Entrusted loans: A close look at China's shadow banking system

被引：238

作者：

Allen, Franklin ^{[1
]}

Qian, Yiming ^{[2
]}

Tu, Guoqian ^{[3
]}

Yu, Frank ^{[4
]}

机构：

[1] Imperial Coll London, London SW7 2AZ, England

[2] Univ Iowa, Tippie Coll Business, Iowa City, IA 52242 USA

[3] Southwestern Univ Finance & Econ, Sch Accounting, 555 Liutai Ave, Chengdu, Sichuan, Peoples R China

[4] China Europe Int Business Sch, 699 Hongfeng Rd, Shanghai, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 133卷 / 01期

基金：

中国国家自然科学基金;

关键词：

Shadow banking; Entrusted loans; Credit shortage; Fundamental risk; Informational risk; LENDING RELATIONSHIPS; DISTANCE; CREDIT;

D O I：

10.1016/j.jfineco.2019.01.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We perform transaction-level analyses of entrusted loans, one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and the increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and they largely flow into real estate. The pricing of entrusted loans, especially of nonaffiliated loans, incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：18 / 41

页数：24

共 27 条

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