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Bank lending and bank relationships in China: guanxi or commercial?

机译：中国的银行贷款和银行关系：关系还是商业？

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摘要

Purpose - China as a main emerging and transition economy has since 2006 opened up its banking market to foreign competition. Thus far, the penetration of foreign banks has been only moderate with around 2 per cent market share of the total banking market, despite the widely held view that foreign banks operate at a higher level of efficiency and that Chinese state-owned banks (SOBs) operate at a lower level of efficiency. The purpose of this paper is to explore the relationship between bank ownership and the lending behaviour and relationship banking that stems from the Chinese tradition of "guanxi". Design/methodology/approach - Based on three bank types the authors construct a model of the choice of bank type and show how that model can be estimated using a multinomial logit. The authors assume that firms choose a bank type as a function of firm characteristics (Berger et al., 2008; Ongena and Sendeniz-Yüncü, 2011), deal terms (Machauer and Weber, 2000; Ziane, 2003), and industry classification (Uchida et al., 2008; Ongena and Sendeniz-Yüncü, 2011). Findings - This paper finds the existence of a close banking relationship of a "guanxi" type between SOBs and state-owned enterprises (SOEs). This is shown up in the form of better deal terms for the SOE. In the case of foreign banks the authors find that a foreign bank-foreign owned enterprise relationship exists but this is based on risk quality and no advantages in deal terms, which suggest a more commercial-based relationship. The empirical findings are that transparent and high-quality firms are likely to engage with foreign banks, while state-owned firms are more likely to engage with SOBs. Originality/value - In China, few studies have addressed the potentially important role of bank ownership on lending behaviour (e.g. Firth et al., 2008; Berger et al., 2009). The authors extend the analysis by distinguishing not only between foreign and domestic banks, but also between SOBs and other domestic banks. This research seeks to enhance the understanding of bank ownership, lending behaviour and relationship banking.
机译：目的-自2006年以来，中国已成为主要的新兴经济体和转型经济体，向外国竞争者开放了其银行业市场。迄今为止，尽管人们普遍认为外资银行的运营效率更高，而中国的国有银行（SOBs）却普遍认为，外资银行的渗透率仅中等，仅占整个银行市场的2％。以较低的效率运行。本文旨在探讨源于中国传统“关系”的银行所有权与放贷行为和关系银行之间的关系。设计/方法/方法-作者基于三种银行类型，构建了银行类型选择模型，并展示了如何使用多项式logit估算该模型。作者假设企业选择银行类型作为企业特征的函数（Berger等，2008； Ongena和Sendeniz-Yüncü，2011），交易条款（Machauer和Weber，2000； Ziane，2003）以及行业分类（ Uchida等，2008； Ongena和Sendeniz-Yüncü，2011）。调查结果-本文发现SOB与国有企业（SOE）之间存在“关系”类型的紧密银行关系。对于国有企业来说，这是以更优惠的条件出现的。对于外国银行，作者发现存在外国银行与外国企业的关系，但这是建立在风险质量的基础上的，并且在交易方面没有优势，这表明这种关系更加商业化。实证结果是，透明，高质量的公司很可能与外国银行打交道，而国有公司则更可能与SOB打交道。原创性/价值-在中国，很少有研究探讨银行所有权在贷款行为中的潜在重要作用（例如Firth等，2008； Berger等，2009）。作者不仅通过区分外国银行和国内银行，而且还区分了SOB和其他国内银行来扩展了分析。这项研究旨在增进对银行所有权，贷款行为和关系银行业务的理解。

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  • 来源
    《Managerial finance》 |2017年第4期|425-439|共15页
  • 作者

    Wei Yin; Kent Matthews;

  • 作者单位

    School of Economics and Management, Southeast University, Nanjing, China and Jiangsu Key Laboratory of Financial Engineering, Nanjing Audit University,Nanjing, China;

    Department of Economics, Cardiff Business School, Cardiff, UK;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Guanxi; Bank ownership; Firm characteristics; Firm-bank relationships;

    机译：关系银行所有权;公司特征;企业银行关系;

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