State‐owned enterprises and entrusted lending: Economic growth and business cycles in China
研究中国国有企业与私营企业通过委托贷款进行信贷再分配对产出波动、生产率波动及经济增长的影响，发现委托贷款能缓解资本错配、促进增长。
Abstract A key economic structure in China is the co‐existence of state‐owned enterprises (SOEs) being bank‐favored firms as well as policy tools, and more productive private firms who can borrow from SOEs through entrusted lending. We explore macroeconomic implications of such a structure in China. Our findings suggest SOEs dampen output volatility at the cost of productivity volatility. In contrast, the healthy development of entrusted lending dampens variations of both output and productivity by reallocating credits between firms. Focusing on the recent growth slowdown in China, we further show conducive effects of entrusted lending on economic growth by mitigating capital misallocation.