This article used the 2009—2016 listed companies loan database, to study the formation mechanism of the new round of non-performing assets. The main research conclusions are: Firstly, the transformation of economic structure increased the degree of coordination and coupling of inter-industry, which could curb non-performing assets. Secondly, the rationalization and heightening of the industrial structure in the eastern region had more significant influence on curbing the production of non-performing assets, while the effect of corporate debt default on the promotion of non-performing assets was even less significant. Thirdly, the real estate and industrial sectors were affected by excess capacity, so corporate debt default indicators had become more significant. Fourth, state-owned enterprises had implicit guarantees from local governments, therefore their debt defaults were significantly weaker than private enterprises. Fifth, credit loans did not need to provide guarantee and collateral, so the significance of debt default indicators was stronger than those of secured loans and other credit grants. Sixth, fixed assets loans, science and technology R&D loans could transform their achievement into enterprise productivity on a timely basis, therefore the debt default indicators were significantly weaker than liquidity loans.
Key words
Non-Performing Assets /
Listed Companies /
Economic Restructuring /
Debt Default
{{custom_keyword}} /
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
References
[1] 高鹤. 中国银行业不良资产生成机制:基于经济转型的分析框架[J]. 财经科学,2006(12):1-9
[2] 侯亚景. 我国金融业不良资产处置策略研究[J]. 上海经济研究,2017(1):24-31
[3] 刘伟,张辉,黄泽华. 中国产业结构高度与工业化进程和地区差异的考察[J]. 经济学动态,2008(11):4-8
[4] 陆正飞,何捷,窦欢. 谁更过度负债:国有还是非国有企业?[J]. 经济研究,2015(12):54-67
[5] 茅锐. 产业集聚和企业的融资约束[J]. 管理世界,2015(2):58-71
[6] 施华强. 中国国有商业银行不良贷款内生性:一个基于双重软预算约束的分析框架[J]. 金融研究,2004(6):1-16
[7] 王一江,田国强. 不良资产处理、股份制改造与外资战略——中日韩银行业经验比较[J]. 经济研究,2004(11):28-36
[8] 张雪兰,陈百助. 宏观经济要素、银行特征与不良贷款——基于公司与零售贷款组合的比较研究[J]. 财贸经济,2012(8):46-55
[9] Beck R,Jakubik P,Piloiu A.Non-Performing Loans:What Matters in Addition to the Economic Cycle?[J]. Open Economies Review,2015,26(3):407-445
[10] Berger A N,Deyoung R.Problem Loans and Cost Efficiency in Commercial Banks[J]. Journal of Banking & Finance,1997,21(6):849-870
[11] Bernanke B,Gertler M. Agency Costs,Net Worth and Business Fluctuations[J]. American Economic Review,1989,79(1):14-31
[12] Chenery H.B,S. Robinson & M. Syrquin,Industrialization and Growth:a Comparative Study[M]. London:Oxford University Press,1986
[13] Iannotta G,Nocera G,Sironi A. Ownership Structure,Risk and Performance in the European Banking Industry[J]. Journal of Banking & Finance,2007,31(7):2127-2149
[14] Jin-Li H U,Yang L I,Chiu Y H. Ownership and Nonperforming Loans:Evidence from Taiwan's Banks[J]. Developing Economies,2004,42(3):405-420
[15] Makri V,Tsaganos A,Bellas A.Determinants of Non-Performing Loans:The Case of Eurozone[J]. Panoeconomicus,2014,61(2):193-206
[16] Stern G H,Feldman R J.Too Big to Fail:The Hazards of Bank Bailouts[M]. Brookings Institution Press,2004
[17] Vithessonthi C.Deflation,Bank Credit Growth,and Non-Performing Loans:Evidence from Japan[J]. International Review of Financial Analysis,2016,45:295-305
{{custom_fnGroup.title_en}}
Footnotes
{{custom_fn.content}}
