Connected lending: Thailand before the financial crisis
Connected lending: Thailand before the financial crisis
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DOI：
10.1086/497410
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发表时间：
2006-01-01
影响因子：
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通讯作者：
Wiwattanakantang, Y
中科院分区：
文献类型：
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作者：
Charumilind, C;Kali, R;Wiwattanakantang, Y
我们使用了1997年亚洲金融危机前泰国公司的详细数据集，以研究商业联系是否预示着获得长期银行信贷的优惠。我们发现，与银行和政客有联系的公司比没有这种联系的公司更容易获得长期债务。与没有关系的公司相比，有关系的公司需要更少的抵押品，获得更多的长期贷款，而且似乎使用更少的短期贷款。我们发现银行和企业之间没有联系，减少了信息不对称问题。这与研究结果一致，研究表明，危机的范围和严重性与公司治理薄弱有关。
We used a detailed data set on Thai firms before the Asian crisis of 1997 to examine whether business connections predicted preferential access to long-term bank credit. We found that firms with connections to banks and politicians had greater access to long-term debt than firms without such ties. Connected firms needed less collateral, obtained more long-term loans, and appeared to use fewer short-term loans than those without connections. We found no connections between banks and firms reducing asymmetric information problems. This is consistent with research implicating weak corporate governance in the extent and severity of the crisis.