Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Accounting Research》 2010-08
Add to Favorite Get Latest Update

State Ownership Corporate and Unsecured Loan:Government Intervention,Implicit Collateral or Information Advantage?

Yuan Chun et al.  
Existing literatures show that SOEs in China have credit advantage,and consider that there are mainly two reasons:Firstly,government intervenes in banks' credit decisions; secondly,banks anticipate that government will bail out SOEs in distress.Sampling listed companies with A-share from 2003 to 2005,the paper examine whether and why SOEs have more unsecured loans.We find that:(1) SOEs have more unsecured loans than private firms,and the average difference is about 9%; (2) the difference is smaller when the chair or CEO was a officer; and (3) the difference does not become smaller when corporate collateral value is larger Overall,our results suggest that SOEs' advantage in obtaining unsecured loans mainly results from credit intervention,and we do not provide supporting evidences on implicit collateral theory.
【Fund】: 国家自然科学基金项目“政府干预、银行治理与上市公司投资行为分析:基于预算软约束视角(70802065)”;; 教育部人文社科项目“金融发展对债务融资治理效应的影响研究(08JC630086)”;; “中财121人才工程”青年博士发展基金(QBG0707);; 中央财经大学“211工程”三期的资助
【CateGory Index】: F276.1;F832.4;F224
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
Chinese Journal Full-text Database 3 Hits
1 Sun Zheng a, Liu Fengwei b & Li Zengquan c (a, c: Institute of Accounting and Finance, SHUFE; b: School of Accou ntancy, SHUFE);Market Development, Government Influence and Corporate Debt Maturity Structure[J];Economic Research Journal;2005-05
2 Jiang Wei Li Bin;Institutional Environment,State Ownership and Lending Discrimination[J];Journal of Financial Research;2006-11
3 ;Banks' Pro-screening,Social Bankruptcy Cost and Bank Loan Financing System[J];The Journal of Quantitative & Technical Economics;2007-11
Chinese Journal Full-text Database 10 Hits
1 ZHANG Bao-zhu1,HUANG Hui2(1.School of Management,Huazhong University of Science and Technology,Wuhan 430074,China;2.School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China);Government Intervention and Firms' R&D Expense[J];Collected Essays on Finance and Economics;2009-03
2 LIU Feng-wei1,ZHANG Ren-ji1,CUI Lei-lei2(1.Shanghai National Accounting Institute,Shanghai 201702,China;2.School of Accountancy,Shanghai University of Finance andEconomics,Shanghai 200433,China);Regional Marketization Process,Market Partition and Corporate Related-party Transactions[J];Journal of Finance and Economics;2007-06
3 PENG Wen-ping (School of Economics and Management,South China Normal University,Guangzhou 510631,China);The Availability of Relationship Credit in Chinese Banking System:Research Based on Announcement Effect[J];Journal of Finance and Economics;2009-05
4 TANG Song1, YANG Yong2, SUN Zheng3(1.School of Accounting and Finance, The Hong Kong Polytechnic University,Hong Kong, China;2. National Council for Social Security Fund, Beijing 100032,China;3. Institute of Accounting and Finance, Shanghai Universityof Finance and Economics, Shanghai 200433, China);Financial Development,Debt Governance and Corporate Value:Evidence from Chinese Listed Companies[J];Journal of Finance and Economics;2009-06
5 YANG Xing-quan1 MEI Bo2(1.School of Economics and Trade,Shihezi University,Shihezi 832003;2.Chongqing Three Gorges University,Chongqing 404000);The Effects of Corporate Governance Mechanisms on Debt Maturity Structure——Empirical Evidence from Listed Corporates in China[J];Finance and Trade Research;2008-01
6 ZHANG Jie LIU Dong;Commercial Credit,Financing Constraint and Financing Behavior Of SMS Enterprises in Our Country——A Questionnaire on Enterprises of Manufacturing Industry in Jiangsu Province and an Empirical Study[J];Finance Forum;2006-10
7 LIU Zhi-yuan,MAO Shu-zhen,YUE Guo-lin(Nankai University,Tianjin 300071);Government Control、Ultimate Controlling Shareholder and Debt Maturity Structure of Listed Company[J];Contemporary Finance & Economics;2008-01
8 Yang Xingquan,Zhang Zhaonan (Shihezi University, Shihezi 832003, China);Financial Constraint, Cash Holdings and Company Investment——empirical Evidence from Listed Companies in China[J];Contemporary Economy & Management;2009-03
9 JIANG Wei1,LEI Guang-yong2(1.Accounting Department,Jinan University,Guangzhou 510632,China;2.Business School,University of International Business and Economics,Beijing 100029,China);Toward Institutional Environment,Audit Quality and Debt Financing of Firms[J];Modern Economic Science;2008-02
10 LI Feng,YANG Xing-quanSchool of Economics & Trade,Shihezi University,Shihezi 832003,China;Debt financing,debt structure and overinvestment of listed companies in China[J];Journal of Dalian University of Technology(Social Sciences);2008-04
China Proceedings of conference Full-text Database 10 Hits
1 ;A Review of Empirical Accounting and Finance Research about Chinese Capital Market[A];[C];2008
2 Pu Gong, Baozhu Zhang (School of Management, Huazhong University of Science and Technology, Wuhan, 430074,PR China; Department of Finance, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong);Government Intervention, R&D Expense and Company’s Growth Value[A];[C];2008
3 Xue You-Zhi ,Li Guo-Dong, Zhang Lu-Bin (Business School of Nankai University / Ministry of Education Humanities and Social Sciences Key Research Base for Corporate Governance Research Center of Nankai University);Diversification strategy, agency cost and board characteristics[A];[C];2009
4 ;Private Enterprise Diversification,Political Resource and Corporate Performance[A];[C];2009
5 Meng Yuanyuan1,Li Kaixin2,Zhou Jian 3 (1.3.Nankai University Business School,300071;2. Beijing Jiaotong University Business School,100044;);Study on Relationship Between the Process of Marketization, Government Countrol and Corporate Cash Holdings[A];[C];2009
6 Li Weian Hao Xiangchao (Center for Studies of Corporate Governance,Nankai University,Tianjin 300071,China);Political Connection Types and Impacts on Access to Different Preferential Treatments of Bank Loan for Private Firms[A];[C];2009
7 ;Financial Ecology and the Firm's Conservative Financial Policy Choice——Empirical Evidence From the Chinese Securities Market[A];[C];2006
8 ;Industrial Characters of Debt Maturity Structure:An Empirical Research from China's listed companies[A];[C];2006
9 Luo DangLun Tang QianQuan (School of Business,Sun Yat-sen University,Guangzhou,510275,P.R.);Market environment and the“tunneling”behavior of controlled shareholders--The empirical evidence from Chinese listed companies[A];[C];2006
10 ;Marketization,local unemployment rate and excess employment of China Listed companies[A];[C];2006
【Secondary Citations】
Chinese Journal Full-text Database 7 Hits
1 Zhou Jianbo (Shanghai University of Finance and Economics;Jiangxi Universityof Finance and Economics);The Research on Governance Effect of Top-management Stock Incentive——Empirical Evidences from Chinese Listed Companies[J];Economic Research Journal;2003-05
2 Lin Yifu & Li Zhiyun (CCER, Peking University);Policy Burden,Moral Hazard and Soft Budget Constraint[J];Economic Research Journal;2004-02
3 Li Zengquan (Institute of Accounting and Finance, Shanghai University of Finance and Economics) Yu Qian (School of Business, Renmin University of China) Wang Xiaokun (School of Economics and Finance, The University of Hong Kong);Tunneling, Propping and M&A: Evidence from Chinese Listed Companies[J];Economic Research Journal;2005-01
4 Sun Zheng a, Liu Fengwei b & Li Zengquan c (a, c: Institute of Accounting and Finance, SHUFE; b: School of Accou ntancy, SHUFE);Market Development, Government Influence and Corporate Debt Maturity Structure[J];Economic Research Journal;2005-05
5 Zhang Jie;On the Choice of Banking System[J];Journal of Finance;2005-09
6 China Research Center For Financial Transition;The Theoretical and Operational Issues on China's State-owned Banks Reform[J];Journal of Financial Research;2006-09
7 Cheng Xiao & Li Jing;Exploring the Role of Local Government Fiscal Supports in Accounting Performance of the Listed companies[J];Accounting Research;2001-12
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved