国家开发银行在延长到期日方面的作用

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE International Review of Finance Pub Date : 2022-09-21 DOI:10.1111/irfi.12391

Alfredo Schclarek, Jiajun Xu, Jianye Yan

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引用次数: 9

摘要

我们分析了为什么国家开发银行(ndb)可能比私人商业银行(PCBs)向企业提供更长期的贷款。如果新开发银行债券的抵押品价值高于PCB债券，那么新开发银行的贷款期限可能比PCB债券更长。国家对新开发银行的资本重组意愿和能力可能更高，因此抵押品价值可能高于pcb。此外，如果新开发银行债券享有更高的市场流动性，它可能比国有商业银行更有优势。然而，由于不适当的政治干预，新开发银行可能受到监测质量差的影响，从而削弱了附带价值。我们的研究表明，ndb不是多氯联苯的替代品，而是多氯联苯的补充。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The maturity-lengthening role of national development banks

We analyze why national development banks (NDBs) may provide longer-term loans to firms than private commercial banks (PCBs). If NDB bonds have higher collateral value than PCB bonds, then NDBs may lend longer-term than PCBs. NDBs may enjoy higher recapitalization willingness and capacity by the state and hence greater collateral value than PCBs. Moreover, NDBs may have advantages over state-owned commercial banks if NDB bonds enjoy higher market liquidity. However, NDBs may suffer from poor monitoring quality owing to undue political intervention, thus undermining collateral value. Our study implies that NDBs are not substitutes for but complements to PCBs.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.