Monetary Contractions,Bank Discrimination and the Wealth Loss of Non-state Listed Firms' Investors
研究发现货币紧缩时期，银行歧视导致非国有上市公司融资困难、杠杆率增长放缓，长期债务比率下降，而国有公司仍快速增长；这种歧视还降低了非国有公司的股票回报，使股东遭受财富损失。
The paper investigates bank discrimination against listed companies controlled by non-state shareholders. The results demonstrate that,during monetary contractions periods,non-state listed companies will suffer financing problems,and the growth of leverage ratio slows down,especially the ratio of long-term debt to asset.While state-owned listed companies' long-term debt to asset ratio still grows fast.The authors also find that bank discrimination will reduce the stock returns of non-state listed companies,and non-state listed companies' shareholders suffer loss of wealth.