The Impact of Loan Renewal Restrictions on Firm Risk Taking——Empirical Evidence Based on a Quasi-Natural Experiment
Under the current new situation,improving the level of enterprise risk-taking is an important channel to unclog the domestic economic cycle.This paper takes the change of bank loan renewal policy in 2007 as a"quasi-natu-ral experiment",and uses a double difference model to examine the impact of the change of loan renewal policy on en-terprise risk-taking.The results of the study show that loan renewal restrictions significantly dampen firms'risk-taking.Heterogeneity analysis suggests that the effect of tightened loan renewal policy on suppressing risk-taking is more signif-icant for firms with more investment opportunities and for non-state-owned firms.Mechanism tests show that financing constraints and cash holdings play a chain mediating role in the negative effect of loan renewal restrictions on corporate risk-taking.The findings are instructive for improving banks'loan renewal policies to promote corporate risk-taking.
万方数据
