Borrower Opacity and Loan Performance: Evidence from China

doi:10.1007/s10693-019-00309-5

CSpace

	Borrower Opacity and Loan Performance: Evidence from China
	Gao, Haoyu 1; Wang, Junbo 2; Yang, Xiaoguang 3; Zhao, Lin 4
	2020-04-01
发表期刊	JOURNAL OF FINANCIAL SERVICES RESEARCH
ISSN	0920-8550
卷号	57 期号:2 页码:181-206
摘要	We use survey data from the China Banking Regulatory Commission to construct a proxy for a firm's opacity to examine its causes and influences. Our opacity proxy is positively associated with the distance between firms and banks, the geographic dispersion of business groups, and the size of the intra-group guarantee. Firms with higher opacity have a higher default probability particularly given a poor credit history or membership in a business group with low quality credit. Our evidence, which is robust to different model specifications, confirms that the borrower's opacity can reduce the efficiency of bank monitoring. Our study indicates that loan officers have a good idea of the borrower's opacity, and their professional opinions effectively reflect this perception.
关键词	Information opacity Loan officers' opinions Default Monitoring
DOI	10.1007/s10693-019-00309-5
收录类别	SCI
语种	英语
资助项目	National Science Foundation of China[71702207] ; National Science Foundation of China[71528001] ; National Science Foundation of China[71720107002] ; National Science Foundation of China[71431008 71532013] ; National Science Foundation of China[71850008] ; National Science Foundation of China[71871212]
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:000527617000003
出版者	SPRINGER
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/51376
专题	中国科学院数学与系统科学研究院
通讯作者	Wang, Junbo
作者单位	1.Cent Univ Finance & Econ, Beijing, Peoples R China 2.City Univ Hong Kong, Kowloon Tong, Hong Kong, Peoples R China 3.Chinese Acad Sci, Univ Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China 4.Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
推荐引用方式 GB/T 7714	Gao, Haoyu,Wang, Junbo,Yang, Xiaoguang,et al. Borrower Opacity and Loan Performance: Evidence from China[J]. JOURNAL OF FINANCIAL SERVICES RESEARCH,2020,57(2):181-206.
APA	Gao, Haoyu,Wang, Junbo,Yang, Xiaoguang,&Zhao, Lin.(2020).Borrower Opacity and Loan Performance: Evidence from China.JOURNAL OF FINANCIAL SERVICES RESEARCH,57(2),181-206.
MLA	Gao, Haoyu,et al."Borrower Opacity and Loan Performance: Evidence from China".JOURNAL OF FINANCIAL SERVICES RESEARCH 57.2(2020):181-206.