜在的债务人自我排除在贷款市场，因为他们有以前的拒绝或预期负面的银行反应。我们考虑了2018年至2020年约45，000家英国小企业。在需求方面，我们发现疫情期间对小企业的经济冲击消除了创伤效应。具体而言，我们发现在疫情前两个季度（从2020年3月开始），小微企业的贷款需求最高。在供应方面，我们发现，伤痕累累的借款人没有被引入政府担保的新型冠状病毒贷款计划。这些研究结果表明，在危机期间，政府支持的小企业贷款计划的重要性。在线版本包含补充材料，可通过10.1007/s11187-021-00586-2获得。
The concept of the ‘discouraged’ borrower is well documented. In this paper, we consider whether smaller firms in the UK who have been previously rejected for bank loans have been scarred by the experience so badly that even in the presence of two exceptionally generous Covid-19 loan guarantee schemes, they still refuse to make an application. Furthermore, we also consider what happens when they do. As banks have either zero or minimal loss exposure, do they still maintain their normal strict lending protocols or do they relax their standards to fulfil the governments’ objective of supporting struggling businesses through the crisis? Our findings show that 72% of previously rejected borrowers are reluctant to request loans. We find some evidence that previously scarred firms faced such severe liquidity problems that they relaxed their distrust of banks during the Covid-19 crisis. However, their share of the government-guaranteed loan portfolio was slightly lower suggesting that banks were treating each new loan application on its merits. The Covid-19 crisis hit smaller businesses so hard that even previously rejected borrowers were forced to apply for loans to keep them afloat. Previous loan rejections have not discouraged small businesses in the UK in applying for Covid-19 government-guaranteed loans. Banks have used the loan guarantee schemes to continue to supply loans to small business during the pandemic. Our paper analyses the important phenomenon of borrower scarring and discouragement, when potential debtors are self-excluded from the lending market because they have previous rejections or expect a negative bank response. We consider around 45,000 UK small businesses from 2018 to 2020. On the demand side, we find that the economic shock for small businesses during the pandemic dissipates the scarring effect. Specifically, we find that micro and small businesses had the highest loan demand in the first two quarters of the pandemic (from March 2020). On the supply side, we show that scarred borrowers were not routed onto Covid-19 government-guaranteed loan schemes. These findings show the importance of government-backed lending schemes for small businesses during crisis period. The online version contains supplementary material available at 10.1007/s11187-021-00586-2.
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影响因子：
--
作者：
BERGER, AN;UDELL, GF
通讯作者：
UDELL, GF
影响因子：
5.4
作者：
Cole, Rebel;Sokolyk, Tatyana
通讯作者：
Sokolyk, Tatyana
DOI：
10.1177/0266242621989326
发表时间：
2021-01-28
影响因子：
7.1
作者：
Brown, Ross;Cowling, Marc
通讯作者：
Cowling, Marc
影响因子：
13.7
作者：
JAPPELLI, T
通讯作者：
JAPPELLI, T
影响因子：
6.4
作者：
Freel, Mark;Carter, Sara;Mason, Colin
通讯作者：
Mason, Colin