bank financing for SMEs around the world

世界银行关于各国中小企业融资的分析

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Bank Financing for SMEs around the World

Drivers, Obstacles, Business Models,

and Lending Practices

Thorsten Beck Asli Demirgüç-Kunt

María Soledad Martínez Pería

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The World Bank

Development Research GroupFinance and Private Sector TeamNovember 2008

世界银行关于各国中小企业融资的分析

Policy ReseaRch WoRking PaPeR 4785

Abstract

Using data from a survey of 91 banks in 45 countries, the authors characterize bank financing to small and medium enterprises (SMEs) around the world. They find that banks perceive the SME segment to be highly profitable, but perceive macroeconomic instability in developing countries and competition in developed countries as the main obstacles. To serve SMEs banks have set up dedicated departments and decentralized the sale of products to the branches. However, loan approval, risk management, and loan recovery functions remain centralized. Compared with large firms, banks are less exposed to small enterprises, charge them higher interest

rates and fees, and experience more non-performing loans from lending to them. Although there are some differences in SMEs financing across government,

private, and foreign-owned banks — with the latter being more likely to engage in arms-length lending — the most significant differences are found between banks in developed and developing countries. Banks in developing countries tend to be less exposed to SMEs, provide a lower share of investment loans, and charge higher fees and interest rates. Overall, the evidence suggests that the lending environment is more important than firm size or bank ownership type in shaping bank financing to SMEs.

This paper—a product of the Finance and Private Sector Team, Development Research Group—is part of a larger effort in the department to understand bank financing to SME across countries. Policy Research Working Papers are also posted on the Web at http://www.77cn.com.cn. The authors may be contacted at ademirguckunt@http://www.77cn.com.cn, T.Beck@uvt.nl and mmartinezperia@http://www.77cn.com.cn.

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

世界银行关于各国中小企业融资的分析

Bank Financing for SMEs around the World:

Drivers, Obstacles, Business Models, and Lending Practices

Thorsten Beck (CentER, Department of Economics, Tilburg University)

Asli Demirgüç-Kunt (World Bank)

María Soledad Martínez Pería (World Bank)

We would like to thank Subika Farazi and Noemi Soledad Lopez for outstanding research assistance and Ricardo Bebczuk and participants at the World Bank Small Business Finance conference in Washington for useful comments and discussions. The views expressed in this paper are solely those of the authors and do not represent the opinions of The World Bank, its Executive Directors or the countries they represent.

世界银行关于各国中小企业融资的分析

I. Introduction

The financing of small and medium-size enterprises (SMEs) has been a subject of great interest both to policy-makers and researchers because of the significance of SMEs in private sectors around the world. Data collected by Ayyagari, Beck, and Demirgüç-Kunt (2007) for 76 developed and developing countries indicate that, on average, SMEs account for close to 60% of manufacturing employment. More importantly, a number of studies using firm-level survey data have shown that SMEs not only perceive access to finance and the cost of credit to be greater obstacles than large firms, but these factors constrain SMEs (i.e., affect their performance) more than large firms (Schiffer and Weder, 2001; IADB, 2004; Beck, Demirgüç-Kunt, and Maksimovic, 2005; and Beck, Demirgüç-Kunt, Laeven, and Maksimovic, 2006). While these studies have advanced our understanding of the demand side of SME lending, little research exists on the supply side of bank financing to SMEs across countries. Furthermore, there is often the perception among policy-makers that banks, especially large ones, are not interested in financing SMEs.1 This paper tries to fill the void in the literature and to inform policy-makers about whether, why, and how banks are financing SMEs around the world.

Using newly gathered data for 91 banks from 45 countries, this paper documents the state of bank financing to SMEs. First, we examine how banks perceive the SME segment, discussing the factors driving and impeding SME financing. On the driving side, we analyze the role of the segment’s profitability vis-à-vis other factors, such as competition and thinning margins in other segments. In terms of obstacles, we examine the importance of competition in the segment as well as of macroeconomic, regulatory, contractual, SME-specific, and/or bank specific factors. We also examine the role of government programs and of prudential regulations in driving and deterring SME finance. Second, we describe the business …… 此处隐藏：35281字，全部文档内容请下载后查看。喜欢就下载吧 ……