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本期主要介绍中国信贷配置研究的最新论文，以及过往与该研究相关的论文，具体如下： 1.Credit Allocation Under Economic Stimulus: Evidence from China The Review of Financial Studies Volume 32, Issue 9, September 2019 Lin William Cong University of Chicago Booth School of Business Haoyu Gao Renmin University of China Jacopo Ponticelli Northwestern University Xiaoguang Yang Chinese Academy of Sciences We study credit allocation across firms and its real effects during China’s economic stimulus plan of 2009–2010.We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China’s high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal. https://academic./rfs/article/32/9/3412/5304663 2.Entrusted loans: A close look at China's shadow banking system Journal of Financial Economics Volume 133, Issue 1, July 2019 Franklin Allen Imperial College London Yiming Qian The University of Iowa Guoqian Tu Southwestern University of Finance and Economics Frank Yu China Europe International Business School We perform transaction-level analyses of entrusted loans, one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and the increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and they largely flow into real estate. The pricing of entrusted loans, especially of nonaffiliated loans, incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments. https://www./science/article/pii/S0304405X19300066 3.Inside the black box: Bank credit allocation in China’s private sector Journal of Banking & Finance Volume 33, Issue 6 June 2009, Pages 1144–1155 Michael Firth Lingnan University Chen Lin City University of Hong Kong Ping Liu Lingnan University Sonia M.L. Wong Lingnan University This study examines how the Chinese state-owned banks allocate loans to private firms. We find that the banks extend loans to financially healthier and better-governed firms, which implies that the banks use commercial judgments in this segment of the market. We also find that having the state as a minority owner helps firms obtain bank loans and this suggests that political connections play a role in gaining access to bank finance. In addition, we find that commercial judgments are important determinants of the lending decisions for manufacturing firms, large firms, and firms located in regions with a more developed banking sector; political connections are important for firms in service industries, large firms, and firms located in areas with a less developed banking sector. http://www./science/article/pii/S0378426608002987 |
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