How do big customers influence bank loans in China? The role of state ownership and political connections

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Finance Pub Date : 2023-11-08 DOI:10.1111/acfi.13194

Li Deng, Peng Huang, Yue Lu, Hongjie Weng

引用次数: 0

Abstract

Abstract Firms with big customers are associated with not only high operational efficiency but also high operational risks. We study the effect of big customers on various aspects of bank loan contracts using a manually collected contract‐level dataset from China over the period of 2001–2016. We find that, big customers help firms obtain lower borrowing interest rates, longer loan duration, and larger loan amounts, though this is accompanied by more restrictive borrowing conditions. We further find that state ownership and political connections are important considerations when banks make loan decisions to firms with big customers. Overall, our results show how benefits and costs of big customers are evaluated by banks and priced into bank loan contract terms.

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大客户如何影响中国的银行贷款?国有制和政治关系的作用

拥有大客户的企业不仅经营效率高，而且经营风险也高。我们研究了大客户对银行贷款合同各个方面的影响，使用了2001年至2016年期间中国人工收集的合同级别数据集。我们发现，大客户可以帮助企业获得更低的借款利率、更长的贷款期限和更大的贷款金额，尽管这伴随着更严格的借款条件。我们进一步发现，当银行向拥有大客户的公司作出贷款决策时，国家所有权和政治关系是重要的考虑因素。总的来说，我们的结果显示了银行如何评估大客户的收益和成本，并将其定价到银行贷款合同条款中。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting and Finance BUSINESS, FINANCE-

CiteScore

5.10

自引率

7.70%

发文量

期刊介绍： Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal: • publishes significant contributions to the accounting, finance, business information systems and related disciplines • develops, tests, or advances accounting, finance and information systems theory, research and practice • publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance • publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis • applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting. Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.