Shadow banking and firm financing in China 来自 EconPapers 喜欢 0 阅读量: 379 作者:Y Lu,H Guo,EH Kao,HG Fung 摘要: Shadow banking, an informal, largely unregulated, financial market, has become increasingly important in China because the fact that it is largely unregulated can threaten the ...
Lu et al., (2015), Shadow Banking and Firm Financing in China, International Review of Economics and Finance, Nr. 36, pp. 40–53. Private firms are often more productive than state-owned firms and credit provided often leads to economic gains. Also a lot of bank deposits have been re-...
The results show that the shadow banking business significantly increases firm risk-taking. Furthermore, the impact of firms’ shadow banking business on their risk-taking is particularly pronounced in firms with greater financing constraints, and poorer corporate governance and in times of loose ...
China's four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities after 2012. Local governm... C Zhuo,Z He,C Liu - 《Social Science Electronic Publishing》 被引量: 89发表: 2017年 Shadow banking and firm financing in China ...
Using data from 2009 to 2016 data, we investigate the relation between leverage and investment in listed firms in China against the backdrop of rising shadow banking. We examine a component of Chinese shadow banking specifically related to firm financing: entrusted loans that arise through credit ...
2 A fair amount of research has been conducted on the regulatory arbitrage, credit intermediation, and leverage-taking present in shadow banking in the emerging markets. However, the scope of such research has been limited to financial stability in the banking sector (e.g., Acharya et al., ...
We discuss an overconfident CEOs' lending policies under information asymmetry between the lender and the borrower, whereas most studies address their financing strategy under the information asymmetry between a firm insider and the capital market (Deshmukh et al., 2013; Fairchild, 2005; Heaton, 2002...
Secondly, shadow banking enriches financing channels for the market, stimulates the economic development. But due to the term mismatch and high leverage ratio,it will probably amplify the systematic risk and trigger the financial crisis,like a double-edged sword. Thirdly,shadow banking makes up for...
shadow banking of non-financial enterprises; the facilitating effect of managerial overconfidence on shadow banking of non-financial enterprises is sharper in state-owned enterprises; and overconfident external auditing inhibits the effect of managerial overconfidence on shadow banking of non-financial ...
The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. This column introduces a new CEPR Policy Insight that looks into what we have lea