The Informational Role of Ownership Networks in Bank Lending
利用中国贷款数据，研究发现当借款人与银行现有客户通过所有权网络相连时，银行内部贷款评级能更准确预测违约，且银行能提前下调评级，表明所有权网络有助于传递私人信息，对中小企业尤其重要。
Abstract This article documents novel large-sample evidence on the informational role of interfirm ownership networks in bank lending. Using comprehensive loan-level data in China, we find that banks’ internal loan ratings at issuance predict subsequent delinquent events more accurately when borrowers are connected to banks’ existing customers via ownership networks. In post-issuance monitoring for delinquent loans, banks with access to ownership networks manage to downgrade their initial ratings before late payments. These findings suggest that ownership networks facilitate the transmission of private information for bank lending. Moreover, ownership networks are more important for transmitting information related to small and medium enterprises.