Personal Guarantees, Loan Pricing, and Lending Structure in Finnish Small Business Loans
利用芬兰银行1995-2001年的信贷档案数据，研究个人担保在交易型和关系型两种贷款结构中的作用，发现个人担保更多用于交易型贷款，且会提高贷款溢价，而银企紧密关系是中小企业贷款的理想基础。
This study analyzes the role of personal guarantees and collateral in the context of two different lending structures: one transaction and the other relationship based. The innish bank data, which were uniquely accessible for the study, enabled an exploration of credit files with specific details of the characteristics of the lending relationship during the period 1995–2001. According to the empirical results, the use of personal guarantees is an indication of transaction‐based lending. Personal guarantees seem to increase the loan premium in transaction‐based loans more than in relationship‐based loans. Close ties between a bank and a firm seem to be a desirable basis for small and medium‐sized enterprise bank lending.