| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 93 === Abstract
This study is based on the samples of SME default loans in various financial institutions. The research scope involves the financial ratios and related non-financial indices that exist in the year before the SMEs’ financial crises. It compares various variables affecting the default of SME credit guaranteed loans, and classified by the samples of eligible clients, ratio of application for credit guarantee, scale of enterprises, etc. to analyze by practical verification with logistic regression model respectively. The results are as follows:
In the aspect of financial ratios, it suggests that the higher the net profit is, the easier the risks of default for first-time application for credit guarantee occur. The debt ratios represent negative correlation to the SMEs whose paid-in capital is less than NT$5 million. It indicates that the debt ratios of smaller enterprises are high, the risks of default in an agreement for the first-time application for credit guarantee from them are lower though.
In the aspect of non-financial factors, it proves the higher the first default rate. The higher the ratio of outstanding loans for short-term working capital to the recent annual sales, the less are the chances of default in an agreement for the first-time application for credit guarantee. As for the interest rates approved, it indicates negative relation in the samples of application percentage for credit guarantee that is above 60% and in the samples of paid-in capital that is less than NT$5 million. It represents that smaller enterprises tend to pay out higher cost of loan to elude the risk of default in an agreement for the first-time application for credit guarantee. Variables in approved loan interests show positive and negative correlated. This also reflects the difference of credit extending policies between the primary loaning banks and the non-primary loaning banks.
On the whole, the debt ratio, amount guaranteed, general ratio of application for credit guarantee, and general ratio of outstanding loans for short-term working capital to the recent annual sales are the major variables affecting the default on credit guaranteed loans.
Key words: Small & Medium Enterprise/SME(s), credit guaranteed loans, default (in an agreement)
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