Bank loan information and information asymmetry in the stock market:evidence from China

In this study,we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock market.Our analysis is based on a novel dataset of stock transactions and bank loans of all publicly listed firms on the Shenzhen Stock Exchange,covering January 2008 to June 2013.We find that firms with outstanding loans have a lower level of information asymmetry in the stock market,whereas firms with defaulted loans have a higher level of asymmetry.Further evidence demonstrates that the effect of loan default on information asymmetry in the stock market is more pronounced when these loans are borrowed from joint-equity commercial banks or multiple banks and when the default occurs under inactive market conditions.Our results remain robust to a series of endogeneity and sensitivity tests and provide suggestive evidence of a close connection between the credit loan and stock markets.

Intelligent Decision Support System for Bank Loans Risk Classification

Intelligent Decision Support System (IISS) for Bank Loans Risk Classification (BLRC), based on the way of integration Artificial Neural Network (ANN) and Expert System (ES), is proposed. According to the feature of BLRC, the key financial and non-financial factors are analyzed. Meanwhile, ES and Model Base (MB) which contain ANN are designed . The general framework,interaction and integration of the system are given. In addition, how the system realizes BLRC is elucidated in detail.

Designing of Commercial Bank Loans Risk Early Warning System Based on BP Neural Networks

According to the index early warning method, a commercial bank loans risk early warning system based on BP neural networks is proposed. The warning signal is mainly involved with the financial situation signal of loaning corporation. Except the structure description of the system structure the demonstration of attemptive designing is also elaborated.

Corporate fraud and bank loans:Evidence from china

Receiving punishment from regulators for corporate fraud can affect financing contracts between a firm and its bank,as both the firm's credit risk and information risk increase after punishment By focusing on Chinese firms'borrowing behavior after events of corporate fraud,we find that firms'bank loans after punishment are not only significantly lower,but are also less than those for non-fraudulent firms.In addition,loan interest rates after punishment are not only higher than before,but also higher than those for their non-fraudulent counterparts.In addition,we find that corporate fraud indirectly destabilizes the"performance-bank loan"relationship.Our results suggest that corporate fraud negatively affects a firm's ability to source debt financing,which provides new evidence about the economic consequences of fraud.

The Progress Report of the World Bank Loaned China Tuberculosis Control Project

The progress of the World Bank loaned TB control project implemented from the second quarter of 1991 to the fourth quarter of 1993 was reported in this paper. In the past three years, 737 counties of the 12 provinces with the popula-

The Global Financial Crisis and Stock Market Reaction to Bank Loan Announcements

This study investigates how equity investors react to bank loan announcements in China using an event study methodology. By estimating the average Cumulative Abnormal Returns （CARs） over the event period and controlling for the impact of other factors such as borrower, lender and loan characteristics, we find that the overall reaction is negative. However, the results for the two sub-sample periods are different. After the onset of the Global Financial Crisis, the average CARs are no longer statistically different from zero, indicating higher lending standards and improvement in the quality of credit analysis of Chinese banks.

Quality of information disclosure, property rights, and bank loans: A bank heterogeneity perspective

Using the context of the financial reform and the development of the non-state sector in China in the past decade, we examine the roles that the quality of information disclosure and property rights play in the allocation of different types of bank credit. We find that foreign banks and policy banks exercise ‘‘financial discrimination," and that local commercial banks, large state- owned commercial banks, national joint-stock banks, local city commercial banks, and rural commercial banks not only exercise financial discrimination but also provide significant ‘‘financial support" to non-state-owned enterprises by providing more lending opportunities and larger loans. However, when enterprises commit information disclosure violations, the local commercial banks, national joint-stock banks, local city commercial banks, and rural commercial banks reverse their credit decisions and begin to exercise financial dis- crimination against non-state-owned enterprises. At the same time, large stateowned commercial banks continue to provide financial support to non-state-owned enterprises. We also find that the quality of the information disclosed by enterprises has a moderating effect rather than an intermediary effect on the relationship between property rights and bank loans. Overall, the results of this paper shine new light on the market-oriented reform of the banking industry, and provide new empirical evidence for the presence of financial discrimination in the supply of bank credit. Our findings also have practical implications for solving the financing difficulties of non-state-owned enterprises.

Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.

双重资金约束下考虑碳配额交易的供应链融资决策

构建由生产和减排双重资金约束的制造商和零售商组成的低碳供应链系统,针对银行借贷和提前支付两种融资模式,探究碳配额交易下制造商的融资决策问题,并分析了碳减排成本系数和碳交易价格对融资决策和供应链成员利润的影响.研究发现:当提前支付利率等于银行借贷利率时,无论是否考虑碳配额交易,提前支付融资总会给制造商带来较大利润,因此,提前支付是制造商的最优融资选择.当融资利率不等时,制造商融资方式会受到碳配额交易和碳减排成本系数的影响.碳减排成本系数增大时,融资规模、供应链成员利润均降低,而碳交易价格提高时,融资规模、制造商利润均增加.另外,碳配额交易会增加制造商利润,但会损害零售商利润.

银行金融科技对贷款损失准备计提顺周期的影响:推波助澜还是解危济困

商业银行贷款损失准备计提的顺周期行为会加剧金融市场的震荡,因此,如何缓释其顺周期性始终是金融监管的一大焦点。本文基于我国233家商业银行2010—2021年间数据,探究了银行金融科技对其贷款损失准备计提顺周期的影响。实证研究发现,商业银行的金融科技应用能够显著缓解贷款损失准备计提的顺周期性。这一结论在一系列内生性以及稳健性检验后,依然保持稳健。机制分析发现,金融科技通过显著增强银行贷款损失准备计提的前瞻性,缓解了贷款损失准备计提的顺周期行为,凸显了金融科技对商业银行的赋能效果。从宏微观层面进行的异质性分析发现,在规模较小、外部监管水平较低的商业银行中,以及在宏观经济信心相对不足时期,顺周期问题更为严重;而金融科技对商业银行顺周期行为的缓解作用则在规模较小、外部监管水平较低和报表粉饰程度较弱的银行中更为显著。分解检验发现,金融科技中,“科技管理”对缓释银行贷款损失准备计提顺周期性的作用最大。

银行科技贷款对创新质量的影响机制及效应研究

银行科技贷款作为科技金融的重要组成部分之一,对企业创新质量的提高具有至关重要的作用。本文基于高科技产业面板数据,构建了银行科技贷款对创新质量的影响机制,并采用面板回归模型、面板门槛模型对其中的线性关系、非线性关系进行了实证研究。研究发现,银行科技贷款总体上对创新质量产生正向影响。银行科技贷款水平较低时,其对创新质量的促进作用较大;企业创新质量水平较低时,银行科技贷款对创新质量的促进作用不足。随着企业研发经费投入水平由低到高,银行科技贷款对创新质量的贡献呈“U”型。因此,为实现企业创新质量的提高,应优化研发经费来源配置。

商业银行数字化能否改善企业投融资期限错配?

本文基于中国246家商业银行及A股上市公司2013—2022年数据,探究了商业银行数字化能否改善贷款企业投融资期限错配。研究发现,商业银行数字化通过调节错配企业短期贷款金额、提高公司治理水平,进而缓解企业投融资期限错配。该效应在资本市场融资能力较强企业、高融资约束企业、中小规模企业及制造业企业中更为明显。文章结论在经过内生性处理和稳健性检验后依旧成立。进一步分析表明,商业银行战略、管理及业务的数字化均可对企业投融资期限错配产生影响,但前两个维度的影响更为明显。探究商业银行数字化的微观错配纠偏功能,不仅有利于降低企业层面投融资期限错配引发的风险,也为进一步优化银企互动和挖掘商业银行数字化意义提供了新的证据。

基于ITSA模型的浙江省世界银行贷款千岛湖项目成效分析

针对国家级战略规划《千岛湖及新安江上游流域水资源与生态环境保护综合规划》的出台,浙江省于2018年11月启动了世界银行贷款浙江千岛湖及新安江流域水资源与生态环境保护项目。为评估该项目对千岛湖水资源的阶段性保护成效,本文采用中断时间序列分析ITSA模型进行定量分析,研究千岛湖项目与千岛湖水基金协同执行2年之后的治理成效。研究结论显示,千岛湖部分水质指标的改善已进入瓶颈期,要获得水质的进一步提升,仍需继续加大科技投入,除提升上游来水水质外,还要从提升水环境治理的科技水平、治理广度与深度等方面着手,才能获得更大突破。

宏观审慎政策能否抑制商业银行风险承担

选取2010—2020年中国225家商业银行年度数据,构建面板回归模型实证检验了宏观审慎政策对银行风险承担的影响及其作用机制。研究表明:(1)宏观审慎政策的实施有助于抑制银行风险承担。相对于国有银行与城农商行,宏观审慎政策对股份制银行风险承担的抑制效应更大。(2)同业负债、贷款集中度及杠杆率在宏观审慎政策与银行风险承担的关系中承担着多重中介作用,宏观审慎政策主要通过降低银行同业负债、贷款集中度及杠杆率渠道来降低银行风险承担,“宏观审慎政策—同业负债/贷款集中度/杠杆率—银行风险承担”的传导渠道均有效。(3)跨境资本流入对宏观审慎政策与银行风险承担关系具有负向调节作用,跨境资本流入规模增大会减弱宏观审慎政策对银行风险承担的抑制作用。(4)银行家信心对宏观审慎政策与银行风险承担关系具有负向调节作用,银行家信心提升会减弱宏观审慎政策对银行风险承担的抑制作用。该成果将为提升宏观审慎监管效率及防控中国银行业风险提供重要的理论指导与决策参考。

考虑技术异质性的中国商业银行效率评估及动态演变

考虑银行经营的阶段性特点,将银行经营过程划分为资金筹集和资金运用两阶段,针对我国商业银行存在的技术异质性及不良贷款和结转资产的时滞效应,构建了包含四个系统的两阶段动态网络DEA模型,并测度了2012—2019年我国38家商业银行的整体效率及子阶段效率,探究异质银行在连续时期内运营效率的变化情况及其无效来源。结果显示:因技术异质性导致的银行效率的差异显著;分类别来看,城市商业银行的整体效率最高,国有银行次之,而股份制银行整体效率最低;分阶段来看,除农商行外,其他三种类型的银行资金筹集效率始终高于资金运用效率;依据两阶段内生权重可以得到提高资金运用阶段的效率是提高银行业整体效率的关键。研究结论为提升我国商业银行效率的政策制定提供一定的理论依据。

动态视角下房地产贷款对银行业系统性风险溢出研究

基于Credit Metrics模型动态度量房地产贷款信用风险,运用双重ΔCoVaR模型分析框架量化其对单家银行风险的影响,以及对银行业系统性风险的溢出,将总体溢出分解为直接溢出和间接溢出,考量房地产贷款信用风险对银行业系统性风险的传导途径。结果显示:一方面,房地产贷款信用风险近年来整体呈上升趋势,且对银行业风险溢出显著,尤其是大规模债务违约和新冠疫情的爆发加剧了溢出效应。另一方面,房地产贷款信用风险的间接溢出大于直接溢出,且高(低)系统重要性银行产生了更大的间接(直接)溢出,表明高系统重要性银行由于与其他银行的业务联系密切,其贷款信用风险更易引发银行业内的连锁反应从而间接刺激风险爆发;低系统重要性银行因为依赖少数大型客户贷款,面临信用丢失时缺乏强劲的风险缓冲能力,更可能直接对银行业的稳定造成显著破坏。

预期信用损失模型实施与银行信贷过度增长

如何通过制定有效的贷款损失准备计提规则来影响银行信贷行为,进而促进经济高质量发展,是政策当局亟需解决的难题。鉴于此,本文利用贷款损失准备会计准则改革——2018年预期信用损失模型实施——作为准自然实验,运用渐进双重差分法,实证检验了预期信用损失模型是否及如何影响我国商业银行信贷过度增长。研究发现,预期信用损失模型可显著降低银行信贷过度增长,且这一结论在经过稳健性检验后仍然成立。从机制分析看,预期信用损失模型主要通过充分性效应和及时性效应两条路径作用于银行信贷过度增长。进一步的分析则表明,预期信用损失模型对于以权重法进行资本计量的银行和资本充足率较低的银行而言,其抑制信贷过度增长的作用更为突出。本文丰富了预期信用损失模型经济后果的有关研究,为会计准则制定与金融监管政策调整提供了有益的政策启示。

基于AHP层次分析法的世行贷款项目绩效评价实践研究——以兰州文理学院为例

世行贷款项目绩效评价,对于项目实施效果及提高资金使用效率具有重要的意义。以兰州文理学院为例,运用AHP层次分析法构建绩效评价指标体系,将项目绩效分为多个层次和指标,包括相关性、效率、效果、可持续性。确定各指标权重,通过专家打分的方式收集数据并计算,最终对项目绩效进行综合评价。结果表明,项目实施取得了较好的成就,但项目管理、监督机制、审批程序需进一步完善。进而提出加强项目管理,优化审批程序,完善监督机制,积极筹措配套资金等策略,为我国世行贷款项目绩效评价提供实践参考。

地方财政压力能否提升城市商业银行贷款质量

本文基于手工收集的2010—2019年我国122个城市商业银行样本,从信贷供给侧角度研究地方财政压力是否有助于提升城市商业银行贷款质量。研究表明,地方财政压力与城市商业银行贷款质量呈现出显著的非线性关系;城市商业银行信贷投放与地方政府中长期发展规划一致度较高时,地方财政压力显著提升城市商业银行贷款质量。实证证据反映出地方财政压力下,政府对信贷资源配置影响具有前瞻性,引导信贷资源配置在具有较好发展前景的产业,更好发挥“有形之手”调控作用。因此,随着政府治理体系的完善,适度财政压力能够更好调动地方政府善治兴业积极性,促进城市商业银行贷款质量的提升,从而有利于金融系统稳定和地区经济高质量发展。