Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China
博士 === 中原大學 === 商學博士學位學程 === 101 === Establishing a banking relationship is a common practice in credit financing across the world, especially in China. This has been assumed to be particularly beneficial for both state-owned enterprises (SOEs) and privately owned enterprises (POEs). The bank is the...
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ndltd-TW-101CYCU53180042015-10-13T22:40:29Z http://ndltd.ncl.edu.tw/handle/35536742873578203432 Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China 銀行關係與公司價值—銀行關係對國有企業比對私有企業增加更多的價值嗎? 中國上市公司之實證 Van-Hoa Nguyen 阮文和 博士 中原大學 商學博士學位學程 101 Establishing a banking relationship is a common practice in credit financing across the world, especially in China. This has been assumed to be particularly beneficial for both state-owned enterprises (SOEs) and privately owned enterprises (POEs). The bank is the main supplier of credit to these firms. However, studies of the value of banking relationships in comparative financial systems are scarce. Therefore, our research focuses on whether banking relationships add more value to SOEs than they do for POEs in the Chinese context. This paper describes the theoretical role of lending relationships in financial markets. Over recent years, lending relationships have lost ground because of a change in banks’ business models, which can ultimately lead to a worsening of the business environment for POEs and SOEs. To extend the theory, this study examines whether firms add value to the banking relationship. As evidence, we use financial and accounting data relating to SOEs and POEs in China between 1999–2008. After controlling for corporate characteristics, we find that Chinese SOEs do not add more value to the banking relationships than POEs do and that there is a negative relationship between banking relationships and firm value for both SOEs and POEs. Also, after share privatization in 2005, firm value significantly increased after controlling for banking relationships for both SOEs and POEs. The results of this study thus have some implications for policy makers. Hai Chin Yu 俞海琴 2013 學位論文 ; thesis 38 en_US |
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博士 === 中原大學 === 商學博士學位學程 === 101 === Establishing a banking relationship is a common practice in credit financing across the world, especially in China. This has been assumed to be particularly beneficial for both state-owned enterprises (SOEs) and privately owned enterprises (POEs). The bank is the main supplier of credit to these firms. However, studies of the value of banking relationships in comparative financial systems are scarce. Therefore, our research focuses on whether banking relationships add more value to SOEs than they do for POEs in the Chinese context. This paper describes the theoretical role of lending relationships in financial markets. Over recent years, lending relationships have lost ground because of a change in banks’ business models, which can ultimately lead to a worsening of the business environment for POEs and SOEs. To extend the theory, this study examines whether firms add value to the banking relationship. As evidence, we use financial and accounting data relating to SOEs and POEs in China between 1999–2008. After controlling for corporate characteristics, we find that Chinese SOEs do not add more value to the banking relationships than POEs do and that there is a negative relationship between banking relationships and firm value for both SOEs and POEs. Also, after share privatization in 2005, firm value significantly increased after controlling for banking relationships for both SOEs and POEs. The results of this study thus have some implications for policy makers.
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author2 |
Hai Chin Yu |
author_facet |
Hai Chin Yu Van-Hoa Nguyen 阮文和 |
author |
Van-Hoa Nguyen 阮文和 |
spellingShingle |
Van-Hoa Nguyen 阮文和 Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
author_sort |
Van-Hoa Nguyen |
title |
Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
title_short |
Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
title_full |
Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
title_fullStr |
Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
title_full_unstemmed |
Do State-Owned Enterprises Add More Value from Banking Relationship Than Private-Owned Enterprises?The Case of China |
title_sort |
do state-owned enterprises add more value from banking relationship than private-owned enterprises?the case of china |
publishDate |
2013 |
url |
http://ndltd.ncl.edu.tw/handle/35536742873578203432 |
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