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首页> 外文会议>2008 China international conference in finance >“Lending by Example”: Direct and Indirect Effects of Foreign Bank Presence in Emerging Markets
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“Lending by Example”: Direct and Indirect Effects of Foreign Bank Presence in Emerging Markets

机译：“以身作则”：外国银行在新兴市场中的存在的直接和间接影响

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摘要

Using a novel dataset that allows us to trace the primary bank relationships of a sample of mostly unlisted firms, we explore to what extent foreign banks can improve the allocation of credit in emerging markets. Our results suggest that the limits of financial integration are less tight than what the previous literature based on a static picture of bank loan portfolios suggested. Foreign banks appear to allocate credit more efficiently than domestic banks do. Most importantly, using a propensity score methodology, we show that only in countries where foreign bank presence is limited, firms that (directly) borrow from a foreign bank obtain more financial loans than comparable firms and thus invest more and have higher increases in profitability. In other words, firms seem to benefit from foreign bank presence only if they maintain a direct relationship. In countries where foreign bank presence is large, on the contrary, firms appear to have the same access to financial loans and ability to invest whether they borrow from a foreign bank or not. Thus it appears that foreign banks presence affects domestic banks lending policies and improves access to credit for all firms.
机译：通过使用新颖的数据集，我们可以追踪大多数未上市公司的样本与主要银行之间的关系，从而探索外国银行在何种程度上可以改善新兴市场中的信贷配置。我们的结果表明，金融整合的限制没有以前的文献（基于银行贷款组合的静态图片所显示的）那么严格。外国银行似乎比国内银行更有效地分配信贷。最重要的是，我们使用倾向得分方法表明，只有在外资银行存量有限的国家中，（直接）向外资银行借款的公司才能获得比同类公司更多的金融贷款，从而进行更多的投资，从而提高了盈利能力。换句话说，只有保持直接关系，企业才能从外国银行的存在中受益。相反，在外国银行业务大量存在的国家中，无论是否从外国银行借款，公司似乎都具有相同的金融贷款渠道和投资能力。因此，外国银行的存在似乎影响了国内银行的贷款政策，并改善了所有公司的信贷渠道。

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