The SOE Premium and Government Support in China’s Credit Market
认领作者 认领管理权限
发布日期:2021年09月24日 上次修订日期:2021年11月27日

摘要

Studying China’s credit market, we find improved price efficiency and, paradoxically, worsening segmentation as perceived government support for state-owned enterprises (SOEs) caused non-SOE credit spreads to explode rather dramatically relative to their SOE counterparts amid government-led credit tightening. Interestingly, the post-2018 credit-market stress helped improve price efficiency within non-SOEs, while SOEs saw no such improvement and instead became sensitive to issuer-level measures of government support, marking a shift of SOE premium beyond the SOE label. We further document the real impact of the deepening credit mis-allocations: non-SOEs in aggregate are losing their long-standing advantage in profitability over SOEs in China.

关键词:

张强. 逆向选择还是正向选择?——我国健康险市场的实证研究【EB/OL】工作论文(2012-10-15)http://

真实姓名
*邮 箱
身份验证
确认
取消