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首页> 外文期刊>Journal of financial economics >Entrusted loans: A close look at China's shadow banking system
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Entrusted loans: A close look at China's shadow banking system

机译：委托贷款：中国影子银行体系近况

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摘要

We perform transaction-level analyses of entrusted loans, one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and the increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and they largely flow into real estate. The pricing of entrusted loans, especially of nonaffiliated loans, incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments. (C) 2019 Elsevier B.V. All rights reserved.
机译：我们对委托贷款进行交易级分析，委托贷款是中国影子银行最大的组成部分之一。委托贷款涉及有权获得廉价资本的公司，将资金引导给特权较弱的公司，而在信贷紧缩时增加。非附属贷款的利率要比附属贷款和官方银行贷款的利率高得多，并且它们大部分流入房地产。委托贷款，特别是非附属贷款的定价存在基本风险和信息风险。股市反应表明，关联贷款和非关联贷款都是合理补偿的投资。 （C）2019 Elsevier B.V.保留所有权利。

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