157
Views
0
CrossRef citations to date
0
Altmetric
Original Articles

A Loan-level Investigation of Chinese Credit Guarantee

, &

References

  • Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77(1), 57–115. https://doi.org/10.1016/j.jfineco.2004.06.010
  • Angrist, J. D., & Pischke, J. (2009). Mostly Harmless Econometrics. Princeton University Press.
  • Bae, K., & Goyal, V. K. (2009). Credit rights, enforcement and bank loans. The Journal of Finance, 64(2), 823–860. https://doi.org/10.1111/j.1540-6261.2009.01450.x
  • Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to firm growth: Does size matter? The Journal of Finance, 60(1), 137–177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
  • Beck, T., Klapper, L. F., & Mendoza, J. C. (2010). The typology of partial credit guarantee funds around the world. Journal of Financial Stability, 6(1), 10–25. https://doi.org/10.1016/j.jfs.2008.12.003
  • Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945–2966. https://doi.org/10.1016/j.jbankfin.2006.05.008
  • Berger, A. N., Espinosa-Vega, M. A., Frame, W. S., & Miller, N. H. (2011). Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information. Journal of Financial Intermediation, 20(1), 55–70. https://doi.org/10.1016/j.jfi.2010.01.001
  • Berger, A. N., Frame, S. W., & Ioannidou, V. (2011). Tests of ex ante versus ex post theories of collateral using private and public information. Journal of Financial Economics, 100(1), 85–97. https://doi.org/10.1016/j.jfineco.2010.10.014
  • Berger, A. N., Hasan, I., & Klapper, L. F. (2004). Further evidence on the link between finance and growth: An international analysis of community banking and economic performance. Journal of Financial Services Research, 25(2/3), 169–202. https://doi.org/10.1023/B:FINA.0000020659.33510.b7
  • Besanko, D., & Thakor, A. V. (1987). Collateral and rationing: Sorting equilibria in monopolistic and competitive credit markets. International Economic Review, 28(3), 671–690. https://doi.org/10.2307/2526573
  • Bester, H. (1985). Screening vs. rationing in credit markets with imperfect information. American Economic Review, 75, 850–855.
  • Bester, H. (1987). The role of collateral in credit markets with imperfect information. European Economic Review, 31(4), 887–899. https://doi.org/10.1016/0014-2921(87)90005-5
  • Bester, H. (1994). The role of collateral in a model of debt renegotiation. Journal of Money, Credit, and Banking, 26(1), 72–86. https://doi.org/10.2307/2078035
  • Boot, A. W. A. (2000). Relationship banking: What do we know? Journal of Financial Intermediation, 9(1), 7–25. https://doi.org/10.1006/jfin.2000.0282
  • Brandt, L., & Li, H. (2003). Bank discrimination in transition countries: Ideology, information or incentives? Journal of Comparative Economics, 31(3), 387–413. https://doi.org/10.1016/S0147-5967(03)00080-5
  • Chen, Y., Liu, M., & Su, J. (2013). Greasing the wheels of bank lending: Evidence from private firms in China. Journal of Banking & Finance, 37(7), 2533–2545. https://doi.org/10.1016/j.jbankfin.2013.02.002
  • Cull, R., & Xu, L. C. (2003). Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises. Journal of Development Economics, 71(2), 533–559. https://doi.org/10.1016/S0304-3878(03)00039-7
  • Degryse, H., & Van Cayseele, P. (2000). Relationship lending within a bank-based system: Evidence from European small business data. Journal of Financial Intermediation, 9(1), 90–109. https://doi.org/10.1006/jfin.1999.0278
  • Diamond, D. W. (1991a). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689–721. https://doi.org/10.1086/261775
  • Diamond, D. W. (1991b). Debt maturity and liquidity risk. The Quarterly Journal of Economics, 106(3), 709–737. https://doi.org/10.2307/2937924
  • Diamond, D. W. (1993). Seniority and maturity of debt contracts. Journal of Financial Economics, 33(3), 341–368. https://doi.org/10.1016/0304-405X(93)90011-Y
  • Dybvig, P., Shan, S. C., Tang, D. Y. (2015). Outsourcing bank loan screening: The economics of third-party loan guarantees. Working paper, University of Hong Kong.
  • Estrella, A. (1998). A new measure of fit for equations with dichotomous dependent variables. Journal of Business & Economic Statistics, 16(2), 198–205. https://doi.org/10.2307/1392575
  • Fung, H. G. (2014). Banking, state-owned enterprises, and global strategy. The Chinese Economy, 47(2), 3–4. https://doi.org/10.2753/CES1097-1475470200
  • Greene, W. H. (2003). Econometric analysis (5th ed.). Prentice Hall.
  • Gropp, R., Gruendl, C., & Guettler, A. (2014). The impact of public guarantees on bank risk-taking: Evidence from a natural experiment. Review of Finance, 18(2), 457–488. https://doi.org/10.1093/rof/rft014
  • Hancock, D., & Wilcox, J. A. (1998). The “credit crunch” and the availability of credit to small business. Journal of Banking & Finance, 22(6-8), 983–1014. https://doi.org/10.1016/S0378-4266(98)00040-5
  • Honohan, P. (2010). Partial credit guarantees: Principles and practice. Journal of Financial Stability, 6(1), 1–9. https://doi.org/10.1016/j.jfs.2009.05.008
  • Inderst, R., & Mueller, H. M. (2007). A lender-based theory of collateral. Journal of Financial Economics, 84(3), 826–859. https://doi.org/10.1016/j.jfineco.2006.06.002
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpter might be right. The Quarterly Journal of Economics, 108(3), 717–738. https://doi.org/10.2307/2118406
  • Kwong, C. C. L., & Poon, T. S. C. (2019). On the path to liberalization: Emerging issues of China's banking reform after Global Financial Crisis. The Chinese Economy, 52(2), 125–127. https://doi.org/10.1080/10971475.2018.1544784
  • Miao, J., & Daly, K. (2012). Evidence of collateral, asymmetric information, credit risk, and banking regulations from firms. The Chinese Economy, 45(2), 21–37. https://doi.org/10.2753/CES1097-1475450202
  • Ono, A., Uesugi, I., & Yasuda, Y. (2013). Are lending relationships beneficial or harmful for public credit guarantees? Evidence from Japan’s Emergency Credit Guarantee Program. Journal of Financial Stability, 9(2), 151–167. https://doi.org/10.1016/j.jfs.2013.01.005
  • Qian, J., & Strahan, P. E. (2007). How law and institutions shape financial contracts: The case of bank loans. The Journal of Finance, 62(6), 2803–2834. https://doi.org/10.1111/j.1540-6261.2007.01293.x
  • Sanderson, E., & Windmeijer, F. (2016). A weak instrument F-test in linear IV models with multiple endogenous variables. Journal of Econometrics, 190(2), 212–221. https://doi.org/10.1016/j.jeconom.2015.06.004
  • Shen, J., Firth, M., & Poon, W. (2014). Bank loan supply and corporate capital structure: Recent evidence from China [Paper presentation]. Financial Management Association Annual Meeting 2014, working paper.
  • Steijvers, T., & Voordeckers, W. (2009). Collateral and credit rationing: A review of recent empirical studies as a guide for future research. Journal of Economic Surveys, 23(5), 924–946. https://doi.org/10.1111/j.1467-6419.2009.00587.x
  • Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71, 393–410.
  • Voordeckers, W., & Steijvers, T. (2006). Business collateral and personal commitments in SME lending. Journal of Banking & Finance, 30(11), 3067–3086. https://doi.org/10.1016/j.jbankfin.2006.05.003
  • Wang, B., Sun, T. ( (2013). ). How effective are macroprudential policies in China? IMF Working Paper. https://doi.org/10.5089/9781484355886.001
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48(4), 817–838. https://doi.org/10.2307/1912934

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.