Dose Ownership Structure Affect the Cyclical Lending Behaviors of Commercial Banks:Evidence from China's Banking Industry
利用2003-2011年中国银行业非平衡面板数据，研究发现银行信贷行为显著逆周期，国有股和第一大股东持股比例高的银行逆周期特征更强，而外资股比例高的银行逆周期特征较弱。
Using an unbalanced panel data of China's banking industry from 2003 to 2011,this paper examines the relationship between banks' lending behaviors and business cycles,and whether there are substantial differences across banks with different ownership structures.It shows that,the lending behaviors of China's banks are significantly counter - cyclical,the growth rate of loan of banks decreases(increases) during economic upturn (downturn) cycle,the lending behaviors of banks with higher ratio of state - owned shares or the largest shareholder ownership are more counter - cyclical,and banks with higher ratio of foreign - owned shares are less counter - cyclical in lending behaviors.Furthermore,the changes of loan term structure are also counter - cyclical. During the economic downturn cycle,banks with higher percentage of state - owned shares increase the long - term loan supply,and the banks with more foreign - owned shares decrease the short - term loan supply sharply.