Information from Relationship Lending: Evidence from Loan Defaults in China
利用中国某大型国有银行的专有数据，研究发现银行的关系信息能显著预测企业贷款违约，且其预测能力超过硬信息，尤其对长期关系企业更有效。
Using a proprietary database from a large Chinese state‐owned bank, we examine whether information evolved from banking relationships predicts commercial loan default by industrial firms. We find that the bank's relationship information is significantly linked to the incidence of default, and that its contribution to prediction accuracy is larger than any hard information. Furthermore, the effect of relationship information is stronger among firms that have a more sustained banking relationship. Our findings indicate that, at least in the emerging markets, a bank's relationship information still matters for large firms, despite the fact that hard information for such firms is abundant.