The Impact of the Characteristics of China's Cross-Border Syndicated Loan Networks on Credit Risk
With the further opening up of China's financial market,the cross-border syndicated loan business has devel-oped rapidly,promoting the two-way flow of cross-border capital,and significantly enhancing the risk aggregation effect.Based on the relevant data of cross-border syndicated loan participants in China from 2000 to 2021,this paper studies the impact of cross-border syndicated loan network characteristics on credit risk.By constructing a complex network of cross-bor-der syndicated loans,the network characteristics and dynamic changes,as well as the differences among enterprises with vary-ing risk levels,are analyzed.The impact of network node characteristics on credit risk is further depicted by constructing a generalized regression model.The results show that the evolving characteristics of cross-border syndicated loan networks are complex,and the cross-border syndicated loan business is mainly concentrated in enterprises with large credit risk.There are significant differences in the network characteristics of cross-border syndicated loans among enterprises with varying credit risk levels.The characteristics of network degree centrality,intermediary centrality,and proximity centrality are significantly negatively correlated with credit risk,while the clustering coefficient is significantly positively correlated with credit risk.Therefore,when expanding overseas loan business,domestic commercial banks should strengthen cooperation and exchanges with international financial institutions and share high-quality customer resources in the international credit market.At the same time,they should learn from international best practices,pay attention to the construction of syndicated loan data ware-houses,and tackle the issue of information asymmetry between banks and enterprises,as well as between the lead bank and participating banks.
万方数据
维普
