KMS Of Academy of mathematics and systems sciences, CAS
| Borrower Opacity and Loan Performance: Evidence from China | |
| Gao, Haoyu1; Wang, Junbo2; Yang, Xiaoguang3; Zhao, Lin4 | |
| 2020-04-01 | |
| Source Publication | JOURNAL OF FINANCIAL SERVICES RESEARCH
 |
| ISSN | 0920-8550 |
| Volume | 57Issue:2Pages:181-206 |
| Abstract | 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. |
| Keyword | Information opacity Loan officers' opinions Default Monitoring |
| DOI | 10.1007/s10693-019-00309-5 |
| Indexed By | SCI |
| Language | 英语 |
| Funding Project | 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 Research Area | Business & Economics |
| WOS Subject | Business, Finance |
| WOS ID | WOS:000527617000003 |
| Publisher | SPRINGER |
| Citation statistics | |
| Document Type | 期刊论文 |
| Identifier | http://ir.amss.ac.cn/handle/2S8OKBNM/51376 |
| Collection | 中国科学院数学与系统科学研究院 |
| Corresponding Author | Wang, Junbo |
| Affiliation | 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 |
| Recommended Citation 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. |
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