Bank Concentration and Firms' Debt Structure: Evidence from China

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外文摘要：The argument on the puzzling relationship between bank concentration and firms' debt structure in China remains inconclusive as the effects of firm ownership competition and firm size competition are intertwined in the existing research. This article utilizes the market shares of Big Four state-owned banks to investigate whether bank concentration affects debt structure in China. The results show that bank concentration has a stronger positive effect on debt maturity for state-owned enterprises and large-sized enterprises. The effect of bank concentration on debt maturity strengthens with firm state ownership and firm size. Moreover, state-owned enterprises and large-sized enterprises are associated with a longer debt maturity compared to non-state-owned enterprises and small and medium-sized enterprises, respectively. These results reveal that privatizing state-owned banks and state-owned enterprises would be an effective way to reduce credit discrimination and relieve the capital constraints of non-state-owned enterprises and small and medium-sized enterprises.

外文关键词：

Bank concentrationState ownershipFirm sizeDebt structure

作者：

Peisen Liu、Shoujun Huang、Houjian Li

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作者单位：

School of Economics and Business Administration, Chongqing University, Chongqing, China

Department of Economics, National University of Singapore, Singapore

Lingnan (University) College, Sun Yat-sen University, Guangzhou, China

Corresponding author. College of Management, Sichuan Agricultural University, Chengdu, China

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基金：

Acknowledgement: The first author is grateful for financial support from the National Social Science Foundation of Chinaand the Graduate Scientific Research and Innovation Foundation of Chongqingfirst author is supported by China Scholarship Council

项目编号：

Grant No. 13BJL079Grant No. CYB16002

出版年：

2018

经济学与金融学刊(英文版)

ISSN：

年,卷(期)：2018.19(1)

参考文献量30