中国的补偿平衡和贷款议价能力

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Finance Pub Date : 2023-09-28 DOI:10.1111/acfi.13181

Long Wu, Jing Zhang, Lei Xu

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引用次数: 0

摘要

中国企业同时拥有高水平的贷款和现金储备。通过在上海和深圳证券交易所上市的公司，我们建立了现金持有量与公司贷款议价能力之间的负相关关系，特别是在银行竞争较少的地区，通过公司对银行请求的被动回应而不是自愿的超额现金储备。此外，国有制、抵押品、经济贡献和信息不对称的减少可以有效地增强企业议价能力并调节这一联系。然而，更好的市场化加强了这种联系。在未来的改革中，银行业可能需要通过更好的信贷配给来提高效率。

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Compensating balance and loan bargaining power in China

Abstract Chinese firms simultaneously have high levels of loans and cash holdings. Through listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a negative link between cash holdings and a firm's loan bargaining power, especially in regions with less bank competition, through a firm's passive response to bank requests rather than its voluntary excess cash reserves. Furthermore, state ownership, collateral, economic contribution, and reduced information asymmetry may effectively strengthen firm bargaining power and moderate the link. However, better marketisation strengthens the link. The banking sector may need to improve its efficiency through better credit rationing in future reforms.

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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.