This study aims to enhance the empirical evidence on the determinants of collateralized borrowing by small and medium-sized enterprises (SMEs) by presenting new empirical evidence on emerging market countries. Using the data from World Bank Enterprise Surveys from nine emerging markets, we find that older SMEs are less likely to provide collateral for bank loans. The results also reveal that loans received by firms whose top managers are more experienced in the industry and firms with a higher percentage of material inputs and services purchased on account are less likely to be secured. SMEs in the manufacturing industry are more likely to provide collateral for bank loans than service industry firms. The likelihood that the loan is secured is higher for firms with larger loan sizes. Furthermore, our results indicate that the probability of pledging collateral is higher for SMEs that operate in countries with higher borrower-bank proximity.

中文翻译：

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中小企业抵押借款的影响因素：来自新兴市场的证据

本研究旨在通过为新兴市场国家提供新的经验证据，来增强中小企业抵押担保借款决定因素的经验证据。使用来自九个新兴市场的世界银行企业调查数据，我们发现较老的中小型企业不太可能为银行贷款提供抵押。结果还显示，由高层管理人员在该行业中经验更丰富的公司获得的贷款以及以物料购买和提供服务的百分比较高的公司获得的担保的可能性较小。制造业中的中小型企业比服务业中的企业更有可能提供银行抵押品。对于贷款规模较大的公司，获得贷款担保的可能性更高。此外，