Lending relationships and a corporate liquidity shortage: Evidence from the COVID-19 shock in Japan
Lending relationships and a corporate liquidity shortage: Evidence from the COVID-19 shock in Japan
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借贷关系和企业流动性短缺：日本 COVID-19 冲击的证据
DOI：
10.1002/mde.3613
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发表时间：
2022
影响因子：
2.2
通讯作者：
Daisuke Tsuruta
中科院分区：
文献类型：
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作者：
Yoshioka Hidekazu;Tanaka Tomomi;Aranishi Futoshi;Tsujimura Motoh;Yoshioka Yumi;Yamazaki Akira;竹田陽介;Daisuke Tsuruta
我们研究了在新型冠状病毒疫情引发的经济冲击期间，银行与借款人之间的借贷关系对贷款供应的影响。使用日本的银行-公司匹配数据来控制几个公司和银行特定的未观察到的影响，我们发现，在COVID-19冲击期间，与借款公司关系密切的银行向这些公司提供了更多的银行贷款。如果借款公司的现金流在冲击期间大幅下降，这种影响会更大。这些结果意味着，银行作为流动性提供者的借款人在突发性和不可预测的冲击，如果他们与企业的关系密切。
We investigate the effects of lending relationships between banks and borrowers on loan supply during the economic shock caused by the coronavirus (COVID‐19) pandemic. Using bank–firm matched data for Japan to control for several firm‐ and bank‐specific unobserved effects, we show that banks with close relationships with borrowing firms offer more bank loans to these firms during the COVID‐19 shock. This effect is larger if the borrowing firms' cash flows decrease substantially during the shock. These results imply that banks acted as liquidity providers for borrowers during sudden and unpredictable shocks if their relationships with firms were close.