Big Bank Creditors and Corporate Default Risk——Evidence from Bank Loan Data
The paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as research samples,and theoretically analyzes and empirically tests the impact of big bank creditors on corporate default risk.The research re-sults indicate that big bank creditors reduce the risk of corporate default.The mechanism test shows that big bank credi-tors reduce the corporate default risk by reducing corporate agency costs and alleviating corporate financing constraints.Further research has found that this effect is more significant in the sample of enterprises with multiple big bank creditors,poor information environment,and high strategic progress,as well as in the sample of state-owned enterprises.
big bank creditordefault riskagency costfinancing constraint
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