中国城际高铁与银行贷款成本——基于客户集中度风险的视角

High-Speed Railway and the Cost of Bank Loans——Based on the Perspective of Customer Concentration Risk

本文利用中国城际高铁开通产生的准自然实验变化,基于客户集中度风险视角来考察城市交通基础设施如何影响银行贷款成本。结果表明,城际高铁的开通带来公司客户集中度提高,增加了银行感知的公司经营风险、违约风险,从而导致银行贷款成本提高14.17%。进一步检验发现这种影响主要来自向客户提供耐用品(客户依赖度较高)、客户议价能力较强以及供应商-客户关系较差的公司。本文丰富和补充了交通基础设施和微观主体行为决策的相关研究。

We exploit the open of China’s High-Speed Railway as an exogenous quasi-experimental variation to examine how transportation infrastructure affects the cost of bank loans based on the customer concentration risk. We find that the open of High-Speed Railway leads to the increase of customer concentration, which leads to the increase of bank loan cost by 14.17%. We also find that the impact is mainly caused by the high degree of customer dependence, customer bargaining power and poor supplier-customer relationship. Our findings contribute to the literature on the effects of the transportation infrastructure on decision-making of the micro subjects.