会计学术联盟学术快报栏目荣誉出品
来源:西南财经大学官网
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.
https://www.sciencedirect.com/science/article/pii/S0304405X19300066
涂国前 教授
涂国前,1980年生,江西人,2010年毕业于中山大学,获管理学(会计学)博士学位。2009年7月至2010年3月,美国罗德岛大学访问学者。研究领域:公司财务与治理
1. Franklin Allen, Yiming Qian, Guoqian Tu(通讯作者), Frank Yu, 2018. Entrusted loans: A close look at china’s shadow banking system. Journal of Financial Economics, Forthcoming
2. Guoqian Tu, Frank Yu, 2015. Tunneling or not? The change of legal environment on the effect of post-privatization performance. Journal of Business Ethics 129(2), 491-510
3. Guoqian Tu, Bingxuan Lin, Feng Liu, 2013. Political connections and privatization: evidence from China. Journal of Accounting and Public Policy 32(2), 114-135.
4. Guoqian Tu, 2012. Controller changes and auditor changes. China Journal of Accounting Research 5(2), 45-58.
5. 刘峰、涂国前,中国上市公司控制权转移的动机研究,《财经研究》,2016年第10期
6. 涂国前、刘峰,产权保护、交易成本与经济后果——以控制权提前交接为例,《制度经济学研究》,2016年第1期
7. 涂国前、刘峰,制衡股东性质与制衡效果——来自中国民营化上市公司的经验证据,《管理世界》,2010年第11期
8. 涂国前,控制权转移前业绩、收购方性质与控制权转移绩效,《中国会计评论》,2010年第4期
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