Non-Bank Lending to Firms: Evidence from Korean Firm-Level Data
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Purpose - The purpose of this paper is to examine the determinants of non-bank depository institutions (non-bank financial corporations) lending to firms. The paper aims to contribute to the existing literature by providing empirical evidence from firm-level data and unveiling factors related to access to non-bank financial corporations by firms. Research design, data, and methodology – We used the data on borrowing by firms from CRETOP from years 2008 to 2011. Using the manufacturing industry, we examined what firm-level characteristics explained the increase in borrowing from non-bank financial corporations rather than the banks. Results – Analyzing the firm-level data from 2008 to 2011, we found that firms were more likely to borrow from non-bank financial institutions as the size of the firm increases, implying that large firms have more access to non-bank financing than small and medium-sized firms. In addition, it also showed that small and medium-sized firms moved to non-bank financial corporations for loans. Conclusion - Non-bank depository institutions are not a substitute for bank lending to firms. More specifically, they replace bank lending to firms mostly for large firms rather than small and medium-sized firms. Also, collateral and other firm-level characteristics do not matter in accounting for non-bank lending to firms.
Abstract
Purpose - The purpose of this paper is to examine the determinants of non-bank depository institutions (non-bank financial corporations) lending to firms. The paper aims to contribute to the existing literature by providing empirical evidence from firm-level data and unveiling factors related to access to non-bank financial corporations by firms. Research design, data, and methodology – We used the data on borrowing by firms from CRETOP from years 2008 to 2011. Using the manufacturing industry, we examined what firm-level characteristics explained the increase in borrowing from non-bank financial corporations rather than the banks. Results – Analyzing the firm-level data from 2008 to 2011, we found that firms were more likely to borrow from non-bank financial institutions as the size of the firm increases, implying that large firms have more access to non-bank financing than small and medium-sized firms. In addition, it also showed that small and medium-sized firms moved to non-bank financial corporations for loans. Conclusion - Non-bank depository institutions are not a substitute for bank lending to firms. More specifically, they replace bank lending to firms mostly for large firms rather than small and medium-sized firms. Also, collateral and other firm-level characteristics do not matter in accounting for non-bank lending to firms.
참고문헌 (12)
- Hasanul Banna, "Determinants of Commercial Banks’ Efficiency in Bangladesh: Does Crisis Matter?", The Journal of Asian Finance, Economics and Business, 4(3), pp.19~26 (2017), 한국유통과학회
- Blazy, R., "Why do banks ask for collateral in SME lending? Why do banks ask for collateral in SME lending?", Applied Financial Economics, 23(13), pp.1109~1122 (2013)
- Clarke, G., "Bank Lending to Small Businesses in Latin America : Does Bank Origin Matter? Journal of Money", Credit and Banking, 37(1), pp.83~118 (2005)
- Cottarelli, C., "Bank Lending Rates and Financial Structure in Italy : A Case Study", Staff Papers, 42(3), pp.670~700 (1995), International Monetary Fund
- Benno Ferrarini, "Chinese Corporate Leverage Determinants", The Journal of Asian Finance, Economics and Business, 4(1), pp.5~18 (2017), 한국유통과학회
- Ivashina, V., "Bank Lending during the Financial Crisis of 2008", Journal of Financial Economics, 97(3), pp.319~338 (2010)
- Jung, H., "Bank Funding Structure and Lending under Liquidity Shocks : Evidence from Korea", Pacific-Basin Finance Journal, 33, pp.62~80 (2015)
- Kamil, H., "Global Deleveraging and Foreign Banks' Lending to Latin American Countries", Economía, 13(2), pp.1~29 (2013)
- Kandrac, J, "Monetary Policy and Bank Lending to Small Firms", Journal of Macroeconomics, 34(3), pp.741~748 (2012)
- 이미혜, "Do Firm and Bank Level Characteristics Matter for Lending to Firms during the Financial Crisis?", 산경연구논집, 9(5), pp.37~46 (2018), 한국유통과학회
- Global Financial Stability Report, October 2016: Fostering Stability in a Low-Growth, Low-Rate Era, "IMF", ~ (2016)
- Yin, W., "Bank versus Nonbank Financial Institution Lending Behaviour: Indictors of Firm size, Risk or Ownership?", Applied Economics Letters, 24(18), pp.1285~1288 (2017)