Analysis of Signaling Actions on Collateral under Asymmetric Information
不对称信息条件下抵押品的信号作用分析

In this paper, we primary study two contents: 1) The effect of the changes of both the loan interest rate and the defaulting probability of the entrepreneur on the expected profits of the banks when the entrepreneur pursues opportunity benefit under asymmetric information. 2) The effect of the change of the loan interest rate on the average successful probability of the project of the entrepreneur when the entrepreneur have multi-continuous projects under asymmetric information. The studies show that, the less collateral value the entrepreneur provides is, the higher credit risk to the bank is and the larger risk of adverse selection is; the more collateral value the entrepreneur provides is, the lower credit risk to the bank is and the smaller risk of adverse selection is.