国际知名期刊中国问题研究：信贷配置

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

Abstract

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.

链接地址：

https://academic.oup.com/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

Abstract

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.

Keywords：Shadow banking; Entrusted loans; Credit shortage; Fundamental risk; Informational risk

链接地址：

https://www.sciencedirect.com/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

Abstract

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.

Keywords: Bank loans; Lending decisions; Private sector; China

链接地址：

http://www.sciencedirect.com/science/article/pii/S0378426608002987

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