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首页> 外文期刊>Journal of banking & finance >Market response to bank relationships: Evidence from Korean bank reform
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Market response to bank relationships: Evidence from Korean bank reform

机译：市场对银行关系的反应：韩国银行改革的证据

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摘要

This paper examines how the forced closure of failing banks and the transfer of their loans to surviving banks affect the market value of firms that borrow from the closed banks. Pre-existing relationships between firms and the banks that acquire their loans are detrimental to the positive valuation effects of the event. Banks may have an incentive to favor pre-existing relationships to increase the value of previously extended loans. Therefore, loan renewals to firms with prior relationships do not signal borrower quality to the market, which is aware of the banks' conflicts of interest. This study highlights the importance of the specific mechanisms employed to replace failed banks without decreasing the value of their client firms.
机译：本文研究了破产银行的强制关闭及其向幸存银行的贷款转移如何影响从已倒闭银行借款的公司的市场价值。企业与获得贷款的银行之间的既存关系不利于该事件的积极估值效果。银行可能有动机去支持已有的关系，以增加先前发放的贷款的价值。因此，向具有先前关系的公司续借贷款不会向市场表明借款人的质量，因为市场已经意识到银行的利益冲突。这项研究强调了在不降低客户银行价值的前提下，采用特定机制替换破产银行的重要性。

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