{"title":"Specialization in Bank lending and firm deleveraging: Evidence from China","authors":"Zijia Ding , Qian Liu , Dexin Che","doi":"10.1016/j.irfa.2025.104188","DOIUrl":null,"url":null,"abstract":"<div><div>Amid China's ongoing economic transformation, addressing enterprise deleveraging and promoting high-quality development have become pressing priorities. This study, using data from Shanghai and Shenzhen A-shares from 2007 to 2022, establishes a theoretical foundation for understanding the impact of specialization in bank lending on corporate deleveraging. The findings indicate that specialization in bank lending primarily facilitates corporate deleveraging by alleviating financing constraints, strengthening internal and external supervision, and improving efficiency. These conclusions remain robust across a series of validation tests. Moreover, the effect is more pronounced among firms with strong-financial flexibility, high corporate resilience, a high degree of market development, and low currency uncertainty. Additionally, this impact is further amplified under supportive policy environments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104188"},"PeriodicalIF":9.8000,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925002753","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/3/27 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Amid China's ongoing economic transformation, addressing enterprise deleveraging and promoting high-quality development have become pressing priorities. This study, using data from Shanghai and Shenzhen A-shares from 2007 to 2022, establishes a theoretical foundation for understanding the impact of specialization in bank lending on corporate deleveraging. The findings indicate that specialization in bank lending primarily facilitates corporate deleveraging by alleviating financing constraints, strengthening internal and external supervision, and improving efficiency. These conclusions remain robust across a series of validation tests. Moreover, the effect is more pronounced among firms with strong-financial flexibility, high corporate resilience, a high degree of market development, and low currency uncertainty. Additionally, this impact is further amplified under supportive policy environments.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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