Interbank Relations, Environmental Uncertainty, and Corporate Credit Access in China
研究发现银行网络中的关系闭合有助于企业获得信贷，但这种作用在金融市场和法律基础设施较发达时减弱，揭示了非正式网络对正式制度的替代效应。
ABSTRACT We hypothesize that informal bank networks influence corporate credit access in China. Our sample comprises a panel of 515 corporations listed on China's stock exchanges with a total of 1,052 firm-year observations, holding a total of 7,009 major bank loans from 183 distinct banks between 2007 and 2012. Results support the hypothesis that closure in bank networks facilitates credit access. We further show that the positive closure-performance association offers fewer advantages if financial markets and the legal infrastructure are relatively well developed. Our findings contribute to an emergent literature examining how informal networks can productively substitute weak formal institutions, and how the interplay between informal networks and network embeddedness shapes individual and corporate strategies.