JOURNAL OF BANKING & FINANCE, VOL 97, DECEMBER 2018

储蓄银行与中小企业之间信贷关系中的组织内信托和代理成本

作者：Bernhard Hirsch (Bundeswehr University)

Christian Nitzl（Bundeswehr University）

Matthias Schoen（Bundeswehr University）

摘要：本文分析了信托对储蓄银行与中小企业之间关系中代理成本的影响，以及硬信息对这两个参与者组织内信托的中介影响。本文使用基于偏最小二乘的结构方程模型检验了六个假设。研究数据来自两家德国储蓄银行和关系经理及信用风险官员的二元调查问卷。本文的结果表示，组织间信托通过制度化降低银行监管强度来直接和间接地提高信贷谈判质量，从而降低了代理成本。令人惊讶的是，制度化的信托增加了银行的监管强度。

关键词：信托;代理成本;债务融资;银行借款人关系;SME;偏最小二乘路径建模

Interorganizational Trust and Agency Costs in Credit Relationships between Savings Banks and SMEs

Bernhard Hirsch (Bundeswehr University)，Christian Nitzl（Bundeswehr University），Matthias Schoen（Bundeswehr University）

ABSTRACT

We analyze the impact of trust on agency costs in relationships between savings banks and SMEs as well as the mediating effects of hard information on interorganizational trust between these two actors. We tested six hypotheses using a structural equation model based on partial least squares. Study data were obtained from two German savings banks and dyadic questionnaires of relationship managers and credit risk officers. Our results provide evidence that interorganizational trust reduces agency costs by directly and indirectly increasing the quality of credit negotiations by lowering the bank's monitoring intensity via habitualization. Surprisingly, institutionalized trust increases the banks’ monitoring intensity.

Keywords: Trust；Agency Costs；Debt Finance；Bank-Borrower-Relationships；SME；Partial Least Squares Path Modeling

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302103

翻译：王秭越