Specialization in Bank lending and firm deleveraging: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-27 DOI:10.1016/j.irfa.2025.104188

Zijia Ding , Qian Liu , Dexin Che

引用次数: 0

Abstract

Amid China's ongoing economic transformation, addressing enterprise deleveraging and promoting high-quality development have become pressing priorities. This study, using data from Shanghai and Shenzhen A-shares from 2007 to 2022, establishes a theoretical foundation for understanding the impact of specialization in bank lending on corporate deleveraging. The findings indicate that specialization in bank lending primarily facilitates corporate deleveraging by alleviating financing constraints, strengthening internal and external supervision, and improving efficiency. These conclusions remain robust across a series of validation tests. Moreover, the effect is more pronounced among firms with strong-financial flexibility, high corporate resilience, a high degree of market development, and low currency uncertainty. Additionally, this impact is further amplified under supportive policy environments.

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银行贷款专业化与企业去杠杆化：来自中国的证据

在中国经济持续转型的背景下，解决企业去杠杆、推动高质量发展成为当务之急。本研究使用2007 - 2022年沪深a股数据，为理解银行贷款专业化对企业去杠杆的影响奠定了理论基础。研究发现，银行贷款专业化主要通过缓解融资约束、加强内外部监管和提高效率来促进企业去杠杆。这些结论在一系列验证测试中仍然是可靠的。此外，在财务灵活性强、企业弹性高、市场发展程度高、货币不确定性低的企业中，这种效应更为明显。此外，在支持性政策环境下，这种影响会进一步放大。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.